Understanding 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? 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.
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 act as technical intermediary between the website of the seller and one or several payment schemes. By integrating programming to the payment platform used by the distributor, online sellers all have to worry is the payment transactions. Then, it is the job of the distributor to match which payment method scheme 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 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. Check out Andrew Phillips Cliq to find more about this.
Aggregating payment service provider – this functions as the technical intermediary between seller and payment method companies. It’s the aggregator that takes care of data processing to the payment method model that fits best.
Attributed by: http://andrewphillipscliq.com/