Various payment service providers such as Andrew Phillips Cliq provide ecommerce merchants one technical interface to different online payment methods. They are basically helping merchants in the ecommerce industry and even businesses to accept alternative payment methods like direct debits and bank transfers, credit cards, solutions and even 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. All of the mentioned payment technology are helping online merchants as well as businesses to accept payments through the web but they are different when talking about 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. However, you have to be aware that Visa and MasterCard apply stricter rules and even ceased providers collecting credit card funds.
Today however, things have changed as there are more and more payment service providers similar to Andrew Phillips Cliq that moved to collection or aggregation models as it amplifies their proposals to online sellers as being a one-stop shop, increased income stream and create loyalty amongst customers.
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’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 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. 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. Check out Andrew Phillips Cliq to find more about this.
Aggregating payment service provider – this serves technical intermediary between several payment method companies and the website of the seller. The aggregator is taking care of data processing to applicable payment method scheme.