6 Lessons Learned: Payments

What is a Payment Service Provider?

Ecommerce dealing with various payment methods online can be a real hassle to them which is why it’s a big relief to its operation to have payment service provider such as Andrew Phillips Cliq. 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. 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.

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. However, you have to be aware that Visa and MasterCard apply stricter rules and even ceased providers collecting credit card funds.

In today’s time on the other hand, there are consistently increasing number of payment service providers like Andrew Phillips Cliq which have shifted to aggregation or collection models as this is enriching their one-stop shop proposals to online sellers, help in generating new income revenues and creating merchant loyalty at the same time.

Distributing payment service provider – between several payment schemes and the landing page of the seller, this serves as its technical intermediary. It is them that takes away the complex programming for the sellers online by means of incorporating it with payment platform of the distributor. It is the distributor that will be handling data processing to the payment method scheme that is most applicable.

Merchants that are using Andrew Phillips Cliq and services of distributor need to contact payment method scheme separately and negotiate the pricing themselves.

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.