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Payment orchestration: Making financial transactions easy

Nowadays, managing payments shouldn't be a hassle. But with all the different options that are on the market, it can be a challenge to keep overview. That's where payment orchestration comes in – it's like having a personal conductor for your financial transactions. But what exactly is payment orchestration, and why is this interesting for your business? Let's break it down to find out.

Mar 29, 2024 3 min
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Payment orchestration is all about making your life easier when it comes to handling payments. Instead of dealing with a bunch of different payment methods and providers, payment orchestration brings everything together in one place. It simplifies the broad landscape. And when it is easier to manage payments, the smoother your business eventually will also run. With payment orchestration, you can offer your customers a wide range of payment options without having to check and authorize this all by yourself. Whether your customers prefer credit cards, mobile wallets, or something else entirely, you've got it covered. 

Payment orchestration for credit cards

Let's take an example. Imagine you run an e-commerce store that accepts payments through credit cards like Visa or Mastercard. As these are “open loop” schemes, you do not hold a contract or connection to Visa directly; you are going through an acquirer. Without payment orchestration, you might face issues if the customer's card is not accepted by your current acquirer. This is where orchestration comes in; as the orchestrator offers multiple acquiring options, you have the chance to try a different route in real time to check if the transaction can be accepted by a different acquiring bank. While you still need an acquiring agreement, you do not need to integrate fallback acquirers by yourself. But with payment orchestration, all your credit card options are integrated into one single platform. You can manage everything from one dashboard by integrating payment orchestration. This simplifies the integration process, saving you time and resources, and ensuring that you can offer a seamless payment experience to your customers, without the headache of dealing with multiple integrations. 

Two different providers, one transaction divided, high acceptance rates  

Let's say a customer wants to purchase a product from your online store using their credit card. Without payment orchestration, you might face issues if the customer's card is not accepted by your current provider. However, with payment orchestration, you can seamlessly process their credit card payment through multiple providers, increasing the chances of completing the transaction successfully. This means that even if one provider experiences downtime or declines the transaction for any reason, the payment orchestration system can automatically route the transaction through another provider, reducing the risk of abandoned carts and lost sales. As a result, you can offer your customers a reliable and convenient payment experience, driving customer satisfaction and boosting your sales. 

And it is not just about convenience – payment orchestration can also help you optimize your payment processes. You can analyse transaction data and customer behaviour to identify trends and opportunities. This insight allows you to tailor your offerings to meet the needs of your customers, driving sales and satisfaction. Resulting in a growth for your business.  

The best part? Payment orchestration is straightforward to set up and use. While connecting your online shop to a payment orchestrator is tech-heavy, using an orchestration platform is very manageable. It's mostly plug-and-play, so you don't have to worry about complex technical matters. Most payment orchestration platforms offer intuitive interfaces that anyone can navigate. Plus, there's always a helpdesk available to assist with any special requests. 

So that is payment orchestration in a nutshell. It's like having your own personal financial conductor, making sure everything runs smoothly and efficiently always keeping your business in mind