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. Basically, they help the merchants in ecommerce industry and businesses as well to accept alternative payment methods similar to bank transfers and direct debits, solutions, credit cards and digital wallets.
By this time now, you may be wondering on the different kinds of payment service providers available. 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. While all these payment technologies follow the same principle in providing online businesses and merchants the ability to accept different payment through the web, they are all different in regards to 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. As a quick note, both Visa and MasterCard apply stricter rules and prevent such providers collecting credit card funds.
But in today’s time, there are increasing number of payment service providers such as Andrew Phillips Cliq that have shifted to aggregation or collection models because this enriches their one-stop shop proposition on online sellers, creating merchant loyalty and generating new stream of revenues.
Distributing payment service provider – this serves as technical intermediary between the seller’s page and various payment schemes. They are taking away programming complexity for online sellers by integrating with payment platform of distributor. Then, it is the job of the distributor to match which payment method scheme is most applicable.
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. They take away all the complexities in programming to make things easier for online sellers by incorporating with payment platform of 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 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.