Payment Orchestration Part II: a Fight for Efficiency

 December 12th, 2019

It’s fight night. Leather flashes as two boxers exchange blows in the center of a ring. One is tense, and hesitant while the other is relaxed, seemingly on autopilot. He effortlessly evades punches and returns fire. It’s over in the blink of an eye and the crowd is left in awe as the victor walks off without a scratch.  

Payments in many ways mirrors the complexity of a boxing match. Both disciplines are intricate puzzles with high stakes that dynamically evolve and must be reacted to in real time. Whereas the boxer needs to have fundamentals, ring generalship, adaptive ability and fight IQ in place before the bell rings, an online business needs to have a time-tested payment setup in place long before the proverbial hits the fan.  

In POP part I we explained the need for a simple way to automate and orchestrate a payment setup. Here we put connectivity, routing and analytics on display as some core components for a payment orchestration provider (POP) and explain why they are necessary for merchants who want to have a leg up on their competition. 

The Orchestration Layer, One Easy-to-Use Place to Direct Your Entire Payment Setup  

Simply stated, fighters demonstrate fight IQ when they can effectively implement a strategy and adapt to use the right tools in the face of pressure. 

Having a full toolbox in payments allows merchants to act in line with their strategies and react to ever-shifting trends in their industries. Yet, it is not enough to just have all the right functionalities. Optimal performance is about the synergistic use of all available tools in a user-friendly and effective interface 

To effectively manage payment infrastructure today, data and a centralization of processes and applications are required for any organization. A Payment Orchestration Provider delivers all the payment functionalities within one central environment from an open API integration.  

Connectivity, a Foundation for Global Payments 

Proper footwork lays a foundation for strong fighters. With it they have power, maneuverability and solid defense. Without it they are awkward and vulnerable.  

Likewise, the ability to flexibly connect to any payment method, provider or third-party service gives online businesses control over their entire payment setup. With a POP, a merchant is afforded this connection and subsequent plasticity when shaping its payments. 

Without proper provider connectivity, businesses can find themselves at the mercy of the technical limitations of their single providerGateway solutions are often not provideragnostic and can lack the necessary direct integrations from acquirers and prominent payment methods such as Alipay, Apple Pay and iDealFurther, the creation of a new PSP integration can delay or even stand in the way of a marketrollout plan.  

With the connectivity of a POP, a merchant can enjoy the exceptional quality of payment integrations delivered in a short amount of time. 

Routingthe Ability to Dictate the Path oYour Transactions 

With a strong foundation in place, a fighter can begin to develop ring generalship. This is the ability to manipulate space and timing to dictate the pace and direction of the bout. 

Routing gives merchants the ability to direct transactions via their preferred provider to increase card acceptance rates while minimizing transaction costs. Different routing procedures can be specified based on geographic location.  

Businesses can use routing to design their own strategy for each transaction by automating transaction flowsPayment routing saves costs by directing transaction flows based on the transaction fees of providers. It sets backups in place for provider failovers by fixing an order of providers. In addition, it spreads risk by dividing the amount of desired transaction traffic to be given to each provider. 

With payment routing, merchants enjoy flexibility while using the most efficient path for customer transactions anywhere in the world.  

Analytics, the Power of Data-Backed Decision Making 

Great martial artists read patterns and react to them in milliseconds. This is seen when a fighter swings and misses an opponent who has anticipated his/her tendency to overreach. The result is a quick slip and a sharp counter punch from the opponent – data analysis in action 

Today E-Commerce companies are still struggling with customer experience. In order to optimize a customer’s payment experience, it is important to analyze and control each component of a payment setup.  

Analytics is a POP functionality which allows a merchant to track payment performance and react to it in real time. It provides a personalized, holistic overview and KPI-based analytic dashboard applications to show all important payment data at a glance. Businesses can use this to filter through, search for and analyze all processed payment transactions.  

The analytics functionality of a payment orchestration provider gives businesses freedom to make informed decisions on how to design their payment experience 

The POP Allows Merchants to Win in Payments Through Growth, Scaling and Refinement 

To sum things up, boxers need to nail down their fundamentals, control the ring, read their opponents and put all the pieces together to perform effectively and reach their goal of victory. 

Meanwhile the goals of a merchant are to accelerate growth, optimize payment experience for their end customers and lower operational expenditure. The POP facilitates this with an easy connection to global payments, the power to direct and optimize transaction flowsactionable payment data and one easy-to-use interface to access every payment capability 

For both boxing and payments, methodology and technique can be infinitely intricate. Yet, access to the right tools and simple application in both disciplines will allow fighters and merchants to beat their competitors to the punch.  

Curious about payment orchestration? Speak with our team to learn more about the ins and outs of a POP.  

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