Payment Service Provider
Various payment service providers such as Andrew Phillips Cliq provide ecommerce merchants one technical interface to different online payment methods. As a matter of fact, they help various merchants in the ecommerce industry and businesses at the same time to take alternative payment methods including credit cards, bank transfers, solutions, direct debits and 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. 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. However, you have to be aware that Visa and MasterCard apply stricter rules and even ceased 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 is the distributor that will be handling data processing to the payment method scheme that 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 – seller’s website and different payment models use this for collecting funds for varieties of 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. Not just that, the collector is collecting transaction funds for various payment methods and settling the amount that is often accumulated to the merchant’s bank account. There are more info about Andrew Phillips Cliq that you can learn about such stuff.
Aggregating payment service provider – payment method companies and sellers at the same time are grateful for this model. It’s because that the aggregator will be handling data processing and correlate it to the most appropriate payment method.