Payment Orchestration Platform – Full Guide

Payment orchestration is a vendor-agnostic layer that consolidates the various aspects of online payments in one place and directs transactions based on a pre-defined algorithm. Managing payments is significantly simplified for merchants

12.11.2021

Payment orchestration is a vendor-agnostic layer that consolidates the various aspects of online payments in one place and directs transactions based on a pre-defined algorithm. Managing payments is significantly simplified for merchants; a payment orchestration platform eases the burden of individually selecting and integrating payment service providers (PSPs) by connecting businesses to multiple PSPs at once through their payment hub. Payment orchestrators provide lots of complimentary services: connectivity to various payment methods, automated reconciliation and settlements, support of recurring transactions, transaction routing, monitoring real-time payment analytics, risk mitigation, fraud protection, payment tokenization, and access to PCI vaults. These features let merchants optimize their payment flow and get rid of unnecessary complications of the transaction cycle. While the payment orchestration platform takes care of the transaction life cycle and risk management, merchants can devote themselves to other aspects of their business, such as product development, scaling, or advertising.

Achieving Quicker Payment Processing at a Lower Cost and Controlling Payments

Individual PSP integration is both time-consuming and costly, which could cause a setback rather than an advantage for a business. At the same time, relying on just one PSP can lead to devastating results in the case of a provider downfall. Not having other providers to fall back on can cause financial difficulties due to the inability to accept any payments. Mitigating this risk by connecting to various PSPs and integrating a failover is essential to avoid such issues. One possible solution is developing an in-house payment engine. However, it comes with plenty of risks and expenses that should be considered, such as funding a specialized and dedicated team, creating optimal customer experiences, automating reconciliation and settlements, reducing transaction fees, ensuring security, and payment routing.

Using off-the-shelf solutions such as Akurateco saves merchants both time and money, which they can invest in product development or advertisement instead. Akurateco connects businesses to multiple local and global PSPs with a single integration. Using a single platform to manage payments is both more convenient for merchants and more cost-effective. Payment orchestration reduces operation and maintenance costs and minimizes every transaction fee without jeopardizing the fluidity of the payment process. Akurateco’s versatility allows merchants to assemble a centralized payment infrastructure specific to their business needs and create a convenient checkout process for their customers by providing more payment options. Akurateco’s global connectivity allows businesses to expand to new international markets.

Providing a Seamless Checkout Experience Globally

Businesses are dependent on payments for their survival, so it is crucial to create a convenient checkout for customers. A customer inconvenienced by or skeptical of the checkout process is more prone to abandon their shopping cart and never return. Effective business expansion (especially global expansion) requires more than the typical credit card or bank transfer. Not only are there favored payment methods in each country, but every demographic also has its preferences. Therefore, supporting local payment methods is essential for effective global expansion.

A vendor-agnostic payment orchestration platform allows merchants to lower costs and expand their businesses by selecting which PSPs to integrate. Akurateco makes adding and managing new payment methods simple as it provides businesses with pre-established connections and automates the management of individual PSPs and banking processes. Akurateco is committed to meeting the customers’ expectations and needs and making the payment process as easy as possible by reducing the required steps to checkout. Akurateco gives merchants a wide selection of checkout integrations that they can choose from to create an appealing and trustworthy layout and personalize the checkout process to each customer to increase loyalty.

Transaction Routing and Payment Analytics

Payment orchestrators can assist merchants in achieving the optimal transaction routes in any geographic location to increase acceptance rates and lower transaction fees. Cascading optimizes payment flow, boosts conversion rates, and betters customer relationships. In contrast, businesses relying on a single PSP are more susceptible to payment outages, high churn rates, and authorization delays. These inconveniences are frustrating to the customer and can push them away. Routing engines mitigate these issues by redirecting transactions to the next PSP until they are authorized, thus decreasing the number of failed payments.

Payment orchestrators provide centralized data on transactions which can help merchants strategize the expansion of their business. Real-time KPI tracking helps merchants understand the functionality of their payment flow and see what needs to be improved to optimize their payment processes. Easily analyzable data on a business’s payment performance assists in structuring payment flows in ways that will increase conversion rates and decrease processing fees.

Risk Mitigation and Fraud Protection

Security of the customers’ payment information is one of the main priorities of online businesses. Payment orchestrators provide access to PCI vaults and tokenization features, which help with data security. The clients’ payment details can be auto-populated when they return if the data is stored securely in the system, making their checkout process quicker and easier. Adding an orchestration layer prevents payment data from being held hostage by a single provider, and payment automation tools, such as tokenization, increase loyalty within clients.

Akurateco lets merchants ensure the safety of the payment data that they store for their clients. A risk management engine helps merchants construct risk guidelines dependent on the payment method, location, and type. Setting these guidelines will prompt risk actions such as 3D secure verification, sending push notifications, or placing a transaction on authorization hold when necessary. Centralized risk management guarantees data protection when working with multiple PSPs.

Controlling Payments

Managing a payment system consisting of multiple providers needs to be advantageous for you and your business. Connecting to more than one payment service provider (PSP) is a big commitment, considering the required time and costs of integrating each PSP separately, and, depending on your available resources, could become a setback. A payment orchestration platform gives you that advantage by creating a payment hub, simplifying the process of connecting to multiple PSPs at once. With this technology, you can save time and money and facilitate the management of your chosen PSPs. The versatility of a payment orchestration platform lets merchants assemble a centralized payment infrastructure specific to their business needs.

While the payment orchestration platform takes care of the transaction life cycle and risk management, merchants can devote themselves to other aspects of their business, such as product development, scaling, and strategizing.

Lowering Transaction Fees

It is possible to develop an in-house payment engine, but it comes with plenty of risks. Creating optimal customer experiences, reducing transaction fees, ensuring security with payment routing, and reconciliation and settlements are substantial costs in this process. In addition to that, you will need to fund a specialized and dedicated team, which can become costly considering the number of specialists necessary. Using an off-the-shelf solution in the form of a Platform as a Service (PAAS) saves you both time and money, which you can instead invest into product development.

You can obtain Akurateco’s cutting-edge payment system and infrastructure with a single API integration. Using one platform makes managing your payments easier and reduces operation and maintenance costs. Furthermore, it minimizes every transaction fee without jeopardizing the fluidity of the payment process.

Creating a Seamless Checkout Experience

A customer inconvenienced by or skeptical of the checkout process is prone to abandon their shopping cart and never return. Therefore, creating the most convenient checkout experience for the customers is a priority due to businesses’ dependency on payments for their survival.

Akurateco is committed to meeting the customers’ expectations and needs, making the payment process as easy as possible by reducing the required steps to checkout. Within Akurateco’s platform, you can select a checkout integration from numerous options to create an appealing and trustworthy webpage layout and personalize the checkout process based on customer history to improve the chances of acquiring loyal customers.

Minimizing Risk

A payment orchestration platform with a PCI vault and tokenization features helps you keep up with data security. By securely storing your clients’ payment details, you can automatically fill in their information when they return, making their checkout process simpler and more efficient. Adding an orchestration layer prevents payment data from being held hostage, and payment automation tools, such as tokenization, increase loyalty within clients. Akurateco lets you keep track of your payment data and ensure its safety.

A risk management engine helps you construct risk guidelines dependent on the payment method, location, and type. These guidelines, and the reciprocated information, can prompt risk actions such as 3D secure verification, sending push notifications, or placing a transaction on authorization hold when necessary. Centralized risk management guarantees data protection when working with multiple PSPs.

Overview

Payments are essential to the survival of online businesses. Therefore, it is crucial to devise a checkout experience that satisfies your clients and prompts loyalty. Akurateco lets merchants consolidate their payments and provide a trouble-free experience to their clients. Furthermore, the merchants benefit from being able to manage everything from an easily scalable platform. If you would like to learn more about our platform and how it can grow your business, contact our sales team, who will gladly provide a platform demonstration.

 

Vladimir Kuiantsev

Back

Leave a comment

Your email address will not be published. Required fields are marked *

Related Articles