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. 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. 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.
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. As a quick note, both Visa and MasterCard apply stricter rules and prevent such 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. They are taking away programming complexity for online sellers by integrating with payment platform of distributor. 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 – 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. By incorporating the payment platform used by the collector, online sellers would not have to worry about programming difficulties. 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. 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.
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