Understanding 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. As a matter of fact, they help various merchants in the ecommerce industry and businesses at the same time to take alternative payment methods including credit cards, bank transfers, solutions, direct debits and digital wallets.
So what types of payment service providers are currently there? The truth is, there are 3 well known categories for such and these are distributing payment service provider, collecting payment service provider and the aggregating payment service provider. 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.
As a matter of fact, a number of service providers such as Andrew Phillips Cliq take more than one role at once and depending on the scheme of payment methods, it allows aggregation or collection but still in the end, it depends on the preferences of the merchant. Take note that Visa and MasterCard have stricter rules and prevented such providers to collect credit card funds for some time.
Today however, things have changed as there are more and more payment service providers similar to Andrew Phillips Cliq that moved to collection or aggregation models as it amplifies their proposals to online sellers as being a one-stop shop, increased income stream and create loyalty amongst customers.
Distributing payment service provider – between several payment schemes and the landing page of the seller, this serves as its technical intermediary. By integrating programming to the payment platform used by the distributor, online sellers all have to worry is the payment transactions. It’s the distributor that is taking care of data processing to applicable payment method scheme.
In regards to merchants that make use of Andrew Phillips Cliq as well as the services of distributor, it is essential to separately contact payment method scheme and from there, discuss about pricing.
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. By incorporating the payment platform used by the collector, online sellers would not have to worry about programming difficulties. It is now the job of the collector to handle and process data to matching payment method scheme. Furthermore, the collector will be collecting transaction funds for different payment methods and settle the accumulated amount to the bank account of the merchant. Check out Andrew Phillips Cliq to find more about this.
Aggregating payment service provider – this serves technical intermediary between several payment method companies and the website of the seller. The aggregator is taking care of data processing to applicable payment method scheme.
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