Lately, electronic payments have made significant progress, displacing cash in many markets worldwide. E-commerce volumes steadily increase too. Naturally, it creates a strong need for businesses to get a convenient and secure technical solution for accepting digital payments.
The bigger and more international your business becomes, the more diverse your customers’ preferred 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 it out!
Why choose a payment orchestration platform?
A couple of years ago, smooth digital payment processing seemed like magic. 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 payment technologies embodied in payment service providers, gateways, and payment orchestration platforms.
What is a payment orchestration platform?
A payment orchestration platform is a technical solution that allows businesses to accept different payment methods online and make payouts.
In simplest terms, a payment gateway is the online equivalent of a point-of-sale system in a physical store. A payment gateway facilitates e-commerce transactions in the same way as a POS system transmits a customer’s credit or debit card information and payment data to a payment service provider. The only difference is that payment orchestration platforms allow 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.
Here is how a payment orchestration platforms can help streamline your payment process:
- providing advanced security for fraud prevention;
- offering technical support to help you facilitate the payment process and customers' payment experience;
- digital payment analytics & accounting for total awareness.
Although the processing of a transaction usually lasts several seconds, the whole payment process involves several steps and participants. Payment gateways streamline and facilitate the interaction between merchants, payment acquirers, and card-issuing banks. Thus, using a payment orchestration platform is the key to higher sales and profit margins.
The following checklist will help merchants look into the matter of Corefy’s payment orchestration platform and find the advantages for online businesses of any type and size.
Payment orchestration platform: 7 stages of performance
Good news: as an e-commerce store owner, you don’t need to understand how payment orchestration works. In practice, you must choose a suitable gateway and integrate it with your online store. After that, it just works and allows you to accept different payments from customers in different regions.
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 customer's payment information, encrypts it, and sends it to the payment service provider through a secure channel.
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.
How to choose the best payment orchestration platform
To establish a connection with 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 similarly and have different capabilities and functions. For example, some might offer secure payment information storage capabilities for customers not to re-enter their payment information when buying several times from one website. Others might offer, among other features, ways to integrate sales with business accounting software.
In addition to specific features and functionality, we recommend online businesses consider the following criteria 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 customers’ 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 pages. Customers may turn elsewhere if checkout is confusing, requires too much personal information, or takes a long time to go through.
- Support of international payment methods. E-commerce allows for performing global sales at the click of a button, meaning businesses can easily expand their horizons by accepting a range of domestic and international payment methods. The support of local alternative payment methods is also important.
- Cost and fees. The processing fees differ among different payment processors and are usually higher for high-risk businesses. Some payment gateways have fees like monthly processing minimums. Analyse your budget and expectations to find a payment gateway that fits your needs.
Why choose a payment orchestration platform?
One of the biggest advantages of using a payment orchestration platform is the ability to connect as many payment providers as you need to accept different payment methods and cater to your customers' payment preferences. But it's not the only one. Let's dive a bit deeper.
♦ Your payments are 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.
♦ Full payment stack for your global expansion
Corefy represents an advanced payment orchestration platform supporting multiple currencies and payment methods. It allows merchants to trade with the world, accepting cross-border payments easily and quickly. One integration with Corefy connects your business 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 payment 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 no longer have to waste time visiting shops. A connected device and 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, eliminating the daily routine with banks and piles of cheques.
♦ 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 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.