Following the internet revolution, e-commerce has grown exponentially over the past two decades. As a result, online payment systems (also known as the virtual POS terminals) have become more widespread as an integral part of conducting transactions online and for any business that advertises products or services online, it is important to have an integrated PSP.
In today’s world of ever increasing global e-commerce, many new business owners are faced with the dilemma – “which PSP platform should I integrate on my site?”
We have already presented the differences and similarities of collectors and distributors. In this article, we intend to shed some light on the functionality of aggregators, which combine most of specification of collectors and distributors.
Payment Aggregators are service providers through which e-commerce merchants can process their payment transactions. They accept payments, collect the funds and contract with individual payment methods.
Aggregators are the most appropriate PSP platforms for e-commerce businesses, who would like to offer only a few payment methods and do not prefer to sign contracts with financial institutions, banks and other forms of payment.
An important detail regarding aggregators is that they take all risks by ensuring a quick and easy payment process. Therefore, in cases where they consider a certain site to be involved in a suspicious activity, they may cancel or delay payments to the merchant from 24 hours to 30 days.
Usually, most online stores are designed to serve large audiences, which is why it is in the administrator’s interest to provide the widest possible list of payment methods.
Aggregators provide services that combine different ways of accepting payments together. Due to this functionality, the online store’s owner will not have to register separately in any of the electronic systems that he/she would like to collaborate with. This functionality allows the merchant to provide better service.