Essential Things To Know About 3rd Party Aggregator
A financial service provider which offers payments between the consumer and merchant through various more options of payment just like credit card payments, bank transfers, debit card transactions are coming under a 3rd party aggregator.
The primary function of a 3rd party payment provider is to reduce the hurdles of a merchant by saving them from regular monthly processings and maintenance charges associated with the merchant account.
There are several things where businesses get complicated and many rare circumstances, like the risk of online fraud. All of the business cannot operate their transactions under a merchant account, that’s why Quadrapay offers a 3rd party aggregator which will take care of the processing of the operations and makes things simpler for you.
A trading pattern in which a third-party payment provider signs up a merchant through their own MID (Merchant identification number) to process all the transactions with the one account is known as Merchant aggregation.
When a merchant starts using a 3rd party aggregator to process their each, and every payment through them comes under the sub-merchant category. This is the best to opt a third-party payment aggregator for a processing solution as a startup or small business merchants who are new to the online payment processing industry. A 3rd party solution provides them with cost-effective processing and less hassle in the process of verification and approval for a business merchant account to accept credit card payments online.
Benefits of Quadrapay Aggregate Processing Solution
Quadrapay provides a hassle-free easy setup of payment accounts so that you can instantly start processing your transactions just after the moment of approval of a merchant account.
Getting an aggregate processing solution is necessary if a business undertakes all the credit card and online payments and is required to process all the transactions at a very faster rate without any hassle. Some of the main advantages of Quadrapay aggregate processing solution:
- Approval time: It takes only a few days under a payment aggregator, this makes it best suitable for businesses where time is of the essence, just like small businesses.
- Simple fee structure: Without any fixed contracts, payment aggregators offer a simple and easy to understand fee structure which makes a merchant to clearly understand how much they are going to spend on the processing fees.
- Instantly accept payments: Merchants can immediately start receiving the bank transfers and credit card payments just right after the moment of application processed.
- Easy application process: Quadrapay offers a simple and easy method of application when applying for a payment aggregator that includes the PCI compliance checks.
Fees For The 3rd Party Aggregator
Fees are being charged whenever a merchant accepts the online payment. These charges may differ as they depend on the type of transaction. For example, like either card-swipe or a contactless payment may be charged at a different fee for the amount.
Generally, a merchant is charged a meagre fee by the 3rd party aggregator or a third party payment aggregator, and for some sub-merchants, it can be a benefit of no cost at all.
How To Get Started With A Third-Party Payment Aggregator?
Now it is easier to get a third-party aggregated merchant account for your business. A business owner needs to fill the merchant application form and submit KYC documents along with it. Some of the important KYC documents are as business registration documents, government-approved identity, proof of domain, the latest statement showing processing history. After complete verification of the application with a processor, your business will be ready to start accepting credit cards online.
For more information regarding 3rd party aggregator, you can contact us at [email protected].