A Guide to Optimizing Transaction Processes with Payment Orchestration

The term payment orchestration has been doing the rounds in Middle East’s ecommerce landscape for some time now. So, what is it? Much like the orchestra you are familiar with, where a large group of musicians come together to play a variety of instruments, led by a conductor. A payment orchestration platform enhances the overall payment experience for your customers while minimizing costs and improving efficiency. It involves the management and coordination of multiple payment methods, services, gateways, service providers, networks, and processors in an automated and systematic manner. This ensures the security and seamlessness of every transaction.

Read on to know more about why modern merchants like you need payment orchestration for transaction processes, how to choose the right platform for your venture, and the things you need to keep in mind while offering orchestration services to customers.

Why Embrace Payment Orchestration?

By next year, Middle East’s ecommerce sector is expected to reach an impressive market volume of USD 50 billion. Most businesses, whether they are established or new, are joining the digital bandwagon to reach a larger base of target audience, especially millennials and Gen Z customers. So, to stay competitive, you not only need an attractive and easy-to-navigate online store as well as quality products, but also a smooth checkout process. The kind of last mile delivery you offer customers can make or break your brand. So, not only do you need to offer customers various payment options, you must make sure that all transactions happen fast and no sensitive data gets compromised.

Payment optimization through orchestration can help you with exactly that and more. It can route every payment request via the best possible channel, so that the chance of failure or non-acceptance is minimal. Moreover, if you intend to foray into new markets or geographies or you are already an international player, payment orchestration can help you align with regional regulations and distinct customer preferences. An orchestration platform can handle large transaction volumes too. So, how to pick one from the myriad options available out there?

How to Select the Ideal Payment Orchestration Platform?

Here is what you need to keep in mind while picking a platform to suit your business’s needs and goals.

• Conduct a Proper Assessment

Before choosing a payment orchestration or transaction management platform, check which payment channels and methods it supports. Channels might include in-store, online, and mobile, while methods might include digital wallets, debit and credit cards, internet banking, and alternative payment modes. Make sure there are plenty of options, to cater to different demographics and regions. The platform should also offer a smooth onboarding process for merchants like you.

• Focus on Security and Scalability

The payment orchestration platform must satisfy the latest security standards and comply with both local and international regulations, depending on where you want to grow your business. It should be able to detect and prevent different kinds of frauds and alert you about the same. The platform should be flexible enough to align with new market trends and scalable as well. Find out if it has ample options for customization and enhancements.

• Check Integration Capabilities

The platform should be easy to integrate with your ecommerce website, mobile application, other software solutions, and point of sale. You should be able to connect with multiple online payment gateways, service providers, processors, and so on. Proper payment integration will help you provide a glitch-free experience to customers anywhere in the world.

• Assess Currency Support

If you plan to expand your business in other countries, find out if the orchestration platform supports payments in multiple currencies. Since customers anywhere prefer to make payments in their local currencies, giving them that option will win you trust and brownie points. There should be an efficient currency exchange system in place too, and the platform should be compliant with local laws.

• Find Out About Analytics Capabilities

While choosing a platform for orchestrated payment processing, check if they offer in-depth analytics reports on your payment ecosystem. Various tools and dashboards should be available to help you review transactions, cash flow, revenue, etc. Using data intelligently can help you obtain valuable insights, spot inefficiencies or gaps in the current payment system, make improvements wherever possible, and take more strategic decisions in the future.

• Look into Reliability and Reputation

Go through reviews and testimonials to understand the dependability and robustness of the orchestration platform. Talk to other businesses that use the platform, if possible. Also enquire about the customer support they provide, if their team is easily reachable during a crisis, and if they offer training sessions.

• Go for a Trial

Before getting onboard with payment orchestration for transaction processes, it is important to examine the features and functionalities of an orchestration platform before taking a decision. So, request for a trial or demo run to see how the platform would perform in the real world. Watch out for downtime, since you might lose potential customers if the platform is not available or operational for long or frequently.

• Consider the Pricing Model

Ask if the platform provider will be charging you a percentage of the total transaction volume or a fixed fee. Keep your business model in mind and how you expect your transaction volume to increase while gauging the aptness of the pricing structure.

• Check Terms and Conditions

Before signing the dotted line on the contract, check the fine print carefully and go through cancellation policies and fees. The contract should also mention what happens in case your business model or goals change or if the provider fails to deliver as promised.

Get Ready to Transform Transaction Processes

Now that you know why a payment orchestration platform is important and how to select one that aligns with your business, get started with some thorough research. Take your time to go through provider websites to understand their offerings, rate structures, benefits, and more. Shortlist and talk to them to discuss your specific needs and objectives. Compare both in terms of services and costs to arrive at an informed decision. The right platform can augment transaction efficiency and take your customer’s experience to a whole new level, thereby boosting your brand value, presence, and bottom line.