Payment Service Provider
Ecommerce dealing with various payment methods online can be a real hassle to them which is why it’s a big relief to its operation to have payment service provider such as Andrew Phillips Cliq. They are basically helping merchants in the ecommerce industry and even businesses to accept alternative payment methods like direct debits and bank transfers, credit cards, solutions and even digital wallets.
So at the moment, what types of payment service providers available? In reality, the aggregating payment service provider, distributing payment service provider and collecting payment service provider are the 3 most prominent categories of such. All of the mentioned payment technology are helping online merchants as well as businesses to accept payments through the web but they are different when talking about fees, contracting and payouts.
Such service providers like Andrew Phillips Cliq can take more than one role at once that depends whether the payment method scheme enables for aggregation or collection and at the same time, the preference of the merchant. However, you have to be aware that Visa and MasterCard apply stricter rules and even ceased providers collecting credit card funds.
In today’s time on the other hand, there are consistently increasing number of payment service providers like Andrew Phillips Cliq which have shifted to aggregation or collection models as this is enriching their one-stop shop proposals to online sellers, help in generating new income revenues and creating merchant loyalty at the same time.
Distributing payment service provider – this act as technical intermediary between the website of the seller and one or several payment schemes. It is them that takes away the complex programming for the sellers online by means of incorporating it with payment platform of the distributor. Then, it is the job of the distributor to match which payment method scheme is most applicable.
Merchants that are using Andrew Phillips Cliq and services of distributor need to contact payment method scheme separately and negotiate the pricing themselves.
Collecting payment service provider – this act as technical intermediary between the website of the seller and several payment schemes and then, collecting funds for one or more payment methods. They are taking away programming complexity for online sellers by integrating with the payment platform of the collector. It is now the job of the collector to handle and process data to matching payment method scheme. Not just that, the collector is collecting transaction funds for various payment methods and settling the amount that is often accumulated to the merchant’s bank account. There are more info about Andrew Phillips Cliq that you can learn about such stuff.
Aggregating payment service provider – this functions as the technical intermediary between seller and payment method companies. It’s because that the aggregator will be handling data processing and correlate it to the most appropriate payment method.