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 what types of payment service providers are currently there? 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. While all these payment technologies follow the same principle in providing online businesses and merchants the ability to accept different payment through the web, they are all different in regards 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. However, you have to be aware that Visa and MasterCard apply stricter rules and even ceased 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 – 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. It is the distributor that will be handling data processing to the payment method scheme that is most applicable.
In regards to merchants that make use of Andrew Phillips Cliq as well as the services of distributor, it is essential to separately contact payment method scheme and from there, discuss about 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. 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 – this serves technical intermediary between several payment method companies and the website of the seller. It’s because that the aggregator will be handling data processing and correlate it to the most appropriate payment method.