PAYMENT FIELD NOTES
Payment service provider
A business providing payment services to merchants. The exact regulated role, geography and contractual responsibilities depend on the product and legal entity.
What it means
A business providing payment services to merchants. The exact regulated role, geography and contractual responsibilities depend on the product and legal entity.
A practical example
A local merchant account and a global digital-product MoR can both collect a customer payment while imposing different onboarding and tax responsibilities.