With the massive rise of online shopping in the past years and the steep increase in retail sales around the world, it has become vital for Ecommerce to ensure a flawless buying experience to their customers. In order to achieve this, merchants are actively looking for the right infrastructure for their Ecommerce in order to maximise conversion, reduce failed transactions and increase sales.
When looking at the customer journey, payment processing and a quick and secure check-out are important factors that lead to successful transactions. Therefore, you are probably searching for the best solution to maximise your Ecommerce sales while reducing payment processing costs. This – together with a reduction in system maintenance - is made possible by orchestrating different payment solutions and methods within the same access point.
In fact, with many different tools and payment integrations available at the moment, costs can quickly start to pile up, issues between different systems can arise and by lacking a single reporting system, data can be fragmented and more difficult to access and therefore analyse as a whole. On the other hand, relying on only one payment provider can result in a high number of failed transactions in case of technical issues.
This is why payment orchestration platforms are increasingly popular amongst medium, large and enterprise-level companies: a single point of access with multiple payment gateways and varied integrations for payment processing is the solution to many problems companies are facing.
We know Payment Orchestra™ can be the key for your Ecommerce growth, but how does it work?
The meaning of payment orchestration comes from the analogy to music, where the maestro orchestrates different instruments in order to achieve the perfect symphony. The same idea works for payment processing. Each integration works within the system in order to allow the most efficient route for a quick and secure transaction. This simplifies the process, allowing your company to save on multiple integrations, while delivering a frictionless check-out experience for customers.
Moreover, the importance of data reporting and analysis has been increasingly recognised by brands and this aspect has become one of the decisive factors when choosing the right payment platform. One of the issues with having multiple integrations is that reporting is fragmented into different providers and what is missing is a holistic integrated reporting system. A payment orchestration layer tackles this problem by being the collecting platform for data and its analysis.
Therefore, it comes as no surprise that these platforms are becoming more and more popular. In fact, the global payment orchestration market has been rapidly expanding: according to a new market research report published by Global Market Estimates, it will grow at a CAGR of 20.2% from 2021 to 2026.¹
In the nowadays growingly competitive digital landscape, factors like transaction speed, access to preferred payment methods and guarantee of security can be decisive for customer purchases. With new websites and options available online, Ecommerce need to be able to offer what your customers are looking for. Not only in terms of product, but also ensuring a quick and easy customer experience – which in return translates to increased conversion for the merchant.
Here are the main benefits of adopting a payment orchestration platform:
For international businesses a global payment gateway aggregator means having an Ecommerce that effectively orchestrates payments from different countries in the customer’s preferred currencies and offers local payment methods. One example are favourite payment methods in China, which, as we analysed previously in the blog, are alternative payments like Alipay, PayMe and WeChat. Giving customers the option to pay with them is of utmost importance for companies that wish to carry out Ecommerce business there.
In short, payment orchestration can be the key to unlock your Ecommerce growth and take it to the next level.
Web 3.0 and decentralized finance are concepts that will characterize the future of the internet and the way of understanding payments and financial transactions in general.27 July 2022 • 7 minutes
Market growth trends are a clear indicator of customers’ payment preferences at the moment around the world. Ecommerce transactions can be Customer Initiated (CIT) or Merchant Initiated (MIT), some of which are Card On File (COF). Discover more in this insight.21 July 2022 • 3 minutes
Shopping cart abandonment and fraud rates are without a doubt a few of the major pain points of many industries globally. Find out how TRA provides high level of Ecommerce security, removing friction and protecting customers, as well as merchants.19 July 2022 • 5 minutes