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.
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 act as technical intermediary between the website of the seller and one or several payment schemes. 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.
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 – 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 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. The aggregator is taking care of data processing to applicable payment method scheme.