What is a 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 at the moment, what types 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. While all these payment technologies follow the same principle in providing online businesses and merchants the ability to accept different payment through the web, they are all different in regards 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. 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 – this serves as technical intermediary between the seller’s page and various payment schemes. By integrating programming to the payment platform used by the distributor, online sellers all have to worry is the payment transactions. It is the distributor that will be handling data processing to the payment method scheme that is most applicable.
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 – 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 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. 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. The aggregator is taking care of data processing to applicable payment method scheme.
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