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PSPs (payment service providers), also known as merchant service providers, let you create a simple payment experience for your customers. It’s crucial to accept as many payment methods as possible and to process payments in the safest and easiest way. Connecting your store with the right PSP can help you do this.

In this article, you’ll learn exactly what a payment service provider is, the types of PSPs available, the advantages of using a PSP, and the differences between a PSP and Virtual POS.

PSPs let you accept a variety of online payment methods such as credit cards, debit cards, digital wallets, and more. PSPs make receiving money as safe as possible with minimal delay for customers making a transaction.

Most PSPs offer both merchant acquiring services and payment gateways to deal with every step of a transaction. The job of a PSP is to take your customers from the initiation of a payment to its acceptance or refusal in the quickest possible manner.

It all starts with the cardholder initiating a payment. A PSP manages the transaction from that moment until the end. Let’s take a deeper look:

📚 Further reading: Acquiring Bank vs Issuing Bank: 3 Minute Guide

PSPs can be broken down into two major categories. Collecting PSP and switching PSP. Let’s take a look at the differences:

It probably won’t surprise you that a collecting PSP collects. All of the online sales revenue from the different payment methods you accept is collected by this PSP. Then it’s sent via the acquiring bank as one payment settlement to you, meaning you only have to deal with one provider and look after one payout.

Switching PSPs take care of the technical part of transactions, but that’s where they stop. You’ll need a contract with an acquiring bank, which will pay out the funds (to your business bank account) from successful online transactions. Dealing with more than one provider is a lot more work for you.

There are various benefits associated with PSPs, although some PSPs offer more than others.

PSPs must be PCI DSS compliant, so you can be sure your business and your customers’ financial data is secure without having to deal with payment regulations yourself.

PSPs let you accept a wide range of payment methods. A good PSP will support credit cards, debit cards, digital wallets, local payment methods, online banking, and more. You’ll reach more people and improve the customer experience when they can pay with Apple Pay, Google Pay, Click to Pay, PayPal, Bizum (local to Spain), and Multibanco (local to Portugal).

💡 Do you also have a physical retail location? Accept Bizum payments (and more) from anywhere with the MONEI Pay app.

There’s more than one PSP in the world, so working out which one to use is difficult. In fact, to make sure your customers can use their preferred payment methods, you might need to use more than one payment service provider.

According to Statista, only 3% of customers paid using cash on delivery in Spain in 2020, so making sure your store accepts digital payment methods like cards, PayPal, and other alternative payment methods is crucial.

And across Europe, the pandemic caused an even greater impact on the way customers pay in 2022. In Italy, for example, digital wallets are now used as often as credit and debit cards, according to e-commerce news.

Improve the customer experience by accepting more payment methods, speeding up the checkout process, and increasing your transaction approval rates by connecting with a PSP that offers payments orchestration. With one integration, you can configure multiple payment methods in your store and set up payment routing rules to send transactions to the best-performing processor. The result? Fewer failed payments due to technical issues or downtimes and higher transaction approval and conversion rates for your business.

📚Further reading: A Simple Guide to Payments Orchestration Platforms

Some PSPs provide real-time reporting and almost all PSPs provide reports on a weekly or monthly timeline. This makes it much easier to track transactions and understand trends.

Selling online often means you’re selling internationally or planning to in the future. With a PSP that supports cross-border payments, you can accept international payments in multiple currencies, and reach your expansion goals quicker and easier.

Directing customers away from your domain during the payment process can result in losing trust and even worse, losing the sale. If a customer sees something unexpected, they might wonder if their purchase is secure. A customizable checkout page means your customer will never move away from your domain.

Payment security and compliance are handled by the payment gateway, but your customers will see your logo, branding, and website URL during the payment flow, making them less likely to abandon their cart. Bonus! You’ll also boost your brand’s visibility — the more your customers see your brand, the longer it remains top of mind.

Use an email payment link to request customer payments from anywhere. You don’t need a website and can share the link via email, SMS, WhatsApp, and social media. The payment page is customizable (increasing trust and brand awareness), and has a simple call-to-action (CTA) to complete the payment in one click.

Once your customer clicks on the link, they are taken to a secure payment page, where they can choose their preferred payment method. Having these kinds of payment links further reduces any barriers to payment. Of course, the easier it is for your customers to pay, the less likely they are to abandon a purchase.

To compare PSP and Virtual POS, it’s important to first understand what a Virtual POS is. Sometimes referred to as a merchant ID or merchant code, a Virtual POS is like a standard point-of-sale (POS), except it’s virtual.

If you want to accept card payments online without a security PIN (also known as a card not present transaction), you need a Virtual POS.

It connects you to an acquiring bank that provides merchant acquiring services. This is different from a traditional bank account and is in place to receive funds during the payment process from card issuers like Mastercard and Visa. With many PSPs, acquiring is built into the platform for “all-in-one” services and works well for small to medium-sized businesses.

Larger businesses sometimes need a more tailored set-up and choose to have a direct relationship with an acquirer for merchant acquiring services. But in both cases, connecting with a PSP is still necessary to accept online payments.

If you opt to open a corporate account with an acquiring bank, you can request a Virtual POS. You can use these credentials to create an account with your payment service provider if you don’t want to use its acquiring services. And as you learned earlier, depending on the PSP, you can use your own acquirer to set up payment routing rules (also known as payments orchestration) to ensure more payments are approved.

Now that you’ve had a chance to review exactly what a PSP is, what’s next? You know how a PSP works, you understand the different types of PSPs, and you’ve discovered the benefits of using a PSP.  You’re ready to create your MONEI account so you can start accepting online payments.

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Construction contracts place emphasis on the insertion of clear dates for starting works, when the works must be completed by, and the provision for inserting dates that sections of the works must be completed by. Commercial factors drive this necessity for clarity on the timing of the works. The Contractor wants a back-stop date against which extensions of time can be measured, whilst the Developer wants certainty on when the project will be complete and ready for use e.g. a stadium opening for the new season, a shopping centre allowing tenants access for fit out, a railway station allowing train operating companies to meet their timetables.

Things do not always go according to plan: projects complete late, costs are incurred, and disputes arise around the recovery of costs.

If a project is not completed by the contractual completion date, the Developer can make a claim for general damages due to a breach of contract. In this situation, the Developer must prove that a breach has occurred, that such a breach caused them to incur losses, and then prove the amount of the loss and demonstrate they have acted reasonably in mitigating the impacts.

Alternatively, the Developer can recover damages via Liquidated and Ascertained Damages or “LADs”, sometimes referred to as LDs or delay damages. Liquidated and Ascertained Damages are an agreed, pre-determined, amount that is payable in respect of the breach occurring until the works are fully complete. The benefit of Liquidated and Ascertained Damages is that they are payable upon the breach occurring, the Developer is not required to prove their loss and to an extent they provide the Contractor with a cap on their liability. Managing damages in this way can avoid court and other dispute resolution proceedings taking place.

Liquidated and Ascertained Damages are generally stated in contracts as an amount per week but can be stated as per day or, in the extreme, per hour or per minute in the case of major railway projects for example. Whatever the case may be, the amount stated should be pre-agreed before entering into contract and must also be a genuine representation of the loss the Developer is estimated to incur. The reason for this is that recovery of Liquidated and Ascertained Damages puts the Developer back into a position as if the breach had not occurred.

Liquidated and Ascertained Damages are not intended to be a penalty or profit generator. If the amount stated is more than any loss the Developer is likely to incur, they could be challenged through the courts as being arbitrary and a penalty and therefore unenforceable.

In estimating the rate of Liquidated and Ascertained Damages, the Developer needs to consider the likely losses they will incur in the event the project runs past its completion date. Factors to consider will include any fines imposed by third parties, loss of income from delayed use of the building, any legal fees they will incur in managing third party delay costs, the loss of rent from tenants, and their own finance costs incurred due to delayed use. They should then keep a record of how they arrived at the rate in case they need to substantiate their position under challenge through the courts by the Contractor.

When drafting JCT contracts, there must be a date inserted from when the delay damages can be assessed. The damages can then be applied from that date until the point that practical completion is achieved. In the absence of a fixed completion date at the outset, Liquidated and Ascertained Damages cannot be levied.

The Developer must follow a process of notification before imposing Liquidated and Ascertained Damages in under JCT Contract. Failure to follow this process means Liquidated and Ascertained Damages cannot be charged:

Good practice is for the Contractor to step down Liquidated and Ascertained Damages provisions into their sub-contracts where they the Contractor estimates their own costs and the Liquidated and Ascertained Damages that the Developer will impose.

With projects involving multiple subcontractors it can be very difficult to establish who the dominant delay resides with and, therefore, which subcontractor should be charged the Liquidated and Ascertained Damages. If the same level of Liquidated and Ascertained Damages plus the Contractors own costs are inserted into every subcontract, the rate will likely be so high that you are likely to end up with zero tender returns, or conversely face claims that the Liquidated and Ascertained Damages are penalties and not representative of true losses. For this reason, it’s often prudent to omit Liquidated and Ascertained Damages from the subcontracts and in the event of a breach make a claim under general damages.

As noted above, the rate of Liquidated and Ascertained Damages should be representative of the estimated losses the Developer will incur in the event of a breach. There are many examples of court cases where it has been proven the rate of delay damages is a penalty and therefore not commercially justifiable. The outcome in these instances is the Liquidated and Ascertained Damages are not enforceable and a claim for general damage comes into play along with all the obligations above in terms of establishing liability.

Some more common issues in terms of drafting contracts can be where a standard form is completed and the space for entering the rate of damages states ‘Nil’ or ‘Not Applicable.’ In this instance, the Developer doesn’t want to utilise the option for Liquidated and Ascertained Damages, but by inserting such words it can be construed that the Contractors entire liability for damages, be it general or Liquidated and Ascertained Damages, is zero. The way to deal with such an issue is to delete the relevant contract clauses or put ‘not used’ when drafting.

Where a cap on the level of Liquidated and Ascertained Damages is inserted in the contract, for example capped at a percentage of the contract value or a fixed sum, the Developer or Contractor is exposed to losses they are subsequently unable to recover in full. If this event occurs and if the Developer is faced with a significant delay, and therefore liability, one possible solution is to terminate the contract and re-tender the remaining works with a new Contractor.

Contracts need a fixed completion date or else Liquidated and Ascertained Damages will not be chargeable as there is no baseline from which to measure a breach. However, it is possible for this fixed date to be extended through claims for an extension of time.

If a Contractor can demonstrate entitlement where delays are not their fault and therefore not their responsibility, they can be granted an extension of time and relief from delay damages. An example of this could be failure by the Developer to provide something by the date shown on the programme that ultimately lead to a delay.

From a Developers point of view, they should administer the contract such that all parties remain clear on their obligations and there is no ambiguity over when the project should be completed.

The Developer should take care to avoid any maladministration of the programme such as failing to provide instructions, changing the sequence of the works, allowing third party contractors onto site early, but above all not acknowledging entitlement. The reason for this is that if later down the line they wish to levy Liquidated and Ascertained Damages, the Contractor can argue that their programme has been impeded beyond their control and therefore time is generally at large and they can complete the works in a reasonable timeframe. Such circumstance could make applying Liquidated and Ascertained Damages invalid.

As projects near completion, for example a shopping centre, the pressure from the Developer will be to enable their tenants’ early access and allow for shop fitting and potentially open for trading early. In the event that this is feasible, the Developer will be deemed to have taken over that section of the works and is therefore liable for it. The Contractors rate for Liquidated and Ascertained Damages should be reflective of their decreased liability as parts of the work have essentially achieved practical completion.

Failure to have adequately drafted sectional completion provisions, or if the Developer decides to change the handover sequence of the works but not amend the Liquidated and Ascertained Damages, could put the entire Liquidated and Ascertained Damage provision at risk of uncertainty and therefore make them null and void.

If this type of handover is known about at the start of the project, sectional completion provisions can be drafted into the contract with suitable levels of Liquidated and Ascertained Damages applied to each section. However, be aware that when drafting there may be a cascade effect if sections are not completed in a certain order and therefore weighting should be considered in the drafting.

There is an abundance of case law involving Liquidated and Ascertained Damages with decisions going either way in many cases. One of the more interesting subject areas is whether Liquidated and Ascertained Damages can be applied after a contract has been terminated.

For example, a Contractor was running significantly late with little sign of improved performance, so the Developer terminates the contract and replaces the Contractor. However, the Developer wishes to hold the original Contractor liable for Liquidated and Ascertained Damages until such point that practical completion has been achieved. The line of argument in regards holding the original Contractor to account is that by relieving them of damages they have been rewarded for their own default.

In the case of Hall vs Van Der Heiden, Mr Justice Coulson stated:

Despite the above, this runs in direct contradiction this to the case of Shaw & Anor vs MFP Foundations and Pilings Limited, where Mr Justice Edwards-Stuart stated:

As recently as March 2019 and in the case of Triple Point Technology Inc. vs. PTT Public Company Ltd, the latest ruling by Sir Rupert Jackson stated:

The case of El Makdessi vs Cavendish Square Holdings (2013) demonstrates the requirement for Liquidated and Ascertained Damages to reflect a reasonable estimate of the Developer’s true losses. In this case, the Court of Appeal found that the damages clause was a penalty and not enforceable. The purpose of the damages was a deterrent to finishing late as opposed to being truly reflective of the Developers losses.

In contrast, the Dunlop Pneumatic Tyre Co Ltd vs New Garage and Motor Co Ltd is treated as a significant case within the construction industry due to the fact the liquidated damages in question were challenged but ultimately not viewed as a penalty. They were held as a “genuine pre-estimate” of loss by the House of Lords.

The Liquidated and Ascertained Damages are commonly used to protect the Developer’s commercial interests and to provide an incentive for Contractors to complete on time. However, they can also drive adverse behaviours such as the Contractor fixating on gaining extension of time awards to protect themselves rather than focusing on the job at hand.

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If that sounds like you, read more to find more about the unknown MCW charge on your bank statement.

“MCW” is an acronym that stands for “memo cash withdrawal.” It appears on a bank statement when a customer withdraws cash from their account using a debit card and selects the “savings” or “checking” option rather than the “credit” option.

When a customer uses their debit card to make a purchase, they have the option to choose between three different payment methods: credit, savings, or checking.

If the customer selects the “credit” option, the transaction will be processed as a credit card purchase and will appear on their bank statement as a “credit card purchase.”

Found an unknown charge labeled MBI on your bank statement? Here’s how to take care of it.

If the customer selects the “savings” or “checking” option, the transaction will be processed as a cash withdrawal and will appear on their bank statement as “mcw.”

“MCW” appears on a bank statement as an entry along with other transactions. It is usually listed with the date, time, and the transaction amount, as well as the remaining balance before and after the transaction.

Here is an example of how “mcw” might appear on a bank statement:

Date: 01/01/2023

Time: 01:00 PM

Description: MCW

Amount: -$170.00

Balance: $8830.00

In this example, you can see the customer made a memo cash withdrawal of $170.00 on January 1st at 01:00 PM. The transaction reduced the customer’s account balance from $9,000.00 to $8830.00.

Check out how to handle the random PNP Bill Payment charge appearing on your credit card statement.

There are several reasons why a customer may see an “mcw” charge on their bank statement:

In all of these cases, the “mcw” charge represents the withdrawal of cash from your account using a debit card.

It’s important to note that “mcw” charges are typically accompanied by fees, which are charged by the bank or financial institution for providing the cash withdrawal service. These fees can vary depending on the bank and the type of account the customer has.

MCW on a bank statement indicates that the customer used their debit card to withdraw cash from their account and selected the “savings” or “checking” option rather than the “credit” option. These transactions may be subject to fees charged by the bank or financial institution.

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