Coping with the Payment Challenges of COVID-19

 June 2nd, 2020

COVID-19 and its effects on our economy are far from over. Yet, as an online business, you can succeed during the “new normal” with the capabilities of a Payment Orchestration Provider. 

Strategically Speaking 

Begin with an examination of successful pivots and business practices to identify post- COVID-19 growth sectors. Merchants should also internalize customers’ shifting propensity to spend and item preferences. 

Further, business continuity is buzzing through minds and zoom meetings the world over. Simulate the idea of other large-scale meltdowns and explore how to carry on if major parts of your infrastructure or revenue stream are no longer functional. Companies that have prolonged digital transformation and digital backups of their infrastructure are now being forced to pull the trigger.

digitalization 2020

Leverage Your Payment Infrastructure for a Post-COVID-19 World 

This is how your online business can use a Payment Orchestration Provider (POP) to adjust to changing consumer habits and create new revenue streams:  

Ensure Your Payment Independence 

Especially during a recession, the connections of a Payment Orchestrator to any payment method or provider worldwide can reveal a smoother payment processing, resulting in higher conversion rates. 

Merchants with only one payment provider run the risk of having a single point of failure. To begin with, they remain restricted to the payment methods of their provider and cannot be guaranteed market-neutral advice regarding which payment methods to proceed with. Expansionoriented online businesses need data-based and vendoragnostic guidance to save efforts while meeting local payment demands.  

A standard set of credit cards and alternative payment methods like PayPal cannot fully cover these local payment needs. Thus, your business can increase customer coverage via connections to payment methods that are less common, emerging or previously considered to be of marginal benefit. With a POP, the efforts in connecting to a new payment solution are minimal. Plus, exercising your newfound negotiating power resulting from your freedom of choice in provider connections can facilitate easier trials with new partners and renegotiations in pricing. 

Payment Independence

Leave Payment Integration to the Experts 

With cashflows squeezed tight, you do not want to be allocating finite time and resources towards technical implementation. Outsourcing technical complexity to connect to and manage various APIs will help you scale faster, focus on core business activities and stay in control of your data. 

A POP can be relied on to deal with evolving technology, communication overhead and potential downtimes due to bugs, errors or unforeseen events. Your online business can utilize resources previously constricted to API implementation, maintenance and testing efforts for additional payment methods.  

Be Ready to Coordinate Sudden Changes in Transaction Traffic 

If you are selling vital goods during times of crisis, you need to act on real-time data. With a POP you can do this while automating your payment optimization so that you can focus on your core business. 

Smart routing can be used to direct transactions via the most beneficial provider to decrease transaction costs, avoid card declines due to provider failure or spread risks. Different providers can be selected dynamically for every incoming transaction. Checkout optimization should also be used to enable the new surge of online customers get the most out of your service. By having the customer-friendly interfaces and option for one-click or express checkout of a POP, you can enjoy increased conversion and customer retention rates.  

Stay Available for Your Customers 

When offering high-demand products you may also feel the need to further mitigate the risk of infrastructure failure by having your payment services hosted more reliably online. Cloud services allow for payment processing to be hosted near their client’s infrastructure or even within the same datacenters. This allows for the best possible latency between a payment setup and the merchant while accounting for data privacy concerns, regulatory constraints and the risk of potential infrastructure failure. When a POP is operating within a cloud environment, it provides merchants high availability and the option to scale needs on short notice. 

Is the World Ending? 

No. Crises such as COVID-19 are unpredictable, yet the way an online business prepares for future uncertainty can be controlled and optimized. 

What you can do is allow your payment setup to empower you with payment method and provider independence, hands-off payment integration, control of transactions and infrastructural risk mitigation. Then you can take the resources saved to bolster your core business and be ready for whatever comes next. 

Read our report on the Coronavirus, payments and online commerce

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