Payment Orchestration – Why it’s time to call the tune • eCommerce Forum | Forum Events Ltd
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  • Payment Orchestration – Why it’s time to call the tune

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    By Rob Crutchington, CEO at Encoded

    Frictionless online payments reduce abandoned shopping baskets and increase customer loyalty. Payment orchestration simplifies the payment process, improves customer experience and helps merchants to boost online sales and increase revenue…

    The payment transaction process is not a simple one. Merchants’ systems connect to different payment service providers (PSPs), acquirers and banks, with potential risks of data theft and fraud. This is where payment orchestration can make a difference.

    A Better Way to Conduct Business

    A payment orchestration platform is a single software layer for processing secure, frictionless payments from payer to payee. It can work independently of a gateway payment provider and is not affiliated with one acquirer, and it can manage payment methods dynamically in real-time.

    Six ways payment orchestration benefits business:

    1. Reduces costs with increased conversion rates – integrating with different card issuers, card schemes, gateways, open banking and acquirers, enables merchants to work out the best possible terms and rates. Intelligent, dynamic routing sends transactions to the most appropriate payment and least cost acquirer. 
    2. Provides a smoother customer journey – by dynamically selecting the best payment option it protects against failed transactions to deliver a more reliable customer experience.
    3. Harmonises and simplifies the payment process – as a single platform, payment orchestration simplifies payments, making it easier for businesses to manage and track transactions across different service providers and methods, such as ApplePay, GooglePay, Samsung Pay and Open Banking. 
    4. Ensures secure payments to protect against fraud – with built-in security features, such as fraud detection and data encryption, a payment orchestration layer protects sensitive customer information and helps adhere to regulatory requirements.
    5. Enables faster growth and to serve customers worldwide – payment orchestration enables easy integration with new payment service providers and payment types, local or international. Businesses can grow without significant infrastructure changes.
    6. Future-proofs a business – adopting a single, feature rich and simple to use Application Programming Interface (API) which grants access to multiple acquirers and payment options, future-proofs any business as new ways for customers to pay are introduced and preferences change.

    To find out how to simplify payment processes, enhance your customer experience and increase revenues, visit Encoded.

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