What is a Payment Aggregator?
A payment aggregator is a payment service provider that registers merchants as sub-merchants directly under its own merchant identification number (MIN). While a payment aggregator is a good option for a small start-up business or a business that is seasonal, however once a business grows to the point it is processing over $50,000 a year then it is time to put your big boy pants on and get a merchant account.
Payment aggregators are like a college student that has a credit card provided to them by their parents. While the student has a credit card now the students parents are able to see exactly everything he does with the card like how much he is spending, where he is spending money, what time he is spending money and much more. Companies like Stripe, Square and many more are doing this very thing to the sub-merchants using their MIN.
Surprise!
Guess who owns Square? Yep its none other than Jack Dorsey. Not only are these companies overcharging companies on the processing rate it has been reveled that they are collecting almost all of your customers information like what, when, how much they spent and what time they like to go shopping. They collect all that meta data, package it up and sell it to companies that then use that information to market directly to your customer. So if you use a payment aggregator aren't you literally paying to have your customers marketed to directly and use another company to buy the same goods or services you provide? You know the answer.
We will not only protect you we will protect your customers privacy and never violate the trust they give you.
-Chris Conner