In the wake of the COVID-19 pandemic, the way we purchase goods and services has drastically changed, with online shopping becoming the norm for many consumers. As a result, merchants have had to adapt and provide a seamless virtual shopping experience to their customers. However, with so many payment options available, it can be challenging to manage them all efficiently. This is where payment orchestration comes in.
What is payment orchestration, and why do merchants need it?
Payment orchestration is a payment software that integrates various payment methods and technologies to simplify transaction processing. For merchants, this means that they can manage multiple payment providers and methods through a single platform. In other words, payment orchestration streamlines payment processing and offers a more comprehensive payment solution for businesses.
Why turning to payment orchestration and which problems does it solve for merchants?
No need to develop your own payment solution
Creating and maintaining your own payment software from scratch can cost anywhere between $500,000 and infinity. With payment orchestration, merchants don’t need to create their own payment solution but get a payment page that reflects their brand and style, which will increase customer trust.
Eliminating high processing costs
By consolidating multiple payment providers into one platform, merchants can significantly reduce their processing costs. This is because payment orchestration solutions like Akurateco offer cost-effective processing fees compared to individual payment providers.
Maintaining the security of payments
Enhanced payment security is another benefit of payment orchestration. Payment Card Industry Data Security Standards (PCI DSS) and fraud prevention filters are implemented to ensure the highest level of security for each transaction.
The benefits of using payment orchestration
This chapter will explore the benefits of using payment orchestration and how it can help businesses grow and expand globally.
Zero development costs
With payment orchestration businesses can leverage the most advanced payment software already developed and customized to their needs at a much lower cost than developing their payment solution. This eliminates the need to build and maintain a payment infrastructure, saving time and money.
One of the most significant benefits of using payment orchestration is revenue growth. With the ability to route and cascade transactions across multiple payment providers, merchants can increase their chances of successful payments and reduce transaction failures, ultimately leading to more revenue.
By the way, if you’re not familiar with these technologies, check out our longreads specifically on these topics:
Decreased processing costs
With intelligent payment routing and cascading, merchants can ensure that each transaction is processed through the most optimal provider, leading to increased authorization rates and fewer declined transactions. Also, by consolidating payment data into one place, which payment orchestration offers, merchants can more easily identify areas where costs can be optimized and negotiate better rates with providers. Usually, merchants who use payment orchestration can save up to 20% thanks to listed above solutions.
Payment page that reflects your brand and style
Payment orchestration providers offer a white-label solution that businesses can brand with their logo and colors, leading to increased customer trust and loyalty. A payment page can be customized to match the brand’s style and design, meaning a seamless checkout experience.
Enhanced payment security
Modern orchestration solutions are compliant with the PCI DSS and offer advanced fraud prevention filters to minimize the risk of fraud and chargebacks. This enhances payment security, ensuring that customers’ payment information is secure.
Multiple integrated payment connectors + global coverage
Payment orchestration makes it easier for businesses to expand worldwide thanks to preferred payment connectors for customers from various regions. With integrated banks and payment providers, businesses can choose the best payment providers to optimize their payment process and improve customer experience.
Automation and analytics
Automated billing, offered by payment orchestration platforms, reduces manual processes and saves time. Additionally, advanced analytics tools, if available, gather all payment data in one place, eliminating the need to collect it manually from multiple sources. This leads to more informed decision-making and business growth.
Akurateco Payments Orchestration Platform
Akurateco payment orchestrator is a young and innovative payment solution provider that has disrupted the payment industry with its advanced payment orchestration software for businesses of any size. We offer:
270+ integrated banks and payment providers
Akurateco offers a vast network of over 270 integrated banks and payment providers, making it easy for businesses to expand globally and process payments in any currency. With multiple payment options, including card payments, bank transfers, alternative payment methods (e-wallets, crypto and more) merchants can provide their customers with the preferred payment method for their region, increasing customer satisfaction.
Intelligent payment routing and cascading
When transactions are automatically routed to the most suitable payment provider based on predefined rules, it ensures that businesses can process payments with the highest success rates and the lowest processing costs, resulting in increased revenue and decreased the expenses associated with handling and managing payments. And with cascading, the platform will automatically attempt to process a transaction with the first payment provider in the routing chain. If the transaction fails because of any issue that occurs on the provider’s side, the platform will cascade to the next payment provider in the chain until the transaction is successfully processed. This ensures that businesses have the highest possible transaction success rate.
Customers can make payments with a single click without entering their payment details every time they make a purchase. This results in faster and more convenient payments, which increases customer satisfaction and boosts sales.
Consolidated payment data
With Akurateco, it is easy to track transactions, reconcile payments, and generate reports. This saves time and increases efficiency.
Types of integration
At Akurateco, we offer a range of integration options, including Mobile SDK, CMS plugins, API REST/SOAP, and a Hosted Payment Page. These options allow businesses to seamlessly integrate our payment platform into their existing systems and workflows, ensuring a smooth and efficient payment processing experience. Whether you’re looking for a mobile-friendly solution, a plugin for your content management system, or a customized API integration, Akurateco has the tools and expertise to meet your needs.
Akurateco Payment Orchestration is PCI DSS Level 1 compliant, ensuring the highest level of payment security for businesses and their customers. Additionally, Akurateco offers in-house anti-fraud tools and third-party risk-scoring providers, ensuring that businesses can prevent fraudulent transactions and protect their reputation.
Payment Team as a Service
When it comes to payment processing, merchants require prompt and reliable support. Unfortunately, many large software providers utilize ticket systems and automated responses to save time and money, resulting in sluggish support and unsatisfied merchants. This is especially frustrating when urgent payment issues arise, as it involves the most valuable part of any business – money.
At Akurateco, we understand the importance of human interaction and offer Payment Team as a Service to ensure that our clients receive the support they need, when they need it.
In conclusion, payment orchestration is a powerful tool that enables businesses to streamline their payment processing and enhance their overall customer experience. By leveraging the latest technologies and global partnerships, Akurateco Payment Orchestration offers a comprehensive solution that addresses the unique needs of businesses of all sizes. With advanced features such as intelligent routing, consolidated payment data, and top-notch security, Akurateco helps businesses increase their revenue, decrease their processing costs, and stay ahead of the curve in the ever-evolving payments landscape.
If you’re looking to simplify your payment processing, expand your global reach, and stay competitive in the digital age, Akurateco Payment Orchestration is the solution you need. Contact us today to learn more about how we can help your business thrive.