5 Uses For Funds

Understanding 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. 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? In reality, the aggregating payment service provider, distributing payment service provider and collecting payment service provider are the 3 most prominent categories of such. 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.

Andrew Phillips Cliq and other service providers are capable of taking more than one role at once which depend whether the payment method scheme enables for either aggregation or collection and also, 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 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. 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 are taking away programming complexity for online sellers by integrating with the payment platform of the collector. 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 more info about Andrew Phillips Cliq that you can learn about such stuff.

Aggregating payment service provider – this functions as the technical intermediary between seller and payment method companies. The aggregator is taking care of data processing to applicable payment method scheme.