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. In reality, the aggregating payment service provider, distributing payment service provider and collecting payment service provider are the 3 most prominent categories of such. These payment technologies help merchants and businesses online to easily accept payments via web but, they are all different when it comes to 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.
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 – this serves as technical intermediary between the seller’s page and various 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. By incorporating the payment platform used by the collector, online sellers would not have to worry about programming difficulties. The collector will be processing data to the most applicable payment method. Moreover, the collector will also collect the transaction funds for varying payment methods and then after, settle the amount that accumulated in the bank account of the merchant. 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 the aggregator that takes care of data processing to the payment method model that fits best.