How Payments Orchestration Boost ROI And Cut Payment Processing Costs

Dec 04, 2020

As the payments world can be incredibly complex and eCommerce on a global scale continues to expand, customers are demanding straightforwardness, openness, and standardization with their payments. This can all be in the form of paying with a credit card at the point of sale, performing an international transfer, or making a transfer via mobile application. Meanwhile, small to medium-sized businesses are accelerating their efforts to meet this need, in the hopes of simplifying and meeting these standards. 

The problem is that payment systems, especially those on the international scale, are largely fragmented. The reasons are that different payment methods and countries have different requirements. This greatly restricts consumers’ possibility of obtaining international payments both readily and immediately. In addition, the challenges of handling this complicated and fragmented ecosystem often translate into significant costs for financial institutions, which they then pass on to their customers. 

Challenges For Merchants

Ideally, merchants would simply have one payment service provider for all their business needs. However, this is simply not sustainable. A single payments service provider (PSP) cannot meet all of the merchant’s needs. First of all, by sticking to only one PSP, a merchant believes that they will be keeping their payment processing costs low. Not so. What does happen is that merchants are essentially giving up their bargaining power to negotiate the best terms on their contract. This also means less flexibility when it comes to their business operations. 

It was reported that, in Europe, 76% of payment gateways suffered complete outages in the last year. Worse, 39% reported that these outages took place at the worst of times, during peak sales seasons. Although the outages were averaging between 15 minutes, up to an hour, the results were devastating. A total of 11% of merchants said that these outages directly contributed to a loss of more than one million euros. Merchants must have a solution to mitigate risk when their only payment gateway fails to deliver. 

Merchants Need Payments Orchestration

What merchants need to prevent loss is a Payments Orchestration Layer (POL). POLs obliterate the need to support payments functions over several platforms. Any card scheme modifications can be made within the same layer. This allows the merchant to remain compliant within those schemes. By combining all payment data and functionality within one individual layer, compliance functions such as PCI DSS can be supported. 

POLs are robust in that they were developed to be “fault-tolerant”, robust, well-protected, and efficient by processing thousands of transactions every second. They were also designed to reduce the possibility of complete outages. It accomplishes this by using cloud-based distribution, resiliency, scalability, and security. 

Merchants can rest assured that POLs work to immediately and automatically switch merchants’ transactions from failing or slow payment service providers (PSPs) to other backup PSPs to avoid timeouts, outages, and the dreaded customer cart abandonment. 

Increase Conversion Rates With Payments Orchestration

Evidence of a good customer payment experience is marked by a fast, secure, and straightforward experience. Payment platforms must never be unavailable. The entire payment process must be seamless. Most importantly, customers must be allowed to pay in their local currencies, using their most preferred payment method. Using a Payments Orchestration Layer in your business will help you accomplish just that, and so much more. 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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