Payment Orchestration is a technology that enables companies to streamline and automate their payment processes. It combines multiple payment providers, acquirers and systems into one platform.
It helps to maximize payments conversions, ensure regulatory compliance, enhance fraud prevention and enable global payments coverage.
For instance, online stores can give customers a more diversified choice of payment methods, reducing abandonment and increasing conversions. By using a payment provider-agnostic platform, they can adjust their payment stack to accommodate international transactions.
It’s a unified payment platform
Payment Orchestration (POL) is an innovation in digital payments. It enables merchants to future proof their payment flows and manage all stages of online transaction processing from routing through to reconciliation in a unified technical structure.
A robust POL ensures seamless technical integration for all your payments no matter how many acquirers you work with or which countries they cover. It’s a real-time ledger for all your payments and payout service providers so you can keep track of your balances and transactions and reconcile them with bank statements in one place.
The unified API and integration of a POL with multiple acquirers means that you can get new payment methods to market faster. It also allows you to integrate new acquirers or backend processes as and when your business deems them necessary.
This helps you stay competitive and optimize costs by working with fewer payment service providers. It also makes it easier to scale your business internationally.
Besides that, you can offer customers more options at checkout and reduce their chances of payment failures. This can improve your customer conversion rates and drive increased revenue per transaction.
With the unification of payment technology, merchants have a much better chance to meet changing consumer preferences and security requirements in the rapidly evolving payments landscape. Moreover, the use of PCI-compliant vaults can significantly reduce compliance scope for the merchant.
Another benefit is the ability to integrate new payment methods on demand, allowing you to expand your online offerings and grow your customer base. This can reduce your risk and cost as you only need to deploy one platform to support a wide range of local and international payment methods.
For merchants, a unified payments ecosystem is key for cost optimization and revenue growth. It eliminates a number of fees you might incur with stand-alone payment service providers, including setup and integration fees, as well as transaction fees that you pay to the acquiring bank.
You can also decrease the number of false declines and make it easier to retry declined transactions. This can save you time, money and frustration. Plus, it helps reduce the likelihood of payment abandonment and encourages customers to return to your website.
It’s a single dashboard
What is Payment Orchestration?
It’s a technology that enables merchants to manage and process payments from different payment service providers and gateways. They can use these tools to optimize their transaction processing, improve customer experiences, and reduce costs.
What’s more, many payment orchestration platforms offer analytics tools that can help businesses gain valuable insights into their customers’ behaviors and preferences so they can better target their marketing campaigns. This can be an important step in gaining new customers and building a loyal customer base.
Choosing the right platform is essential to delivering a smooth and successful payment experience. The best ones have the features, capabilities, and integrations that your business needs to meet its goals. In addition, they should have a user-friendly interface that is easy to navigate.
Most of the top-of-the-line platforms also feature real-time payments data, including transaction details and processing fees. This information can be used to create reports that help businesses understand how their customers are interacting with them and their products.
The most important benefit of these platforms is that they enable e-commerce companies to provide a smooth and seamless shopping experience for their customers. In addition, they can increase conversion rates by offering a variety of payment methods to suit their customers’ needs.
One of the most important aspects of a good orchestration platform is its ability to route transactions to the best performing payment processors. This can prevent a business from losing sales due to technology failures. It can also ensure that the most relevant payment methods are included in the checkout process, which may increase conversions by as much as 10%.
Another major benefit of a good orchestration platform is its integration with different payment gateways and eCommerce websites. It allows e-commerce businesses to accept payments from a variety of customers, which can increase revenue and reduce costs.
The best payment orchestration platforms should be able to integrate with your existing business systems and offer reliable security measures. This includes features like two-factor authentication, SSL encryption, and other measures to protect your data from hackers. They should also provide real-time reporting and analytics that can help you make informed decisions about your business.
It’s a single integration
Payment Orchestration is a process that connects multiple PSPs, acquirers and payment gateways into a single integration. This allows e-commerce merchants to integrate new payment methods and features in less time and reach more consumers. It also reduces the number of failed payments by reducing false declines.
Most businesses invest a lot of time and money to capture consumers’ attention and ensuring a successful transaction is crucial to keeping them coming back. When a consumer’s card transaction is declined, it can lead to lost sales and revenue.
A robust Payment Orchestration Platform is necessary to ensure seamless technical integration for your payments across countries corresponding to your customers, regardless of the acquirers you use. This will allow you to optimize your payments experience and gain more traction in your global business.
It also helps you increase conversions without a lot of technical or organizational efforts by incorporating local payment alternatives. Moreover, it allows you to get new payment methods to market faster and gives your customers a smoother and more secure checkout experience.
When a customer goes to the payment page of your online store, data from their credit or debit card is sent to the acquiring bank and processor for approval. The processing network then passes the authorization response code to the payment gateway and merchant. This process is generally how payments are made online.
But the problem is that sometimes, the acquiring bank sends a declined payment message to the merchant instead of the payment gateway and the merchant receives a notification informing them that their payment was not approved. This can be a frustrating and annoying experience for the merchant and customer alike.
By implementing a Payment Orchestration Platform, you can automate the payment routing to reroute transactions to the best performing payment processor. This will reduce the number of declined payments and help you recover lost sales.
Similarly, it will decrease the cost of payment interchange fees as well. This is because a high-performing payment processor will be able to process your transactions quicker and offer better customer service.
It’s a single view
For e-commerce or online service providers with multi-currency customers, a single integration is the best way to go. One integration with a well-designed dashboard, preferably one that showcases your best customers, should be all you need to get paid in style. With a top notch payment technology partner by your side, a well designed and implemented payments strategy can go a long way towards ensuring the longevity of your brand. Choosing the right platform is not a foregone conclusion as much as a nagging pain in the back, so it is important to have a few key questions to ask your technology partner.