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Payment Orchestration: building blocks for a great performance

Payment Orchestration

Introduction

In our earlier blog on Payment Orchestration, we discussed how Payment Orchestration is much more than just transaction routing alone. It is the combination of elements, features, and benefits that makes Payment Orchestration a success. In this blog, we continue on our first blog describing the elements that together make Payment Orchestration.

Don’t put all your eggs in one basket

One benefit of Payment Orchestration is that it reduces the dependency on one acquirer or PSP. Many merchants rely on a single acquirer or PSP for their payment processing needs, which can be risky. If there are any issues with the acquirer or PSP, for example, integration problems, changes in acceptance rules or regulatory issues, merchants may be unable to process their payments. Payment Orchestration provides merchants with access to multiple acquirers and PSPs, reducing the risk of unexpected/additional integration costs, downtime or failed transactions and ensuring that payments can be processed without interruption.

Change in rules and regulations is the only constant

Coping with new payment rules and regulations can be challenging for merchants. As regulations change, merchants must stay up-to-date with the latest requirements to avoid penalties from their acquirers and card schemes. The changes in 3DSregulations are a great example. Payment Orchestration can help merchants by providing access to regulatory expertise, developing solutions on time and, thus, guaranteeing compliance.

Matching transactions and the settlement of payments is an administrative nightmare

Administrative challenges with reconciliation are a major pain point for merchants, especially when working with multiple acquirers and formats (API, SFTP, CSV, TXT). Reconciliation can be time-consuming and complex, particularly for merchants, which process high volumes of transactions. Payment Orchestration can simplify the reconciliation process by providing a centralised platform that aggregates transaction data from multiple sources, regardless of their format. This makes it easier for merchants to reconcile payments and identify any discrepancies.

New markets, mean new payment methods, mean new integrations

Not being able to offer the most popular payment methods in new markets is another problem that Payment Orchestration can solve. As merchants expand into new markets, they encounter different payment preferences and regulations. Payment Orchestration provides merchants with a single point of access to a range of payment methods and acquirers that are tailored to specific markets. This enables merchants to offer the payment methods their customers need. Just one integration gives access to an array of payment methods.

Payment processing is one business function out of many

Finally, Payment Orchestration can also provide merchants with third-party integrations to streamline their business processes. Integrating with other software systems, such as accounting, inventory management, and CRM, can help improve merchants’  efficiency and reduce errors. Payment Orchestration can offer integrations with third-party software providers, enabling merchants to streamline their business processes and optimise their operations.

Payment Orchestration, the total package

In conclusion, Payment Orchestration is a powerful solution that enables merchants to manage their online payments effectively and efficiently. It is like the yellow pages of the payment ecosystem. One integration equals numerous possibilities and choices for merchants to increase their revenues and expand. All in one place.

Just having the features is not enough, they need to work in sync for the best performance

In many ways, Payment Orchestration can be compared to an orchestra. Each payment method, acquirer, and PSP is like a musician playing a specific instrument. When all the instruments play together in harmony, the resulting sound is beautiful and seamless. Similarly, when all the payment methods, acquirers, and PSPs work together in harmony through Payment Orchestration, the resulting payment experience is seamless and efficient for merchants and customers alike.

Just as a conductor directs an orchestra, Payment Orchestration directs the various payment methods, acquirers, and PSPs to work together in perfect harmony. With Payment Orchestration, merchants can create a symphony of payments that delivers a beautiful and seamless payment experience for their customers.

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