Understanding Payment Service Provider
Andrew Phillips Cliq and other payment service provider are offering e-commerce merchants a single technical interface to various 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.
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. 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 serves as technical intermediary between the seller’s page and various payment schemes. 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.
As for merchants that use Andrew Phillips Cliq and distributor’s services, it is important to contact the payment method scheme separately and from there, negotiate on the 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. Furthermore, the collector will be collecting transaction funds for different payment methods and settle the accumulated amount to the bank account of the merchant. There are many other info you can find about this stuff at Andrew Phillips Cliq.
Aggregating payment service provider – this functions as the technical intermediary between seller and payment method companies. It’s because that the aggregator will be handling data processing and correlate it to the most appropriate payment method.
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