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As payments continues to play a starring role in competitive sales strategies, merchants are increasingly turning to payments orchestration to help them build better end-to-end customer experiences and meet increasingly demanding operational KPIs.
By integrating multiple payment methods, acquirers and systems into a single platform, payments orchestration can boost operational performance and shift payments from a cost to a revenue center.
It does this by delivering a host of game-changing cost, productivity and experience advantages that help put merchants out in front. Whether you’re a small online trader, a large international omni-channel retailer, or a high-volume subscription-based biller, you can’t afford to ignore the many benefits payments orchestration can bring to your business and your bottom line.
Here are 7 ways that payments orchestration can help you win:
- Greater efficiency and productivity
Managing all your payment services and providers through a single consolidated interface simplifies the payment process and significantly reduces the time and effort involved. It also prevents data silos and enables wider process automation, cutting the time and resources required for functions such as reconciling transactions, tracking payments and handling chargebacks. - Increased conversion and revenue
Payments orchestration increases payment conversion rates by optimizing payment routing and retry logic. It does this by using machine learning algorithms to determine the best payment method for each transaction based on factors such as a customer’s location, payments history and payment preferences. This reduces the volume of failed transactions, thereby increasing the chances of processing more payments successfully, which helps increase revenue. - Improved security and reduced risk
Payment orchestration’s advanced fraud detection and prevention tools can help you tighten your payments security. Its machine learning algorithms detect and prevent fraudulent transactions in real time to help reduce the risk of chargebacks and other types of fraud. Additionally, some payment orchestration platforms offer PCI-compliant payment processing solutions to help you meet current requirements, as well as tokenization to reduce PCI scope, effort and costs. - Increased flexibility and competitive edge
Supporting a wide range of payment methods – including credit and debit cards, bank transfers, e-wallets, and other alternative methods – payments orchestration helps broaden the checkout mix to boost customer appeal and loyalty. It can make adding new payment types as quick and easy as checking a box, and can also support payments in multiple currencies, helping to simplify and speed international expansion for cross-border and multi-country merchants. - Reduced payment processing costs
Payment processing can be costly, particularly if you process a high volume of transactions. Having only a single platform to set up and manage reduces operational costs, especially when running multiple acquirers, and gives access to better pricing and reduced fees through economies of scale by negotiating better rates with payment service providers and reducing transaction fees. In addition, it can optimize payment routing to further minimize fees and reduce the number of chargebacks and failed transactions. - Better insights, analytics and reporting
Providing a single, consolidated view of all transaction data together with advanced reporting tools, payments orchestration delivers detailed insights into all your payment processing activities to accurately monitor payment volumes, transaction success rates, payment processing times and other important metrics. This information can be used to optimize operations and identify customer behavior and trends, enabling you to make better and more informed decisions about payment methods and pricing. - Enhanced customer experience
Importantly, payments orchestration contributes to a better customer experience by streamlining payment processes and making them more seamless to use. It enables you to offer customers more payments choice, less checkout friction, and more reliable payments, which increases customer satisfaction and reduces cart abandonment. It also provides a consistent payments experience across different payment methods, including mobile, to boost customer confidence and engagement.
With payments orchestration, everyone’s a winner
It’s clear that payments orchestration offers numerous benefits for merchants, including increased efficiency, enhanced security, and improved insights and analytics. By choosing to manage all your payment services through a single platform, you can simplify payment processes, reduce costs and improve your customer experiences.
It’s a win-win scenario for you and your customers that will become even more attractive as payment orchestration’s functionality and features continue to evolve. For those looking to stay competitive as retail markets continue to mature, payments orchestration is destined to become a “must have” for commercial growth and long-term strategic success.
Terry is a seasoned marketing professional with over 30 years of experience. While he has worked in payments for only five years, he has experience with both eCommerce and omnichannel merchants as well as with payment intermediaries. He enjoys building and repairing things with his hands and coming up with innovative ideas to solve complex problems.
