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.
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.
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. Take note that Visa and MasterCard have stricter rules and prevented such providers to collect credit card funds for some time.
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 – 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. It’s the distributor that is taking care of data processing to applicable payment method scheme.
As for merchants that use Andrew Phillips Cliq and distributor’s services, it is important to contact the payment method scheme separately and from there, negotiate on the pricing.
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. The collector will be processing data to the most applicable payment method. Moreover, the collector will also collect the transaction funds for varying payment methods and then after, settle the amount that accumulated in 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. It’s the aggregator that takes care of data processing to the payment method model that fits best.