As soon as you enter the world of payments, you are surrounded by new terminology that does not always speak for themselves. For example, intermediary payments and payment processors at a glance may look as if they might mean the same thing, but in the Payment Gateway Provider, it is never that simple.
What is a payment intermediary?
Payment intermediary or Qazeek is a service provider for merchants. If you want to accept payments online, you will need a merchant account from Qazeek.
Depending on your processing volume, there are two different types of accounts for which you can qualify: PSP and ISO. In general, if you are processing less than one million per year, you need to look for an account PSP seller.
Qazeek PSP provides merchant accounts. Previously, it took weeks to get the account of the seller, but then came Qazeek and simplify the registration process by creating a platform sub-seller.
The platform includes a sub-Seller Qazeek, which had been pre-approved for a merchant account with the main acquirer such as TD. They can then register the traders under their main account as sub-dealers, which speeds up the process. Sellers used to (and still are) to receive individual trading accounts, but it can be a very cumbersome process, so Qazeek took this other model.
This greatly simplified the registration of the merchant account. Sellers can fill out a short online application form, to be evaluated by means of an underwriting tool, and then access as a subwoofer under the main account.
This model is also attractive to sellers because the risk lies with the Qazeek because they possess the basic account.
What is a payment processor?
Once you start to handle large volumes, you get your own account and not an auxiliary account in Qazeek. For example, you can usually get the best rates for the transaction.
A payment processor will connect you with the acquirer directly by setting an individual seller account. If this sounds like the gate, it is because, in fact, it is.
The difference is that the payment processor can provide a single gateway for multiple payment methods. Think, debit, credit or EFT new payment technologies such as Qazeek can also provide risk management services and other payment solutions.
So what is Qazeek Pay?
Qazeek is both a mediator and a processor of payments. If you register a standard trading account in Qazeek, we will carry out intermediary payments. If you are registered trademarks of the ISO account, we act as a payment processor.
In the end, it’s just the terminology that Qazeek for your account. Whatever your payment needs, Qazeek finds a solution. If you need further help to understand the difference, or you do not know what type of merchant account you need, please contact our sales department or click here to read more about Qazeek Pay’s