What is a payment Aggregator and why would you need it?

 

Payment aggregation, also known as merchant aggregation, is a business model in which a third-party payment provider, also known as the ‘payment aggregator’, signs up merchants directly under its own merchant identification number (MID) to reuse deals through a single master account. For example, LetsPe, Amazon Pay, PayTM etc. One merchant account is used to show a number of merchants opposed to the traditional model which dispenses a merchant account to each merchant. Merchants processing deals under an aggregator are known as sub-merchants.