From April 2017 the Department for Business, Energy and Industrial Strategy (BEIS) introduced legalisation for large companies and Limited Liability Partnerships (LLP) to enforce reporting on payment practices. Each eligible company and LLP has a duty to report on payment policies, practices and performance every six months annually. The reporting requirement was introduced after many voices of concerns to the government about the detrimental impacts of thousands of companies after not being paid on time.

For businesses operating within high risk industries, a high risk merchant account and all of the benefits they provide is essential to accept credit and debit card payments, ensuring safe, secure and efficient business operations.There are many factors for high risk merchants to consider when opening one of these accounts. Each high risk industry has their own set of unique needs, in which some providers may be more accustomed to understanding than others.Cardflo is a merchant account provider offering merchant accounts for high-risk models.

For the ‘every day’ business owner, navigating the payments ecosystem can be a minefield – especially when distinguishing between a payment service provider and a payment processor. Both entities are required to coordinate online transactions, yet their roles and functionalities differ massively. Understanding their key differences and characteristics is essential for merchants who want to optimise their payment systems. This article dives into the nuances of ‘payment service provider vs payment processor', exploring both their unique contributions to the transactional process.