Payment orchestration platform: 5 reasons why businesses need it
Lately, electronic payments have made significant progress, displacing cash in many markets around the world. E-commerce volumes steadily increase too. Naturally, it creates a strong need for businesses to get a convenient and secure technical solution for accepting payments online. The bigger and more international your business becomes, the more diverse are your customers’ payment methods, currencies, and geographies. This is where a payment orchestration platform or a payment gateway comes in handy. Does your business need one? Let’s explore the benefits and figure out!
Payment orchestration platform
A couple of years ago, smooth online payments processing seemed like magic. Now almost anyone, anywhere, and anytime can add items to the cart and pay online in seconds. So, magic has become a reality due to smart technologies embodied in payment gateways and payment orchestration platforms.
Here is how a payment orchestration platform can facilitate your payment flows.
- advanced security for fraud prevention;
- technical support to help you get things straight;
- transaction analytics & accounting for total awareness.
Although the processing of a transaction usually lasts several seconds, the whole procedure involves several steps and participants. Payment gateways streamline and facilitate the interaction between merchants, payment acquirers, and card-issuing banks. Thus, using a payment gateway is the key to higher sales and profit margins. The following checklist will help merchants look into the matter of Corefy’s payment platform and find the advantages for online businesses of any type and size.
In simplest terms, a payment gateway is the online equivalent of a point of sale (POS) system in a physical store. A payment gateway facilitates e-commerce transactions in the same way a POS system transmits a customer’s credit or debit card information to a payment processor. The only difference is that a payment gateway allows payments to be processed as card-not-present transactions, in which a card’s EMV chip or magnetic stripe should not be verified. Instead, merchants must rely on the information entered by customers.
Payment orchestration platform: 7 stages of performance
Good news at once: as an e-commerce store owner, you don’t need to understand how a payment gateway actually works. In practice, all you have to do is just choose a suitable gateway and integrate it with your online store. After that, it just works and allows you to accept payments from customers.
But for general understanding, here are the important highlights about payments orchestration platform performance:
Step 1. When customers place orders on your website, they enter the cart, proceed to a payment page, and fill out their billing details.
Step 2. A payment gateway accepts the information, encrypts it, and sends it through a secure channel to the payment processor.
Step 4. The client is redirected to the payment processor.
Step 5. The payment processor leads the customer through the steps needed to complete the payment.
Step 6. The payment processor checks if the payment was successfully processed and displays an appropriate message to the customer.
Step 7. The customer is automatically returned to the online store.
What to look for in a payment orchestration platform
To establish a payment gateway, merchants can enter into a partnership with an acquiring bank, or choose their own third-party dedicated payment gateway system. Not all payment gateways are built the same way and have different capabilities and functions. For example, some might offer secure payment information storage capabilities, so customers don’t have to re-enter payment information. Others might offer, among other features, ways to integrate sales with business accounting software.
In addition to specific features and functionality, some experts recommend businesses consider the following when choosing a payment gateway service provider:
- Network security. According to a Shape Security report from 2018, about 90% of total login attempts to online retailers’ websites were illegitimate hacking attempts. Businesses must ensure customer’s data is secure, especially for card-not-present transactions.
- User experience. As of 2019, about 69% of global online carts are abandoned, sometimes due to non-user-friendly payment gateways. If a payment gateway is confusing, requires too much personal information, or takes a long time to go through, customers may turn elsewhere.
- International payment options. E-commerce allows global commerce at the click of a button, meaning businesses can easily expand their horizons by allowing global sales and accepting domestic and international payments.
- Cost and fees. Some payment gateways have fees like monthly processing minimums. Businesses may wish to shop around to find a payment gateway that fits their budget.
Why choose a payment orchestration platform?
♦ You want all payments to be secure
Security is one of the most significant parameters customers and merchants pay attention to. Cardholders would rather not share their credit card’s sensitive information with third parties. Therefore, you should choose a reliable payment gateway with an encrypted and fully protected data transfer system. This ensures the secure and safe processing of the transaction. Corefy provides a high level of security using 3D Secure and SecureCode technologies for Visa and Mastercard cards. It is also compliant with PCI DSS Level 1.
♦ You want to go global with ease
Corefy represents an advanced payment platform supporting multiple currencies and payment methods. It allows merchants to trade with the world – easily and quickly accepting cross-border payments. One integration with Corefy connects you with dozens of payment service providers at once. Integrating Corefy’s platform ensures your customers have a smooth shopping experience and enable them to choose their preferred currency and method.
♦ You want your business to be modern and consumer-friendly
E-commerce is expanding at an unstoppable rate, offering consumers convenient shopping on the go from anywhere — their home, office, or even during their morning coffee outside. No wonder people love it, for they don’t have to waste time visiting shops anymore. Just a connected device and their payment card data allow for shopping for almost any goods and services. So, consumers now expect more – they would prefer a store that offers multiple payment options. Integrating Corefy’s payment gateway allows your customers to choose from various methods and pay whenever and wherever they find it convenient. Moreover, you reduce operational costs and efforts, finally getting rid of the daily routine with banks and piles of cheques in hand.
♦ You want to run your business efficiently
Integrating Corefy’s payment platform gives benefits not only to consumers but to merchants as well. It provides you with a user-friendly dashboard with all the essential data close at hand. Monitor the detailed transaction data any time you find it appropriate. And when it’s time to tackle reports, you can easily download the necessary data for reconciliation and accounting needs. This helps to track your consumers’ shopping behaviour and make more elaborated decisions on further development.
If you checked at least 3 points from the checklist above, you definitely need a payment gateway. Good news — Corefy has much more to offer. Using our payment orchestration platform, you can bolster your consumers’ trust and open new horizons for your smooth business development. Contact us and profit from all the benefits of our payment orchestration platform immediately.