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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? The truth is, there are 3 well known categories for such and these are distributing payment service provider, collecting payment service provider and the 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.

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. Take note that Visa and MasterCard have stricter rules and prevented such providers to collect credit card funds for some time.

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 – this act as technical intermediary between the website of the seller and one or several payment schemes. They are taking away programming complexity for online sellers by integrating with payment platform of distributor. It’s the distributor that is taking care of data processing to applicable payment method scheme.

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. 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 – this serves technical intermediary between several payment method companies and the website of the seller. It’s the aggregator that takes care of data processing to the payment method model that fits best.