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. 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? In reality, the aggregating payment service provider, distributing payment service provider and collecting payment service provider are the 3 most prominent categories of such. 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. 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 – between several payment schemes and the landing page of the seller, this serves as its technical intermediary. 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.
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 – seller’s website and different payment models use this for collecting funds for varieties of payment methods. By incorporating the payment platform used by the collector, online sellers would not have to worry about programming difficulties. It is now the job of the collector to handle and process data to matching payment method scheme. 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 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 the aggregator that takes care of data processing to the payment method model that fits best.