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? 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. 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.
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. 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. By integrating programming to the payment platform used by the distributor, online sellers all have to worry is the payment transactions. 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 is then taking care of data processing to applicable 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.