Payment orchestrator: definition, role and choice criteria
In 2023, the online cart abandonment rate represents nearly 8 out of 10 baskets, reports SaleCycle. A failed payment process can even more lead to the abandonment of a purchase. And for good reason: users now demand a frictionless experience, from entering the site to completing the payment.
In response to this need, payment providers and methods are evolving and multiplying. For retailers, choosing the solution that best meets the expectations of their consumers then becomes a real challenge! Not to mention that beyond having to respond quickly to these developments, it is imperative that they keep an eye on implementation and operating costs. That's where it comes in the payment orchestrator: with a more flexible, secure and efficient approach, this solution allows businesses to improve their conversion and the management of their payments.
But more specifically, what is payment orchestration? How does this work, and what are the criteria for a successful solution? Lightings.
What is a payment orchestrator?
One payment orchestrator is a SaaS platform that connects businesses to the entire payment ecosystem. It ensures the coordination and optimization of transaction flows by integrating all the payment methods necessary for the company. Thanks to its unique interface, it offers centralized management of various payment providers and thus makes it possible to manage and optimize their performances.
What is the purpose of a payment orchestrator?
One payment orchestrator primarily serves to offer a smooth and secure payment process to businesses and consumers. Its functions are multiple:
Simply add new PSPs and payment methods
The payment orchestrator is based on a no-code technology that allows businesses to activate a large catalog of payment methods in a few clicks. Merchants can then quickly expand their payment options without the usual technical and financial constraints. Valuable flexibility to meet the diverse payment preferences of consumers around the world.Read also: How to integrate new providers or payment methods without burdening your IT roadmap?
Increase payment acceptance rate
Thanks to intelligent routing, i.e. the ability to intelligently manage transactions between different PSPs and payment methods, the orchestration solution improves Payment acceptance rate. By sending transactions to the most appropriate provider — or by referring to a secondary provider in case of failure — it minimizes failed payments and increases conversion.
Manage performance in real time
The payment orchestrator allows businesses to monitor and optimize the performance of their payment channels through advanced analysis tools. These insights are a real gold mine for establishing strategic adjustments, increasing efficiency, and profitability.
Simplifying bank reconciliation
By centralizing transactions from different payment channels, the payment orchestrator simplifies the process of bank reconciliation. Businesses benefit from a unified view of their finances, better tracking, and clearer analysis of payments.
The advantages of a payment orchestrator
Flexibility and scalability
By easily integrating new payment methods and PSP, businesses respond more quickly to market changes and customer preferences. This flexibility, combined with the ability to be equipped with the best payment standards on the market, makes it possible to create a real tailor-made shopping experience! Les traders can then access new markets, including internationally where payment requirements differ from country to country.
Rationalization of costs
Choosing a payment orchestrator also means choosing to rationalize your infrastructure to get the best performance out of it. It provides a company with all the capabilities of the market, to test and analyze the performance of each payment and each transaction circuit. Conversion and acceptance rates are then automatically improved..This centralization, coupled with simplified IT integration via API, greatly reduces costs. As a bonus, the autonomy granted by the solution allows you to reconfigure your payment strategy endlessly, according to the needs and budgets of the company.
Improving the customer experience
The payment orchestrator enriches the online shopping experience by offering, through a vast network of partners, a wide choice of payment methods. At the same time, it ensures the continuity of services in the event of a failure: the transactions are then sent to another provider configured as a backup of the first. It ensures a smooth and seamless payment experience, improves customer satisfaction, loyalty, and therefore the conversion rate.
Increased security and compliance
Through a centralized and unified platform, the orchestrator ensures the consistent implementation of measures robust security and compliance. They apply to all payment channels in order to protect sensitive customer data and reduce the risk of fraud.
How do I choose the right payment orchestrator?
Choosing your payment orchestrator should not be taken lightly! It must therefore be adapted to your organization and meet several criteria:
1. The richness of the catalog
Choose an orchestrator that supports a wide range of providers and payment methods and numerous suppliers. This criterion is especially important if you are targeting a global market with diverse payment preferences.
2. Advanced features
The payment orchestrator offers various types of functionalities: in order to increase the acceptance rate: the fall-back process, backup, A/B test, integration of anti-fraud tools, in order to improve financial management through bank reconciliation for example.
3. Security and compliance
Transaction security should be a top priority. Verify that the payment orchestrator complies with the highest security standards, such as PCI DSS or even RGPD. It must protect both your business and your customers. Technical robustness is also a criterion of choice for you.
4. Adapted customer journeys
Once again, the payment experience must be smooth and intuitive for your customers! Look for solutions that can offer personalized and fast payment paths as well as payment options to improve the user experience.
5. Data analysis and reports
The ability to provide detailed analytics and reports on your transactions can help you better understand customer behaviors, as well as optimize your sales strategies. Ensure that the orchestrator offers comprehensive analysis tools.
6. Customer support and service
The quality of technical support is crucial, especially when integrating new technologies. Choose a provider that offers responsive and knowledgeable customer service to quickly resolve any issues that may arise.
By taking these criteria into account, you will have all the cards in hand to choose a payment orchestrator that not only meets your needs, but is also capable of supporting the growth of your business.
An innovative player in payment orchestration, Purse offers businesses a robust and flexible platform to manage their transactions. Purse simplifies the integration of various PSPs and payment methods, while ensuring security, compliance, and cost optimization. This turnkey solution thus helps retailers to improve their conversion rate and their customer experience.
