6 Reasons Why Your Business Needs to Use the Right Payment Orchestration Platform

Payment orchestration is the ultimate game changer for modern businesses as it enables them to manage the entire payment process from beginning to end in a scalable manner.

Businesses in 2023 are not the same as ten years ago – their financial needs are becoming increasingly complex. E-commerce has risen in popularity, clearing the path for a meteoric rise in online payments. Hence, companies need now more than never to keep up with the diverse consumers’ preferred payment methods, geographies, and currencies.

Luckily, payment orchestration can address all these needs. Here’s a round-up of reasons such a platform should be integrated ASAP.

Payment Security

Every business’s dream is to connect to various banks, acquirers, and payment service providers (PSPs) on a single software layer. But the thing is that your online safety is at stake. So, you must look for a reliable payment gateway that ensures smooth communication between parties and secure data transfer. A payment orchestration platform’s main strength is that it provides a fully protected and encrypted data transfer system so that each transaction you make is kept away from the curious eyes of hackers. Some of these platforms utilise advanced Secure Code and 3D Secure technologies for credit cards, so ensure you research these aspects before making a decision.

Have A Modern and Consumer-Friendly Business

In this ever-evolving market, it’s crucial to keep abreast of what customers want. Ideally, you’ll design your business to match modern consumers’ needs and preferences, including in terms of payment. You want to avoid such a situation where clients leave their cart if they don’t dispose of the preferred payment options or their transaction fails. We recommend turning to payment orchestration as such software is free from errors and provides consumers with various payment methods so that they can complete a payment in their own way of doing things – but to your very benefit.

Full Payment Stack

Managing the entire payment process is sort of a burden, even for the most proficient economists out there. That’s because the payment process is incredibly complex, comprising, among others, payment authorisation, transaction routing, and the payment itself, aka settlement. Therefore, your payment stack has to be not just right but state-of-the-art. Fortunately, a payment orchestration platform supports a multitude of payment options and currencies, making payments quick and simple for each party involved.

Smart Payment Routing

Payment routing is what comes after a client makes a purchase. This often implies rules across the payment providers to cut fees and enhance acceptance rates. If a transaction fails, it has to be managed by subsequent payment providers. Rules are essential in this regard – fallback rules address the case of a failed transaction, while split rules allow traders to pick which percentage of transactional volume will be handled by which provider.

Advanced Big Data Analytics

More often than not, payment orchestration platforms provide built-in analytics tools crucial for merchants. Processing big data such as sales data, transaction decline reasons, and consumer geography is much more achievable on a unified, cloud-based dashboard. It’s also easier with this tool to develop a reliable, scalable payment strategy to meet customers’ expectations and push your company further toward progress.

More Transactions Approved

Since a payment orchestration platform implies an error-free system, fewer failed transactions will happen, and more are thus about to be approved. If a payment is declined, the automated system will send it to another payment provider and another until the desired result – payment accepted.

Would you incorporate payment orchestration into your business operations?