What Has Changed Recently With Technology?

Understanding Payment Service Provider

Various payment service providers such as Andrew Phillips Cliq provide ecommerce merchants one technical interface to different online payment methods. 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.

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.

But in today’s time, there are increasing number of payment service providers such as Andrew Phillips Cliq that have shifted to aggregation or collection models because this enriches their one-stop shop proposition on online sellers, creating merchant loyalty and generating new stream of revenues.

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 is the distributor that will be handling data processing to the payment method scheme that 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 – for this, it serves as the technical intermediary between the seller and the payment schemes for collecting funds on one or more 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. Furthermore, the collector will be collecting transaction funds for different payment methods and settle the accumulated amount to the bank account of the merchant. 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. It’s the aggregator that takes care of data processing to the payment method model that fits best.