There are several PSP solutions for start-up brokers. Unfortunately, your brokerage can not do business without one. This article will explain what they do, why you need one and help you to choose a suitable provider.

What is a payment service provider?

In an increasingly digital landscape, more people are spending money online than ever before. In the old day’s people used to be very wary about sending small amounts of cash online, today millions of dollars are transferred every second from almost anywhere in the world. It has become the new norm. Your brokerage will need to collect deposits from clients on a daily basis and you will need to pay them also, but be careful. There are tricksters and fraudsters out there who are trying to steal from you. Your brokerage needs to afford your clients a safe, secure, and straightforward way to make payments online.

The nature of the forex industry means high transaction volumes and regulations. You will need a PSP that can serve your customers regardless of their location and payment method; otherwise, it will lead to issues and extremely dissatisfied clients. A brokerage needs to be trustworthy, and if a client cannot trust you to handle their money, then you will surely lose them to a competitor.

A PSP is a third-party technology that empowers your company to take payments online via your website, and your provider will need to handle larger than average transactions. Good PSP providers are invaluable to your business.

How to choose a competent PSP?

Of course, there are several considerations to make when choosing a PSP. Things like the provider’s risk profile, coverage, technical aptitude, type of currencies, number of payment channels, charges, holding time, and reliability. These factors can seem innocuous at first but they are important, for instance, a reliable PSP can lead to improved conversion rates, which can significantly improve your performance. A PSP can be a cherished partner or a thorn in your side.

Currently, there are a significant number of providers and new ones are launching all the time so you must be careful and select one that has a proven track record.

At the end of the day, just like choosing a liquidity provider, it can really pay dividends to do your due diligence. Your clients are trusting you to provide a decent transaction speed, ease of use and most importantly, a secure environment for their money and their data. Get it wrong, and it can cost everyone dearly.

Will it work with my trading platform?

If you have proprietary software, you will need to ensure your engineers integrate it with a PSP properly and this process can take many months and cost lots of money. However, if you opt to go with a white label service provider, they will have already vetted most PSP’s and will know perfectly which ones work with their platform. Of course, you can swap, but it is your responsibility to ensure they work bug-free. Always test the system thoroughly before going live.

What industrial equipment modifications are at the top nowadays? Let us have a look.

Automation Makes the Production More Competitive

Automation is not a new trend, but nowadays, it is very important. Automated solutions allow even small companies to be competitive. To automate your premises, you need equipment from a reliable supplier and proper RPA software. Linear actuators will move robotic arms to perform plenty of operations:

• Picking objects;
• Lifting details;
• Pushing things;
• Loading and unloading goods, etc.

They all are controlled by special software. If you need to implement any changes to any processes, you just change the code or the data, and the robots will adapt to the new requirements immediately.

Automated solutions allow you to replace human work with robotic labour in many fields. For example, robots can perform repetitive actions without getting bored and losing concentration. Machines work in hazardous environments. Equipment can be used to lift and move weights, and similar.

Machine Integration with Human Workers

Until now, in the majority of factories, robots work in an isolated environment. However, there is a new trend to make machines work along with people. it would reduce the costs of automation solutions implementations immensely. If robots could work along with people, you would not need to create a special infrastructure for them. You would be able to get a robot, program it to perform the needed tasks, and it would complement the work of people in the same space.

AI and Machine Learning

Right now, we are already dealing with AI applications in the industry. This might become one of the main development trends. AI is widely used for QA processes. A robot can compare the final product against plenty of standards. If any modifications are implemented, a robot can be adjusted to follow them.

Now, machines can perform operations based on data that you provide. And again, to implement any changes, you need to change the code, and the machine will follow a new way to work. No training is needed.

However, for now, machines are useless in non-standard situations. As soon as they learn to react adequately in non-standard situations, they will be able to replace people completely. For now, though, it is too early to speak about it.

VR and AR

Virtual and Augmented Reality are still not widely implemented. But their potential is immense. With VR and AR, training sessions will be performed without inviting specialists or sending workers to a different location. The same can be told about maintenance. There will be no need to transport equipment or to invite specialists.

With AR, the safety level in the premises can be much higher. This technology is already used in more demanding industries, such as the construction industry. It is expected that in the future, the benefits of AR will be used everywhere.

About the author: Hayley Mann is a technology enthusiast specializing in automation methods of ergonomics devices. Her engineering background helps her to create interesting articles on technical topics, making them understandable for all readers.