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? 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.
Such service providers like Andrew Phillips Cliq can take more than one role at once that depends whether the payment method scheme enables for aggregation or collection and at the same time, the preference 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 act as technical intermediary between the website of the seller and one or several payment schemes. It is them that takes away the complex programming for the sellers online by means of incorporating it with payment platform of the 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 – seller’s website and different payment models use this for collecting funds for varieties of payment methods. By incorporating the payment platform used by the collector, online sellers would not have to worry about programming difficulties. It is now the job of the collector to handle and process data to matching payment method scheme. 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 more info about Andrew Phillips Cliq that you can learn about such stuff.
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.