Operating an e-commerce business is becoming increasingly more complex. Online business owners must manage their daily operations, customer demands, a rapidly evolving economy, innovative technology, and solid competition.
More often than not, merchants also face the tremendous challenge of handling their payment infrastructure. This aspect is often neglected due to a general lack of technical expertise to navigate its many intricacies. Inadequate funds are also key issues as to why new payment integrations can’t be developed from the ground up. Limited funds also force many merchants to keep to a single gateway. Although this does simplify operations, on the flip side, they are only limiting themselves from accepting other forms of payment. And this means fewer conversions.
Payment orchestration is the solution for businesses that desire to scale fast and to address these complexities in operations.
The Benefits of Having A Payments Orchestration Provider
Since the “payment machinery” can be so convoluted, it demands the best possible and astute platform. The benefits of having a Payment Orchestration Provider (POP) handling the value-chain from beginning to end cannot be emphasized enough. Here are just some of the reasons to consider implementing this strategic decision.
- Go-To-Market, Faster: A Payment Orchestration Platform facilitates a straightforward, “one-time integration environment”. It also tests the payment methods and providers, even before the merchant launches their site in their region.
POPs have a modular structure. Due to its “global connectivity”, businesses can address any inconsistencies and formulate a strategy for their expansion. They can do all this while simultaneously solidifying their base in their existing territories.
- Be The Innovator: Payment processing is a time and resource-consuming activity. By implementing POP, merchants are able to free up their time and financial resources in order to develop their business. When POPs have taken over the role of managing a complex payment infrastructure, merchants can take advantage of accessing new, innovative technologies as soon as they are released.
Furthermore, businesses can redirect their focus on developing new product lines, target niche markets, and develop plans for their future. By outsourcing the entirety of the payment cycle, the business owners gain so much more.
- Economical Efficiency: Creating an in-house payment engine is a significant expense. These costs involve offering a smooth customer experience, lowering transaction costs, managing security issues, implementation of payment routing, and so much more. Through POPs, merchants are saving considerably on the payment setup and the costs of transaction processing. With these savings, merchants can redirect these cost savings to build their core skills.
- Enhanced Customer Experience: All e-Commerce businesses know that their survival hinges on whether the customer completes their online purchase. Flawed payment processing, along with a clumsy checkout experience can mean disaster for the merchant’s bottom line. With POPs, a merchant can rest assured that the entire experience will be problem-free. There will be fewer checkout steps and a more engaging payment page.
POPs ensure that, regardless of the device or channel used, the payment experience will be safe, unified, and consistent.
Propel Your Business Forward
As the cost and complexity of growing an online business continue to increase, it is in the best interest of merchants to outsource the complex payment infrastructure. Payment orchestration is the best strategy you can implement today so that you can focus on growing and expanding your core business tomorrow.