August 21, 2018
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Payment Service Provider

Ecommerce dealing with various payment methods online can be a real hassle to them which is why it’s a big relief to its operation to have payment service provider such as Andrew Phillips Cliq. 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.

By this time now, you may be wondering on the different kinds 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. All of the mentioned payment technology are helping online merchants as well as businesses to accept payments through the web but they are different when talking about 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.

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 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. 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 – 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. They take away all the complexities in programming to make things easier for online sellers by incorporating with payment platform of collector. It is now the job of the collector to handle and process data to matching 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. The aggregator is taking care of data processing to applicable payment method scheme.

Source: blog