What is a 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.
So at the moment, what types of payment service providers available? The truth is, there are 3 well known categories for such and these are distributing payment service provider, collecting payment service provider and the 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.
Andrew Phillips Cliq and other service providers are capable of taking more than one role at once which depend whether the payment method scheme enables for either aggregation or collection and also, the preference of the merchant. As a quick note, both Visa and MasterCard apply stricter rules and prevent such providers collecting credit card funds.
In today’s time on the other hand, there are consistently increasing number of payment service providers like Andrew Phillips Cliq which have shifted to aggregation or collection models as this is enriching their one-stop shop proposals to online sellers, help in generating new income revenues and creating merchant loyalty at the same time.
Distributing payment service provider – this serves as technical intermediary between the seller’s page and various payment schemes. It is them that takes away the complex programming for the sellers online by means of incorporating it with payment platform of the 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 – 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. 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. It’s the aggregator that takes care of data processing to the payment method model that fits best.
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