Ensure Frictionless Customer Experience with Payment Orchestration Platform

India’s digital transformation was jump started by ‘Digital India’, a campaign launched by the Indian Government in 2015. From there on, growth of Digital Payments in India has been phenomenal. Rise of new-age technologies such as e-wallets, UPI, and tap and pay, have further allowed people to look beyond the conventional modes of payments. Talking of scale, UPI crossed 2.7 billion transactions in February 2021, just 3 years after it was launched. Innovation in the payments space has picked up pace to keep up with the growing demands of consumers. Payment offerings are designed to provide consumers with a seamless experience, making sure every moving piece in the ecosystem works together, without any disruption, delivering the desired outcome with no compromise on security.

Today, payment stacks can do dynamic routing in case of connection failures through an alternate gateway, in a split-second. Similarly, as the transaction is underway, fraud check algorithms run in the backend, without impacting customer experience, authorising the transaction and notifying the customer of a successful payment, all happening within a second. These payment stacks get seamlessly integrated with merchant applications providing a user-friendly payment experience, thus increasing conversion and improving revenues for merchants. Also, with these payment stacks, introducing new payment options becomes simpler. These are the main reasons for Payment Orchestration Platforms (POP) gaining popularity amongst businesses and helping them build a competitive advantage.

What is a Payment Orchestration Platform ( POP)

Payment orchestration is all about routing payment flows, increasing conversion rates and reducing transaction costs. POP is a technology layer through which businesses get full access to multiple payment providers and payment methods with a single integration. It empowers them to create a perfectly unified payment setup that suits their business requirements and offers complete payment data and transparency.

Why do merchants need POP?

Managing a multi-channel payment ecosystem is challenging and requires constant communication and coordination among various stakeholders. POP, as a payment hub, offers merchants adaptability and customisation, without having to interface with multiple entities.

As this payment platform manages the entire payment cycle, merchants can focus on expanding their businesses, introducing new product lines, capturing new markets, and planning future expansion.

To run their businesses efficiently, merchants can connect to multiple payment service providers at once, through POP. It further allows them to add and manage different payment methods. Payment orchestration offers modular and open application programming interfaces (APIs) for businesses to integrate quickly. It provides merchants with cloud-based control and gives them the flexibility to automate, fine-tune and design their entire payment setup in real time. POP can route specific transactions and perform risk and payment performance analysis from one dashboard. It also helps merchants carry out frictionless transactions and optimise customer experience.

So, POP can help businesses scale faster, make payments simpler and optimise payment flows for better customer experience and higher conversions. Let me highlight a few key benefits of POP.

Accelerating the introduction of new payment methods

POP allows the effortless addition of new payment features on the platform as and when they are launched. That helps accelerate the launch process of new payment methods and simplifies the management of digital payments across all channels.

Enhance customer experience for improved conversion

POP makes the payment experience frictionless with a seamless checkout page. It helps increase conversion by offering maximum payment options available, with a secure and uniform experience. The built-in analytics and optimisation capabilities further help create an engaging customer journey.

Dynamic transaction routing for a better success rate

POP constantly analyses transaction performance and then chooses the best gateway to route transactions to. Using success criteria, POP will route transactions to the gateway with the highest success rates.

Secure transactions to avoid any data breach

POP ensures that transactions are safeguarded using card tokenisation and payment tokenisation to prevent any data breach. The tokenisation capabilities provide an extra level of security to safely handle and store sensitive customer data.

In conclusion

Overall, payment orchestration enables merchants to take complete charge of their payment flows. A patchy transaction can lead to customer dissatisfaction or worse, loss of business and revenue. Thus, it becomes imperative to stay agile as the payment landscape and customer preferences evolve. It is time for businesses to embrace smarter payment technologies, like POPs, to reduce the time to market for new payment methods, drive down costs and increase payment acceptance rate.