In today’s digital age, efficient payment acceptance can make or break an online business. Payment systems are becoming more complex, and the demand for seamless payment processing is growing. Businesses are turning to innovative payment solutions to streamline their payment processes and want to get additional benefits.
Regarding this, payment orchestration is gaining traction. This article will help you understand payment orchestration platforms better and check if your online business needs one.
What is a payment orchestration platform: explaining the concept
A payment orchestration platform is a holistic tool for online businesses that facilitates payment processing and management of multiple payment methods, gateways, and providers. It acts as a real conductor, harmonising various payment flows and channels and orchestrating the whole payment setup of a business.
Key benefits of using a payment orchestration platform
Having such a conductor on board is essential for businesses operating in diverse markets and industries. Here’s the list of key benefits it offers for online businesses:
- Added efficiency. By consolidating payment systems and processes into a single platform, businesses increase their efficiency, streamline operations and reduce the complexity of their payment management.
- Security and compliance. Payment orchestrators often come equipped with robust security features and compliance measures, including tokenisation, PCI DSS compliance, SSL encryption, and fraud detection algorithms, that protect sensitive data and the business itself against unauthorised access and cyber threats and ensure adherence to regulatory standards.
- Reducing transaction costs. Online businesses can minimise transaction processing costs by utilising payment routing that payment platforms usually offer. Intelligent routing and optimisation algorithms help select the most cost-effective payment provider for each transaction.
- Facilitating expansion. By supporting multi-channel payment processing and cross-border payments, payment orchestrators empower businesses to expand their reach and serve more customers worldwide.
- Payment process automation. Features offered by payment platforms allow businesses to streamline repetitive tasks, such as reconciliation, reporting, and dispute management, saving time and resources for businesses.
How payment orchestration platforms help online businesses process payments and payouts
Payment orchestration platforms help online businesses efficiently process incoming payments from customers and outgoing payouts to vendors, partners, and employees. Payment orchestrators aggregate various payment gateways, processors, and acquirers in one place, providing businesses with a unified interface to manage all their transactions.
Through real-time data analytics and reporting capabilities, businesses can gain valuable insights into their payment flows, identify trends and behaviour patterns, and optimise their strategies for maximising revenue and minimising risk. Moreover, payment orchestration platforms offer flexibility and scalability, allowing businesses to adapt to changing market dynamics and scale their operations seamlessly as they grow.
How to start working with a payment orchestration platform: 5 main steps
Getting started with a payment orchestration platform involves several key steps:
- Assessment and planning: Evaluate your current payment infrastructure, identify pain points, and define your business requirements and goals for adopting a payment orchestrator.
- Vendor selection: Research and compare payment orchestration providers based on factors you defined in the first step, paying attention to additional features, pricing, security, scalability, and customer support.
- Onboarding and payment system integration: Once you’ve chosen a vendor, work closely with their team to learn about the integration options and how you can onboard your business onto the platform. This may involve integrating with your existing systems, configuring settings, and testing transactions.
- Training and support: Train your staff on how to use the payment orchestration platform effectively and ensure ongoing support from the vendor to address any issues or questions that may arise along the way.
- Optimisation and iteration: Continuously monitor and optimise your payment processes using the analytics and reporting tools provided by the platform. Iterate on your strategies to improve efficiency, security, and customer satisfaction over time.
How long does it take to integrate a payment orchestration platform?
The time required to integrate a payment orchestrator for an online business typically ranges from a few days to several months. It depends on factors such as the complexity of the existing business and payment infrastructure, customisation needs, and the chosen provider’s support and resources.
Straightforward integrations with compatible systems may be completed in a matter of days, while more complex integrations involving legacy systems and extensive customisation could take several weeks or even months. Businesses should plan accordingly and allocate sufficient time and resources for a successful integration process.
Conclusion
Payment orchestration platforms are not just a trend but a fundamental aspect of the future of digital payments. By leveraging the capabilities of payment orchestration platforms, online businesses can streamline their operations, enhance financial security and compliance, reduce costs, and unlock new opportunities for growth and expansion in an increasingly interconnected global economy. Embracing payment orchestration is not only a wise investment but a necessity for businesses looking to thrive in the digital marketplace.
