For your business to operate properly, you'll need to be able to accept payments successfully. Seamless payment experiences typically produce higher customer satisfaction rates.
If you want to improve your digital payment process, one option is to take advantage of payment orchestration. As the name of the concept suggests, payment orchestration helps orchestrate payments to ensure they are efficient and seamless while making it possible to offer your customers multiple payment options — potentially through multiple payment service providers.
Key Features of Payment Orchestration
Payment orchestration offers a smooth solution that makes checkout seamless while providing your customers with the payment options they'd typically like to see. A solid payment orchestration platform provides several necessary features and orchestrates payments to all of the best platforms on the market like Worldpay, Ayden and more.
Unified Payment Gateway
It's smart business to offer your customers all the payment options they want. After all, if you don't offer a specific payment option that some of your customers would rather use, you may lose them simply over the convenience of your checkout.
Offering multiple payment options creates complexity for business owners as they are geographic, device, browser and customer specific. With 600+ alternative payment methods globally, creating a simple checkout funnel can cause headaches for the product and payment teams. Moreover, not all acquirers and payment platforms can support the multitude of payment methods which further complicates the merchant infrastructure.
For example, say you have one payment gateway for credit card payments, another payment gateway for digital check payments, and a third payment gateway for digital wallet payments. Combine with local acquiring for credit and debit card routing and it can quickly get out of control. If you don't take advantage of a payment orchestration tool, you may have to add an additional step to your checkout page that leads customers to the payment gateway associated with their preferred method. That extra step can cause you to lose customers.
Payment orchestration can help.
The best payment orchestration platforms feature a unified payment integration. That means you can accept all payment options from a single interface, removing unnecessary steps from the checkout process.
Dynamic Routing
Payment routing happens quickly, but it's a cumbersome process that needs to be completed quickly, as there is a captive audience waiting to complete their purchase. Once a customer enters their payment information, that data is typically validated, checked for fraud, tokenized, and sent with a request for payment to the financial institution through the payment network behind the payment method. Then that institution needs to validate the payment information on its end, check to ensure that funds are available, and respond to the processor with the subsequent approval or decline reason. All this typically happens in under a second or 2. But there's quite a bit of routing in that time. Dynamic routing uses cutting-edge technology to route payments in the most efficient way possible. This can allow for additional failover options, platform redundancy, and the ability to switch vendors on the fly. Most importantly, dynamic routing can increase payment acceptance rates, reduce declines, and improve customer experience and revenue by ensuring more high-quality payments are approved on the first pass.
You want to look for a payment orchestration platform that utilizes Machine Learning and AI to optimally route each transaction, resulting in the highest likelihood of approval. This method will be the key differentiator in increasing your approval rate and revenue.
Failover Management
Payment fails can happen when the integration you choose experiences technical issues or is otherwise down and unable to accept payments. Without a payment orchestration tool, those payment failures may have a detrimental impact on your revenues. In some cases the initial issuer may respond with a decline or failure that requires a retry on another processor in real-time. Doing this without additional external API calls is critical in reducing the overall latency and checkout time for the consumer.
The best payment orchestration solutions offer a feature known as failover management. That means the payment orchestration software or API you use will see which gateways are active. If the chosen gateway for a specific payment type is down, the orchestration software will automatically route the payment through a different, active gateway. Failover management allows you to avoid unnecessary declines and the loss of customers that they can result in.
What Is an Orchestration Layer?
This entire process typically happens through what's known as a payment orchestration layer. This software or APY manages the online payment process for merchants. The best payment orchestration layers offer a wide range of integrations, allowing you to offer whatever types of payments you want to accept and take advantage of leading payment gateway options.
The best systems connect different parties in every aspect of payment acceptance. They let you manage acquirers, payment processors and partners, and payment providers, all from a single interface. The payment orchestration layer is invisible from a user perspective. It makes it possible to process payments faster, gives users more payment options, and improves their experience by reducing decline rates.
The Role of Payment Orchestration in Efficiency
As technological innovation continues, business processes are becoming more efficient from end to end. That's exactly what's happening in terms of payment efficiency, thanks to payment orchestration.
Operational Simplification
From an operational standpoint, you've likely discovered that when everything you need can be found and managed from one place, processes become simpler and more efficient. That's precisely what payment orchestration platforms do when accepting payments for your business. This also reduces the number of touch points where PCI and data regulations and security will be in scope.
From a merchant standpoint, payment orchestration allows you to manage your payment partners, processors, acquirers, and more from a single platform. The best options provide detailed reports across multiple payment solutions, making it easy to find and weed out any inefficiencies the payments orchestration layer missed.
Payment orchestration also offers simplicity for your customers. When used correctly, this technology can reduce checkout steps, speeding up the process and leading to a better overall customer experience.
Increased Conversion Rates
As a business owner, you want to ensure the highest conversion rates possible. But one thing that can stop consumers from converting from a lead to a sale is difficulty in the payment process. After all, even if a customer wants the product you offer, they may be more likely to look to your competitors if they face any hiccups in the checkout process.
Payment orchestrations make the payment flow smoother. And the best platforms can help you avoid any unnecessary declines. As such, the leads most likely to become paying customers will have a higher probability of doing just that. By adding payment orchestration to your process, you can potentially increase your conversion rates.
Cost Optimization
It costs money to run a business. Part of that cost is processing transactions when customers purchase something from you. Of course, if that cost is too high, it can have a meaningful impact on your revenue and profitability. A payment orchestration platform can optimize costs in a couple of ways:
- Cutting transaction costs: Different payment gateways and payment partners will offer different rates for varying types of payments. When you take advantage of payment orchestration, you can route each payment type to the gateway and partner, offering the lowest rate for that specific payment type. Additionally, things like Level II and Level III interchange optimization, PINless debit, and MCC codes will all play a factor in your least cost routing logic, significantly.
- Reducing declines: Most payment partners charge a fee every time you attempt to run a payment, regardless of whether it's approved or declined. Payment orchestration platforms can increase your approval rates, reducing the cost of payment declines. Moreover, using a platform like Revolv3 means you will never be charged by the platform for a declined transaction. Though, the processor you use may charge a fee for declines.
Enhanced Customer Experience
Payment orchestration provides an enhanced customer experience in a few ways:
- Streamlined payments: Payment orchestration is centered around efficiency. The process is typically streamlined, so customers spend less time on checkout.
- Improved approval rates: Declined payments can be an annoyance for customers. That's especially true when customers know the payment should have been approved. Increased approval rates will improve your revenues while keeping your customers happy.
- Preferred payment method: Payment orchestration makes it possible to offer multiple payment methods from a single checkout page. That means your customers will likely be able to use their preferred payment method, further improving their experience.
Scalability and Flexibility
The best payment orchestration companies make using the tools and platforms you'd like easy while maintaining compliance, flexibility, and scalability. That means these platforms give you plenty of options regarding payment gateways, payment processors, and more while making it possible to scale up as your business grows.
Get Optimized and Orchestrated Payments Today
If you want a payment orchestration provider leading the charge in terms of payment technologies, look no further than Revolv3. Revolv3 makes it easy to offer every popular payment option in one place, even if you use multiple gateways. They also incorporate dynamic routing to increase your approval rates. Not to mention you won't be charged for declined payments. If you're ready to get started, check out Revolv3 now!
For your business to operate properly, you'll need to be able to accept payments successfully. Seamless payment experiences typically produce higher customer satisfaction rates.
If you want to improve your digital payment process, one option is to take advantage of payment orchestration. As the name of the concept suggests, payment orchestration helps orchestrate payments to ensure they are efficient and seamless while making it possible to offer your customers multiple payment options — potentially through multiple payment service providers.
Key Features of Payment Orchestration
Payment orchestration offers a smooth solution that makes checkout seamless while providing your customers with the payment options they'd typically like to see. A solid payment orchestration platform provides several necessary features and orchestrates payments to all of the best platforms on the market like Worldpay, Ayden and more.
Unified Payment Gateway
It's smart business to offer your customers all the payment options they want. After all, if you don't offer a specific payment option that some of your customers would rather use, you may lose them simply over the convenience of your checkout.
Offering multiple payment options creates complexity for business owners as they are geographic, device, browser and customer specific. With 600+ alternative payment methods globally, creating a simple checkout funnel can cause headaches for the product and payment teams. Moreover, not all acquirers and payment platforms can support the multitude of payment methods which further complicates the merchant infrastructure.
For example, say you have one payment gateway for credit card payments, another payment gateway for digital check payments, and a third payment gateway for digital wallet payments. Combine with local acquiring for credit and debit card routing and it can quickly get out of control. If you don't take advantage of a payment orchestration tool, you may have to add an additional step to your checkout page that leads customers to the payment gateway associated with their preferred method. That extra step can cause you to lose customers.
Payment orchestration can help.
The best payment orchestration platforms feature a unified payment integration. That means you can accept all payment options from a single interface, removing unnecessary steps from the checkout process.
Dynamic Routing
Payment routing happens quickly, but it's a cumbersome process that needs to be completed quickly, as there is a captive audience waiting to complete their purchase. Once a customer enters their payment information, that data is typically validated, checked for fraud, tokenized, and sent with a request for payment to the financial institution through the payment network behind the payment method. Then that institution needs to validate the payment information on its end, check to ensure that funds are available, and respond to the processor with the subsequent approval or decline reason. All this typically happens in under a second or 2. But there's quite a bit of routing in that time. Dynamic routing uses cutting-edge technology to route payments in the most efficient way possible. This can allow for additional failover options, platform redundancy, and the ability to switch vendors on the fly. Most importantly, dynamic routing can increase payment acceptance rates, reduce declines, and improve customer experience and revenue by ensuring more high-quality payments are approved on the first pass.
You want to look for a payment orchestration platform that utilizes Machine Learning and AI to optimally route each transaction, resulting in the highest likelihood of approval. This method will be the key differentiator in increasing your approval rate and revenue.
Failover Management
Payment fails can happen when the integration you choose experiences technical issues or is otherwise down and unable to accept payments. Without a payment orchestration tool, those payment failures may have a detrimental impact on your revenues. In some cases the initial issuer may respond with a decline or failure that requires a retry on another processor in real-time. Doing this without additional external API calls is critical in reducing the overall latency and checkout time for the consumer.
The best payment orchestration solutions offer a feature known as failover management. That means the payment orchestration software or API you use will see which gateways are active. If the chosen gateway for a specific payment type is down, the orchestration software will automatically route the payment through a different, active gateway. Failover management allows you to avoid unnecessary declines and the loss of customers that they can result in.
What Is an Orchestration Layer?
This entire process typically happens through what's known as a payment orchestration layer. This software or APY manages the online payment process for merchants. The best payment orchestration layers offer a wide range of integrations, allowing you to offer whatever types of payments you want to accept and take advantage of leading payment gateway options.
The best systems connect different parties in every aspect of payment acceptance. They let you manage acquirers, payment processors and partners, and payment providers, all from a single interface. The payment orchestration layer is invisible from a user perspective. It makes it possible to process payments faster, gives users more payment options, and improves their experience by reducing decline rates.
The Role of Payment Orchestration in Efficiency
As technological innovation continues, business processes are becoming more efficient from end to end. That's exactly what's happening in terms of payment efficiency, thanks to payment orchestration.
Operational Simplification
From an operational standpoint, you've likely discovered that when everything you need can be found and managed from one place, processes become simpler and more efficient. That's precisely what payment orchestration platforms do when accepting payments for your business. This also reduces the number of touch points where PCI and data regulations and security will be in scope.
From a merchant standpoint, payment orchestration allows you to manage your payment partners, processors, acquirers, and more from a single platform. The best options provide detailed reports across multiple payment solutions, making it easy to find and weed out any inefficiencies the payments orchestration layer missed.
Payment orchestration also offers simplicity for your customers. When used correctly, this technology can reduce checkout steps, speeding up the process and leading to a better overall customer experience.
Increased Conversion Rates
As a business owner, you want to ensure the highest conversion rates possible. But one thing that can stop consumers from converting from a lead to a sale is difficulty in the payment process. After all, even if a customer wants the product you offer, they may be more likely to look to your competitors if they face any hiccups in the checkout process.
Payment orchestrations make the payment flow smoother. And the best platforms can help you avoid any unnecessary declines. As such, the leads most likely to become paying customers will have a higher probability of doing just that. By adding payment orchestration to your process, you can potentially increase your conversion rates.
Cost Optimization
It costs money to run a business. Part of that cost is processing transactions when customers purchase something from you. Of course, if that cost is too high, it can have a meaningful impact on your revenue and profitability. A payment orchestration platform can optimize costs in a couple of ways:
- Cutting transaction costs: Different payment gateways and payment partners will offer different rates for varying types of payments. When you take advantage of payment orchestration, you can route each payment type to the gateway and partner, offering the lowest rate for that specific payment type. Additionally, things like Level II and Level III interchange optimization, PINless debit, and MCC codes will all play a factor in your least cost routing logic, significantly.
- Reducing declines: Most payment partners charge a fee every time you attempt to run a payment, regardless of whether it's approved or declined. Payment orchestration platforms can increase your approval rates, reducing the cost of payment declines. Moreover, using a platform like Revolv3 means you will never be charged by the platform for a declined transaction. Though, the processor you use may charge a fee for declines.
Enhanced Customer Experience
Payment orchestration provides an enhanced customer experience in a few ways:
- Streamlined payments: Payment orchestration is centered around efficiency. The process is typically streamlined, so customers spend less time on checkout.
- Improved approval rates: Declined payments can be an annoyance for customers. That's especially true when customers know the payment should have been approved. Increased approval rates will improve your revenues while keeping your customers happy.
- Preferred payment method: Payment orchestration makes it possible to offer multiple payment methods from a single checkout page. That means your customers will likely be able to use their preferred payment method, further improving their experience.
Scalability and Flexibility
The best payment orchestration companies make using the tools and platforms you'd like easy while maintaining compliance, flexibility, and scalability. That means these platforms give you plenty of options regarding payment gateways, payment processors, and more while making it possible to scale up as your business grows.
Get Optimized and Orchestrated Payments Today
If you want a payment orchestration provider leading the charge in terms of payment technologies, look no further than Revolv3. Revolv3 makes it easy to offer every popular payment option in one place, even if you use multiple gateways. They also incorporate dynamic routing to increase your approval rates. Not to mention you won't be charged for declined payments. If you're ready to get started, check out Revolv3 now!
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