Understanding Payment Service Provider
Various payment service providers such as Andrew Phillips Cliq provide ecommerce merchants one technical interface to different online payment methods. 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.
By this time now, you may be wondering on the different kinds of payment service providers available. Well as a matter of fact, there are 3 major categories for such and these include distributing payment service provider, collecting payment service provider and lastly, aggregating payment service provider. 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.
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 – between several payment schemes and the landing page of the seller, this serves as its technical intermediary. 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 – for this, it serves as the technical intermediary between the seller and the payment schemes for collecting funds on one or more payment methods. They are taking away programming complexity for online sellers by integrating with the payment platform of the collector. The collector is then taking care of data processing to applicable 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 many other info you can find about this stuff at Andrew Phillips Cliq.
Aggregating payment service provider – payment method companies and sellers at the same time are grateful for this model. The aggregator is taking care of data processing to applicable payment method scheme.