What is a payment aggregator?
A payment aggregator is a payment service model when a third-party PSP opens a master merchant account and uses it to process their clients' transactions. All merchant clients' payments go through the aggregator’s merchant account; however, virtual merchant accounts are opened for each merchant to track transactions easily.
Since PSPs may have limits on the number and amount of transactions, large merchants with significant transactions volume are unlikely to work with payment aggregators; otherwise, they will have to pay extra for exceeding the limit. That’s why it is preferable to work with a payment aggregator if you have a medium or small-size business with moderate transaction volumes.
The main task of the payment aggregator is to simplify the access of merchants to a variety of payment methods, eliminating the need to conclude agreements with each payment intermediary separately. They provide the merchant with an up and running merchant account (MID) so that they can start accepting payments quickly, with minimum paperwork and compliance checks.
Like payment facilitators and other payment service companies, aggregators can offer many useful services to merchants, including:
- Security & Data protection
- Chargebacks management
- Analytics and reporting
- Risk management
- Customer support
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The difference between payment aggregator and facilitator
Both payment aggregator and facilitator allow merchants to accept payments without setting up a merchant account in an acquiring bank. The only difference between them is that the facilitator opens a sub-merchant account (MID) for each merchant separately. In contrast, the aggregator processes merchants' payments directly through its own MID.
Both payment service models provide fast onboarding, ease of application and a transparent fee structure, making them an appealing option for everyone who wants to grow a business online.
How to get started with a payment aggregator?
For those merchants who want to quickly access the e-commerce market and start accepting online payments, a payment aggregator is the right path. To get started, you'll need to submit an application including answers to a few questions about your business. After verification and approval, you will be registered as a sub-merchant and ready to receive payments online.
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