The payment orchestration market has been exploding in popularity in recent years. A study by 451 Group surveyed a panel of merchants, asking them if they were looking to use multiple payment services as part of their strategy. The response was below 50%, but the same question yielded a 60% positive response within a year. That is a tremendous increase in just one year.
Before we get into details about choosing the right payment orchestration platform, let us answer the question of what payment orchestration is.
What is Payment Orchestration?
Payment orchestration platforms (POP) or payment orchestration layers (POL) are innovative digital payments. The software connects merchants to multiple payment transactions, routing, and settlement providers through a single integration. These include payment service providers (PSPs), banks, alternative payment method providers, and payment acquirers.
The payment orchestration platform provides more payment functionalities that help optimize your payment stack and scale your business faster. You just need one platform to connect with multiple payment processors and improve the payment flow. It, in turn, provides a better customer experience and boosts brand loyalty.
It also leads to more revenue in the short term and a longer-positive relationship with your customers.
But what makes an excellent payment orchestration solution? What things must you consider when choosing the platform? Let us look at the key factors when selecting the platform for your business.
Payment methods supported
The most vital factor to look at when choosing the platform is its ability to offer the correct number of online payment methods for the target market where you are selling.
It must support the payment methods that your customers prefer to use as it will offer them a seamless experience, and you gain customer loyalty.
When your customers get easy payment methods, they are highly likely to conduct business with you and are loyal. The standard payment methods include credit and debit cards, bank transfers, e-wallets, and cryptocurrencies. You can add many payment methods to your e-commerce website through API integration.
Seamless checkout experience
Businesses depend on payments for survival, so creating a convenient checkout for customers is vital. Customers skeptical of the checkout process are more prone to abandon the shopping cart and never return.
Therefore, your payment orchestration solution must support local payment methods for effective business expansion.
Offers robust security
Security is vital when it comes to payment processing. Ensure that your payment orchestration platform provides robust security measures enabling you to protect the customers' payment information. The quality of the security features does not just protect customers and businesses from payment fraud and other risks. It also ensures you stay compliant with the industry requirements to handle sensitive customer data.
Look for features like PCI DSS compliance, encryption, tokenization, and fraud detection and prevention.
High-quality transaction routing
When it comes to getting the most out of the payment orchestration solution, routing is the name of the game. It is crucial to have a high-quality routing solution to optimize payment traffic across the different layers the payment software intends to integrate.
The solution must give you control but also be able to operate and improve independently via machine learning.
Advanced analytics and reporting
Payment orchestration is not just a portal that routes payments to their optimal end destination. It is a highly advanced, birds-eye platform that allows you to aggregate and extract insights from real-time and previous payment activity.
When you choose the platform, ensure it provides valuable transaction data about customers and business operations through a single dashboard.
Conclusion
Choosing the right payment orchestration solution is vital to the success of your business. However, consider factors like payment methods supported, checkout experience, robust security, high-quality transaction routing, and reporting and analytics when making your decision. Choosing the right platform allows you to optimize payment processing, improve customer experiences, and grow your business.
If you are looking for the right payment orchestration solution, Norbr offers you that. The team also provides white label PSP, equipping you with the solutions to provide the best services.
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