Online payment gateways have changed the way global transactions work – for the better, as it is fast, reliable, and flexible. But the problem is, with various payment gateways available, not everyone across the globe uses the same one.
So, failing to provide the desired payment option, it is possible for global businesses to lose their transactions. This is where payment orchestration swoops in to save the day. To make the most use of online payment gateways, you need to set up payment orchestration.
Let’s take a look at how payment orchestration will help to avoid payment gateway complexities and promote revenues.
Payment Orchestration: Your Transaction Bestie
In layman’s terms, payment orchestration allows global companies and businesses to combine various payment services and gateways. By doing so, the business can have a single reliable platform for all its global transactions.
In technical terms, payment orchestration acts as an operating system that centralises financial service providers into a single platform. These platforms are responsible for the functioning of the entire payment environment from checkout to gateway reconciliation.
Payment Orchestration Platform: Behind The Scenes
Now the question is, how has payment orchestration managed to make your life easier? Let’s take a look at the behind-the-scenes of the payment orchestration platform.
Optimal Route
Once the customer initiates a payment, the platform incorporates the best gateway possible for said transaction. A payment orchestration platform determines the best way using pre-determined rules and factors such as cost and regional availability.
Secure Transactions
The platform processes the initiated transaction in accordance with the security standards and regulations of the said service provider. Thereby, avoiding penalties and offering secure payment methods.
Customer Preference
The data-driven approach of the payment orchestration platform makes it easy to predict payment trends and customer preferences. Using this data, businesses can come up with better transaction strategies.
Easy to Customise
As the payment orchestration platform has more than one payment gateway, the business can customise the payment operation. So the business can have more control and flexibility over its global transactions.
Is Payment Orchestrion Really Necessary? Know its Benefits
You might think– Does it really help the businesses effectively as it claims? But the below-listed benefits will convince you, the payment orchestration platform surely lives up to its hype. So let’s dive in!
More Gateways, Less Hassle
The payment orchestration platform supports wider payment options so that every merchant can transact without hassle. By using the platform, the business can improve its global payout without the need to manage different payment systems.
Seamless Transactions
The payment orchestration platform does automated payment processing tasks like reconciliation and reports. So, when businesses use the platform, it minimises the occurrence of errors, thereby improving transaction speed.
High Success Rate
Global transactions are prone to failures due to routing. But a payment orchestration platform retries the transaction using a different gateway when met with such failures. So, the transaction success rate is quite high.
Cost-Effective PSP
Global transactions often come with high payment and processing fees due to currency conversion and intermediaries. But businesses can use payment orchestration to select a payment service provider (PSP) with a lower fee. Thereby, reducing the processing cost.
Adapting To The Local Market
Global businesses can use payment orchestration to expand into a new market without extensive system changes. Businesses can customise their platform to accommodate regional payment regulations.
More Transactions, More Revenue!
No matter the location of the customer, payment orchestration offers diverse payment options tailored to meet regional payment regulations. So it is easy for customers to check out faster, reducing cart abandonment rates. Thereby, increasing the global payments.
Safety First!
Every payment service provider has its own payment safety standards and regional regulations. Making it hard for businesses to keep up. But payment orchestration offers automated tools for businesses to stay compliant with PSP standards and local laws.
Dynamic Structure
Let’s say the business wants to introduce a new payment method or expand an existing one. But usually this takes enormous time and cost to reconfigure the payment system. But the payment orchestration platform offers a unified API (Application Programming Interface) to incorporate new payment methods.
Safe From Fraud
During online global transactions, encountering scams and malicious activities is inevitable. But payment orchestration takes necessary measures to prevent such fraud. The platform comes with advanced fraud detection software and security features.
Customer Satisfaction
What is the one thing that always makes you want to go back to a store or a service? – Customer satisfaction. The payment orchestration’s centralised data-driven approach, with payment patterns and customer behaviour prediction, helps in providing brilliant customer satisfaction.
Multiple Payment Gateways, One Solution!
Do you know why people deem supermarkets and shopping malls convenient? Because they don’t have to go to different stores to buy different things. The same goes for payment gateways, too. Customers might feel at ease knowing whatever payment method they prefer is available when they shop.
So, a payment orchestration that unifies different gateways and PSPs might be a good addition to your business. And it sure makes people’s lives easier across cross-boarders. Why wait? Incorporate payment orchestration and scale your business globally.
