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. 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. 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. 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.
As a matter of fact, a number of service providers such as Andrew Phillips Cliq take more than one role at once and depending on the scheme of payment methods, it allows aggregation or collection but still in the end, it depends on the preferences 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 – between several payment schemes and the landing page of the seller, this serves as its technical intermediary. They are taking away programming complexity for online sellers by integrating with payment platform of distributor. It’s the distributor that is taking care of data processing to applicable payment method scheme.
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 – for this, it serves as the technical intermediary between the seller and the payment schemes for collecting funds on 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. The collector is then taking care of data processing to applicable 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 – payment method companies and sellers at the same time are grateful for this model. The aggregator is taking care of data processing to applicable payment method scheme.