Payment orchestration is a strategic and technological hub that combines online payment services, gateways, and acquirers. It creates a perfect financial environment, uniting and automating payment transactions. Companies that use a payment orchestration platform (POP) significantly boost their versatility, profit, and customer possibilities. When implemented, it may become a competitive advantage over other businesses.

Payment orchestration is a complex framework that includes different components. Among them are the following:

• Integration of multiple payment methods and gateways. The accessibility of various payment processors (credit card gateways, digital wallets, ACH systems) on one platform is incredibly convenient for both business owners and their clients.
• Intelligent routing. This factor implies automatic redirecting to the most reasonable payment provider or payment gateway. This decision can be based on cost, transaction success rate, geographic location, or payment method.
• Fraud prevention tools. Payment orchestration platforms offer built-in fraud detection programs. 
• Data analytics and reporting. POPs have everything you need to collect proper data about your payment activities.
• Interchangeability and availability of backups. The payment orchestration platform operates with many payment processors simultaneously. So, if one transaction fails, payment completion will move on to another gateway, increasing the robustness of your payments.

Benefits of Using Payment Orchestration

With all these payment orchestration components working together, business owners may quickly unlock their revenue growth. Still, only some fifth entrepreneurs use it in their transaction routine. So, which benefits does the payment orchestration platform offer for any business? 

• Boosting payment success rates. The opportunity of POP to switch between payment processors allows it to provide frictionless and smooth transactions. The more successful payments you have, the more your income will be. Besides, this process goes automatically without the need for manual intervention.
• Expanding customer reach with local payment methods. Payment orchestration opens the door to local or alternative payment methods, which certain customer groups can much prefer in some regions than traditional ones. Such cooperation with local payment methods will also help conquer new markets, as people will see that they can make transactions however they want.
• Reducing processing fees. With smart-customised payment orchestration, it’s possible to optimise transaction fees by choosing the right payment platform, including locals. Fee policy is distinguished from country to country, which allows playing on these differences.
• Building loyalty and consumer confidence. Robust and seamless payment attracts customers and contributes to their retention if it is connected to the possibility of payment platform options.
• Increasing security. Payment orchestration platforms’ high resilience to fraudulent attacks strongly increases a company’s trustworthiness. They use AI and other tools to analyse transaction patterns and detect suspicious activity. In 2022, only 41 billion dollars were stolen worldwide during transactions. So, there is no need to explain how fraud prevention can be profitable for businesses.
• Implementing POP decreases the amount of chargebacks and helps maintain PCI compliance to avoid fees for failure to follow it.
• Optimising for mobile commerce. M-commerce is one of the fastest-growing payment spheres. Payment orchestration ideally ensures mobile-friendly payment options to expand business possibilities.

Payment orchestration provides a comprehensive payment solution for businesses. Because only a few entrepreneurs use this tool to increase their incomes, they should consider it to include one of