Online services combine all the advantages of online shopping. Offline interaction has been replaced by virtual interaction. One way to quickly and securely accept payments in dollars or other currencies is to connect a payment aggregator to your online store. In this article, you will learn about the principle of operation of payment aggregators for online stores. If your activities are closely related to the dynamics of exchange rates in Ukraine, we recommend that you use

What Is a Payment Aggregator?

A payment aggregator is a special service for accepting and processing payments online. Unlike Internet acquiring, there are dozens of opportunities open to business here. Aggregators are not limited to one payment method and allow you to pay: with bank cards, electronic money, from a mobile account, through Internet banking, and also offline. Connecting to the service is quick. It is enough to sign one agreement, receive modules for uploading to the site, and start offering clients dozens of payment options.

Aggregators are packaged offers where the main work of finding and connecting payment systems has already been done for you. Trying to connect to each service individually is time-consuming, complicated, and expensive. The company will have to go through the same stages several times: clarifying conditions, concluding an agreement, preparing a service, and setting up an API. After successfully connecting the system, you will receive daily monitoring of its proper operation.

By choosing an aggregator, you save yourself from all the above difficult steps. The service already has agreements with dozens of payment systems. All current technical issues are also the responsibility of the service provider. The payment aggregator market is expected to grow at a CAGR of 6.6% between 2023 and 2030.

How Does a Payment Aggregator Work?

The service facilitates the interaction of businesses with clients. It speeds up and automates the process of paying for goods and services. The buyer chooses a method that is convenient for him to deposit money, and the company retains the client who will not refuse the purchase due to the lack of a convenient payment option.

The aggregator acts as an intermediary between three links in the payment chain: client – payment system – business. The service distributes all funds received from payers and controls the movement of transactions. The list of available payment methods includes:

  • bank cards;
  • terminals;
  • payments from a mobile account;
  • mobile payment systems;
  • electronic money;
  • payments via Internet banking.

The payment scheme through the aggregator looks like this:

  1. An online store client places an order. It is assigned a digital number.
  2. You are redirected to the payment page. There, the user chooses a convenient way to transfer money (bank card, electronic money, etc.).
  3. The client enters the necessary data, the payment aggregator checks the details and carries out the transaction.
  4. After the transaction is completed, the system directs the user to the storeโ€™s website and transmits data about the results of the operation to the server.

As a result, purchasing a product or service only takes a couple of minutes. The user gets the opportunity to pay for the order in a convenient way, and the business gains another loyal customer.

Technical details of payment depend on the payment method. For example, if the order is paid by card, then the processing center of the acquiring bank (recipient of funds) will process the payment. Geographically, such a center can be located in any country in the world, or belong to another company. The main thing that interests participants in a financial transaction in this case is the existence of an agreement between the bank and the processing center.

Another direct participant in the transaction is the payment card system (Visa, MasterCard, American Express, etc.). It is connected at the stage of debiting funds. The system may prohibit the operation at the request stage from the acquiring bank to the issuing bank. The main reason for prohibiting a transaction is suspicion of fraud.

How To Choose The Right Payment Aggregator?

When choosing a service for your business, pay attention to the following parameters:

  1. Aggregator focus.

Some services are more aimed at small businesses. Large volumes of operations in such systems may fail. Or it may be the other way around: cooperation is carried out only with large companies, the scale of which can be compared with Binance, the exchange that is behind the release of Binance Coin or Aetna.

  1. Rates.

Most often, aggregators charge a commission on each payment. How much interest will be taken from the transaction depends on the payment method and the turnover of the online store. Most services offer special tariff schedules, where transaction fees for each type of payment instrument are fixed.

  1. How reliable is the aggregator?

The reputation of a service is not just a guarantee of safe operations for a business, but also an additional way to retain customers. A reliable service provider will inspire confidence in the user who is about to make a purchase. And vice versa: a dubious service will arouse suspicion.

  1. Quality of technical support.

In case of any difficulties with payment or software failures, prompt response and speed of resolution of the problem are crucial. Support that works on a limited schedule (only on weekdays, during the day) is not the best option to earn customer loyalty.

  1. Simplicity and speed of connecting to the service.

It is better to familiarize yourself with the list of documents for service integration and technical connection conditions in advance. This will allow you to choose a service that is as simple as buying an Aetna insurance policy or opening an account with Bank of America.

  1. Timing of transactions.

This parameter determines how quickly client funds will arrive in your account.


A payment aggregator is an advanced tool that solves not only the financial but also the marketing problems of a business. By expanding payment methods, the company retains customers and increases their loyalty and engagement. If you are in Berlin or New York, but you urgently need to track exchange rates in Ukraine in order to make more informed financial decisions, we recommend paying attention to the Rates service.