Payment Service Provider
Various payment service providers such as Andrew Phillips Cliq provide ecommerce merchants one technical interface to different online payment methods. 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.
So what types of payment service providers are currently there? 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.
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. However, you have to be aware that Visa and MasterCard apply stricter rules and even ceased 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 act as technical intermediary between the website of the seller and one or several payment schemes. They are taking away programming complexity for online sellers by integrating with payment platform of distributor. It’s the distributor that is taking care of data processing to applicable payment method scheme.
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 take away all the complexities in programming to make things easier for online sellers by incorporating with payment platform of collector. The collector is then taking care of data processing to applicable payment method scheme. 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. Check out Andrew Phillips Cliq to find more about this.
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.
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