The speed of the transaction and its execution without delay shape the shopping experience of customers and encourage them to return to the merchant again and again. It is in the best interest of merchants not only to provide excellent service but also to use infrastructure that can expand their business opportunities. A payment orchestration platform is able to combine all of the above.

What is a payment orchestration platform?

The name of the platform speaks for itself through an analogy with musical orchestration. The Payment Orchestration Platform (POP) is software that represents a unified technical structure for the operation of all phases of online payment processing from routing to reconciliation. POP facilitates front-end and back-end integration between a merchant's website and various payment service providers (PSPs).

Front-end orchestration aims to simplify the integration between the payment source and the gateway. With a single interface, simplified integration can be achieved along with access to various payment methods, fraud prevention and other features provided by service providers. payment solution providers The goal of back-end integration is even more valuable. Ensures that the client successfully completed the payment process without delay and that the preferred payment method was available.

Basically, with just one POP integration, a merchant connects with multiple payment processors and PSPs. In this way, the merchant gets access to the accounts he opens to connect with different service providers through one platform. With POP, it does not need to develop such accounts and support their technical integration, so there is no need to involve third-party service providers anymore.

Another valuable benefit for the merchant is that the payment orchestration platform expands e-commerce capabilities. The geography of PSP connections and payment methods around the world is almost unlimited and is limited only by the capacity of a particular POP. In addition to integrating multiple PSPs and payment methods, the platform also consolidates all payment processing, routing, settlement and reporting. Even if you have multiple PSP integrations, you will need to collect messages from many providers, POP has the ability to receive all messages on one platform, which contributes to advanced data analysis capabilities.

Who needs a payment orchestration platform?

The demand for e-commerce, as well as the competition in this area, is constantly increasing. As payments are a key part of the customer experience, merchants need to pay close attention to how quickly, conveniently and securely their customers can make them. It will affect whether the buyer completes the payment process or leaves it halfway due to difficulties. The role of a payment orchestration platform in providing quality payment software can be critical.

Research confirms the growing demand for POPs in the near future. According to Global Market Estimates, the Global Payment Orchestration Market will expand at a CAGR of 20.2% from 2021 to 2026. But the question is who will benefit the most from using a payment orchestration platform?