Digital Payments Orchestration Way Forward for Retailers
In an era of digital transformation and disruption in retail, a new payment orchestration solution is emerging that will help retailers manage risk and provide the best customer experience.
With the increasing number of consumers going digital to shop on online platforms, retailers and merchants are under tremendous pressure to provide omnichannel payment gateways to offer shoppers a seamless and hassle-free experience to make purchases.
Unstable online transactions
As the online transactions are on the rise, there are reports of frequent breakdowns of servers, which are failing to handle the surge in traffic and payment requests. With businesses growing rapidly and expanding digitally, they are demanding payment orchestration platforms with improved authorization rates and fast adaptable systems to facilitate transactions that support the needs of their customers, no matter in which part of the world they are.
Integrated payment platforms
Payment orchestration platforms are software solutions that provide a centralized hub for processing payments. By integrating with various payment service providers, these platforms give retailers the ability to offer their customers a variety of payment options while simplifying the back-end payment process.
Unfortunately, at present, most eCommerce platforms still offer single payment gateways and there is no single gateway that caters to all payment needs. Moreover, increasing payment outages is only adding to the loss in prospective customers and ultimately revenue. For instance, Elavon’s Interac payment service in April went down for six hours, stalling debit functions at several of Canada’s major payment terminals. This outage forced countless businesses to turn away customers who wished to use debit cards, resulting in incalculable losses for those that did not have cash handy. Elavon currently handles $300 billion worth of commerce, a significant fraction of which was unavailable during the outage.
Building the right infrastructure
While many companies can’t afford to keep an elaborate and dedicated Information Technology staff to manage online transactions and stabilize the payment system in case of crashing of servers, they can certainly rely on payments orchestration software, which offers multiple payment gateways to customers and help them finish transactions in case of a midway outage. These software process and monitor B2C and B2B payments by switching between payment gateways and payment processing solutions. Its built-in compliance with privacy and security regulations makes all transactions secure.
As a result, medium and large B2B companies involved in e-commerce and retail are fast opting for providers of digital payment infrastructure to offer a diverse portfolio of payment methods to their discerning customers. Experts predict that the payments orchestration market will grow to $1.98 billion by 2026 at a compound annual growth rate of 27 percent.
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