Payment orchestration addresses this need by enabling businesses to effortlessly integrate a variety of payment gateways and methods. Rise of digital commerce: The surge in online shopping and the proliferation of e-commerce platforms has created demand for a more diverse range of payment methods.While the concept of payment orchestration is a decade old, its recent development has been transformative in meeting the evolving demands of the payments landscape and the needs of global customers: Payment orchestration addresses these challenges by allowing businesses to connect with multiple payment providers, acquirers, and alternative payment methods through a unified interface. However, this approach often resulted in limitations in terms of geographic reach, currency support, and the ability to offer diverse payment methods to customers. Traditionally, merchants managed payments through a single payment gateway. Multiple check-out options with greater flexibility.Merchants can manage all their payment providers from a single interface, greatly simplifying the management of: Through intelligent routing and automated reporting, it enables merchants to orchestrate a scalable payment strategy with unprecedented levels of visibility and control. In essence, payment orchestration serves as a central hub that optimises transaction routing and minimises friction – thereby reducing costs – while maximising payment success rates.Īt Worldline, we offer payment orchestration as a software-as-a-service (SaaS) platform that enables merchants to centrally manage and optimise payment flows across various payment providers.
Rather, as the name implies, it positions the merchant in the role of a conductor – coordinating and harmonising every aspect of the payments ecosystem to ensure a seamless and efficient payment process. First of all, it is not the same as a payment gateway, which is a ‘static’ piece of technology used to interface with different payment systems. There can be some confusion around the term payment orchestration, so it’s worth clarifying the current meaning.
Payment orchestration puts merchants in complete control of this increasingly complex payment ecosystem – providing them with a powerful way of managing all their payment solutions through a single platform. Merchants need to accommodate a growing number of payment methods, in a wide variety of currencies, and an expanding range of countries. E-commerce today is truly a global enterprise.
0 kommentar(er)
