Post by account_disabled on Dec 5, 2023 9:19:32 GMT
When optimizing your payment infrastructure, you’ll find there are many options available to you. It’s important to remember that much of your success can depend greatly on the partner and tools you choose to run your business. Let’s look at three business models widely considered by developers worldwide, specifically at the services they offer.
The Merchant of Record As we’ve said, an MoR is a legal Phone Number entity that sells products or services to an end customer on behalf of the business. In doing so, the Merchant of Record will take on the liability for each transaction. This entails managing the entire tax and compliance management in all markets the business owners wish to expand. MoR Services You will also be free of the following operations since they fall under the management of the solution: Global Tax & Compliance Mgt. Chargeback & Refund Mgt. Payment-related Customer Support Fraud & Risk Mgt. Payment Processing MoR Services The Payment Service Providers (PSP) Payment service providers are third parties which allow business owners to accept payments seamlessly. To do this, PSPs connect eCommerce businesses to a greater payment infrastructure that includes a merchant account and payment gateway. PSP Services* When contracting with a payment service provider, you will be entitled to Security management ( PSPs comply with PCI-DSS standards) Cross-border payment processing (multiple currency transaction processing) Reporting.
The Seller of Record Often mistaken with the MoR, the Seller of Record is when the legal entity assumes the seller's identity as the owner of a product or service. With this model, the SoR has the legal right to sell goods by the business owner. SoR Services This legal entity will provide you with: Simplified Sales Tax Mgt. Customer Recourse Mgt. Liability Outsourcing Payment Tools.
The Merchant of Record As we’ve said, an MoR is a legal Phone Number entity that sells products or services to an end customer on behalf of the business. In doing so, the Merchant of Record will take on the liability for each transaction. This entails managing the entire tax and compliance management in all markets the business owners wish to expand. MoR Services You will also be free of the following operations since they fall under the management of the solution: Global Tax & Compliance Mgt. Chargeback & Refund Mgt. Payment-related Customer Support Fraud & Risk Mgt. Payment Processing MoR Services The Payment Service Providers (PSP) Payment service providers are third parties which allow business owners to accept payments seamlessly. To do this, PSPs connect eCommerce businesses to a greater payment infrastructure that includes a merchant account and payment gateway. PSP Services* When contracting with a payment service provider, you will be entitled to Security management ( PSPs comply with PCI-DSS standards) Cross-border payment processing (multiple currency transaction processing) Reporting.
The Seller of Record Often mistaken with the MoR, the Seller of Record is when the legal entity assumes the seller's identity as the owner of a product or service. With this model, the SoR has the legal right to sell goods by the business owner. SoR Services This legal entity will provide you with: Simplified Sales Tax Mgt. Customer Recourse Mgt. Liability Outsourcing Payment Tools.