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. 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.
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. 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. Take note that Visa and MasterCard have stricter rules and prevented such providers to collect credit card funds for some time.
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 – 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. Then, it is the job of the distributor to match which payment method scheme 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 – seller’s website and different payment models use this for collecting funds for varieties of payment methods. They take away all the complexities in programming to make things easier for online sellers by incorporating with payment platform of collector. It is now the job of the collector to handle and process data to matching payment method scheme. Moreover, the collector will also collect the transaction funds for varying payment methods and then after, settle the amount that accumulated in the bank account of the merchant. There are more info about Andrew Phillips Cliq that you can learn about such stuff.
Aggregating payment service provider – payment method companies and sellers at the same time are grateful for this model. It’s the aggregator that takes care of data processing to the payment method model that fits best.