By enhancing payment efficiency and performance – and optimising the last-mile user experience – Payment Orchestration not only puts the merchant in control, it also enhances return on investment (ROI) in customer acquisition in ten key ways:
1. Enhancing efficiency
Payment Orchestration serves as a centralised hub that enables merchants to integrate various payment methods, gateways, and providers, in multiple markets. Instead of managing multiple integrations separately, they can consolidate their efforts into a single platform. This consolidation results in considerable time and cost savings – especially when handled by a specialist third-party provider.
2. Improving conversion rates
When potential customers enter the last mile of their buying journey – after clicking on an ad, for example, visiting product pages, and proceeding to make a purchase – having their preferred payment method readily available increases the likelihood of the transaction being completed.
Payment Orchestration plays a pivotal role in reducing friction and improving conversion rates through intelligent routing. Transactions are routed to the most suitable payment method and payment provider based on factors like user location, currency, or historical transaction data.
3. Meeting local market needs
Online marketing and sales campaigns often involve targeting specific geographic regions. Payment Orchestration makes it easier for merchants to tailor payment options to match the preferences and behaviours of consumers in different markets. For instance, consumers in some countries may prefer to use wallets, while others may opt for credit cards. By offering the right payment methods, campaigns become more effective in converting leads into customers.
4. Simplifying checkout
A streamlined and efficient checkout process is crucial. A Payment Orchestration platform offers multiple options for merchants to connect, use and customise it to fit their own brand strategy, while keeping the customer journey and experience at the centre. In this way, merchants can achieve the best results with the minimum of effort.
5. Reducing cart abandonment
One of the biggest challenges in e-commerce is cart abandonment during the checkout process. Payment Orchestration can help address this issue by providing features like one-click payments, stored payment information, and quick payment methods. These features make it easier for users to finalise their purchases, reducing cart abandonment rates.
6. Data-driven decision making
Payment Orchestration platforms provide A/B testing, reporting and analytics to help boost payment performance. Marketing and sales campaigns can benefit from valuable insights into customer behaviour, as well as an understanding of which payment methods or gateways are most effective in converting users. Merchants can use their marketing budget more efficiently by focusing on the channels and payment options that yield the best results.
7. Multi-channel integration
Online marketing campaigns often run across multiple channels, including search engines, social media, and display advertising. Payment Orchestration enables merchants to maintain consistency in payment methods and options across these different channels. Consumers who interact with ads on various platforms will have a consistent payment experience – boosting trust and conversion rates.
8. Fraud prevention and security
Online campaigns are vulnerable to fraudulent activities, such as click fraud or payment fraud. Payment Orchestration often includes advanced fraud detection and prevention mechanisms, which can help minimise the risk of fraud and protect merchants and their customers from financial and data loss.
9. Customer retention and loyalty
Payment Orchestration can contribute to customer retention and loyalty by offering consumers a seamless and secure payment experience, making them more likely to return for future purchases. Loyal customers are less costly to acquire and can be targeted effectively through remarketing efforts, further improving ROI.
10. Scalability and adaptability
Payment Orchestration offers merchants the scalability and flexibility needed to accommodate growth and adapt quickly to changing market dynamics. Whether entering new markets or expanding product lines, merchants can easily access local payment providers through their existing connection with Payment Orchestration. There is no need to build new integrations to match evolving customer preferences.
Working with a third-party Payment Orchestration provider like Worldline – which has local relationships and payments methods already in place – can reduce the time to enter a new market from a typical 4–8 month project to a matter of days.