Today’s business environment is so competitive that companies must constantly improve their workflows and optimise processes to stay afloat. One of the most significant tasks in this race is organising the payment process. Luckily, there are payment orchestration platforms to lend a hand.
In this article, we will learn what payment orchestration platforms are, how they help businesses, how to choose the suitable one, and who the top players in the market are.
What is a payment orchestration platform
The payment orchestration platform provides software which allows businesses to set up, manage, and analyse payments from individuals or business clients. It integrates various payment providers and acquirers to ensure a successful payment process. Payment orchestrators usually offer multiple integrations with payment providers, routing and cascading, an anti-fraud system, tokenisation, and compliance with security standards and regulations. All these features allow businesses to set up payment processes according to their needs and characteristics.
Benefits of payment orchestration
Integration with the payment orchestration platform gives the business a bunch of advantages.
- Easy scaling to new markets. Payment orchestrator has ready-made integrations with different payment providers on its platform. This way, one integration with a payment orchestration platform allows businesses to connect new payment methods preferred by their target market in less time.
- Better user experience. The more seamless checkout experience the clients have, the larger the chance that they’ll enjoy the interaction with your business and return. The ability to configure routing and cascading schemes provided by the orchestration platform allows for automatically resending the payment to another processor. That’s why when something goes wrong with the transaction, the user won’t notice a hitch and won’t have to retry the payment manually.
- Saving on transaction fees. Thanks to the wide range of providers and smart routing schemes, you can automatically direct transactions to the lowest-cost routes.
- Consolidated data management and analytics. Working with multiple payment providers and gateways causes a mess-up with the payment data. It takes more time for the business owner to analyse the data from different sources, especially if a problem occurs. Payment orchestrator provides businesses with a single access point to all the data and tools for its management.
- Security standards compliance. All payment market players have to pass through PCI DSS compliance. You can ease the compliance hassles by entrusting your processing to the PCI DSS-certified payment orchestration platform.
Important to consider
Today, the market offers different payment orchestration platforms with various features. There are a few questions business owners may consider choosing the best one.
- Does the platform work with your industry and business type?
Some payment orchestration platforms specialise in certain types of businesses or industries. Answering this question will help to select a few relevant ones.
- Does it support all the functionality you need?
Usually, payment orchestration platforms provide not only connections to payment providers but also routing systems, analytics, anti-fraud, etc.
- Is it easy to use?
Rich functionality and features may turn a payment platform into a really complex product. Be sure you understand how to use the platform, and their team is available and ready to help you with any questions. The quality of onboarding and support is an essential point to consider.
5 most discussed payment orchestration platforms
The market now offers a lot of payment orchestrators. Still, companies differ by the region they cover, the range of services they provide, the number of payment providers onboard, etc. Let’s learn about the five most discussed payment orchestrators in the market.
ACI Worldwide. ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. The company offers scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and address fraud and risk.
ACI Worldwide works with merchants across retail, hospitality, digital goods, travel, and telecommunications sectors.
Corefy. Corefy is a payment orchestration platform for online businesses and payment institutions. The technical platform includes more than 200 ready-to-use integrations with payment providers, acquirers, and wallets around the world. Corefy provides future-rich functionality that connects and manages payment services, initiates and processes transactions, collects and analyses payment data, and much more.
The main value proposition is associated with the possibility to onboard quickly, connect optimal providers, maximise conversions and optimise costs, set up hosted payment pages in the desired design, and conduct all payments using almost any payment method in the world.
Ginger. Ginger is a payments-as-a-Service platform that empowers banks and acquirers to service merchants everywhere. Ginger started as a payment service provider and has evolved into a payment platform for banks and acquirers. The company offers an e-commerce payment gateway for merchants and a white-label payment service provider.
Ginger provides card payments, alternative payment methods, hosted payment page, and the admin portal with payment information for their clients. Using a white-label payment service provider, their clients can access merchant onboarding, reporting, billing, reconciliation, and fraud prevention modules.
Spreedly. Spreedly is a payment orchestration platform which enables payment flexibility and redundancy by allowing customers to build one integration and then route transactions through virtually any combination of payment services without ever touching end-consumer card data. The company operates with more than 100 currencies and partners with more than 200 companies, including PSPs, fraud mitigation services, etc.
BridgerPay. BridgerPay is a payment operations platform that uses one API, customisable checkout, and a single admin interface to allow businesses to integrate with any payment service provider. BridgerPay offers fast, on-demand connectivity to different payment methods worldwide, customised cashier, and routing services. The product’s interface provides control over payment flows.
To sum up
Payment orchestration platform plays a vital role in increasing business efficiency. Providing different services and features, it helps business to mitigate risks, optimise payment flows, and increase conversion. A business’s primary step is choosing the suitable one in the market.