INDUSTRY WATCH
This integration allows businesses to manage all their payment activities from one central hub , optimising the payment process across different channels and touchpoints .
Traditionally , businesses managed payments through individual payment gateways or processors , each with its own set of features , interfaces , and integration requirements . This fragmented approach often led to inefficiencies , higher costs , and a lack of flexibility in adapting to new payment trends .
Payment orchestration emerged as a response to these challenges . By centralising and automating payment management , businesses can achieve several benefits .
Centralised management
Global reach
For businesses operating internationally , payment orchestration simplifies the process of managing cross-border transactions and integrating with local payment methods . This global reach helps businesses expand their market presence and cater to a diverse customer base .
Streamlined compliance
Navigating the complex regulatory environment of the payments industry can be challenging . Payment orchestration platforms help businesses stay compliant with various regulations and standards , such as PCI- DSS and GDPR , by providing built-in compliance features and regularly updating their systems to meet regulatory requirements .
Tripti Pande , Payments Consultant , Synthesis
Businesses can now manage all payment activities from a single platform , reducing complexity and streamlining operations .
Here are key use cases for payment orchestration across various industries and how they can benefit from this transformative strategy .
Flexibility and scalability Queue busting
Businesses can easily add , remove , or switch payment providers without disrupting their operations . This flexibility is crucial in a rapidly evolving payments landscape where new payment methods and technologies are constantly emerging .
Cost efficiency
By optimising payment routing and reducing reliance on multiple providers , this can help businesses lower transaction costs and increase profitability . The ability to negotiate better terms with payment providers and leverage competitive pricing models further enhances cost efficiency .
Fraud prevention
Integration with multiple fraud prevention tools provides a layered approach to detecting and mitigating fraud .
Unified CX
Deliver a consistent , convenient checkout across all channels and increase satisfaction and loyalty .
Real-time insights
Unified reporting and analytics enables better decision-making , helps identify trends and opportunities , and provides valuable insights into customer behaviour and preferences .
Equip floor staff with mobile point-of-sale , POS systems to process payments anywhere in the store , reducing long checkout lines and improving customer satisfaction . Reduces wait times , enhances customer experience , and improves efficiency during peak shopping hours by turning every staff member into a sales agent . Applicable industries are Retail , Hospitality .
Self-checkout
Integrate payment processing with self-service kiosks to empower customers with faster , more convenient checkout options . Minimises wait times , reduces staffing needs , and provides a more autonomous shopping experience for customers . Applicable industries are Retail , Quick Service Restaurants , QSRs , Grocery .
Endless aisles
Enable customers to browse and order a wider variety of items directly from the store , even if they are not available on physical shelves . Extends product availability beyond in-store stock , increasing sales and customer satisfaction by offering more choices . Applicable industries are Retail , Electronics , Furniture
Click and collect
Allow customers to order items online and conveniently pick them up in-store . Combines the convenience of online shopping with the immediacy of in-store pickup , catering to customer preferences for flexibility . Applicable industries are Retail , Grocery , Pharmaceuticals .
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