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Payment orchestration has increasingly gained prominence amongst payment professionals and e-commerce businesses. 

By now, most merchants or businesses are aware of what payment orchestration is and have even scouted the market for the various types of payment orchestration layers available – building in-house, infrastructure-as-a-service, or software-as-a-service, learning the key differences between these. 

But to consider whether a payment orchestration platform is the right fit for a merchant’s payment strategy, a business needs to define and understand its return on investment (ROI) and the various use cases of payment orchestration.

Each business is unique and has its own “wow” or “ah ha!” moment that cannot be captured in mass market research or anecdotally exploring the wide range of benefits payment orchestration can bring. 

By implementing payment orchestration, businesses are empowered to strategically manage their business payment systems, employing software and services to streamline and optimize their payment process while securing ROI. This approach can significantly enhance the efficiency and effectiveness of an organization’s payment operations.

Here are some key benefits of payment orchestration:

• Increased Conversion Rates: By offering multiple payment methods and gateways, payment orchestration ensures that customers have their preferred payment options available, which can reduce cart abandonment and increase conversion rates.
• Reduced Payment Failures: A payment orchestration platform can intelligently route transactions through different PSPs to minimize the likelihood of payment failures.
• Enhanced Customer Experience: It offers a seamless payment experience to customers, regardless of where they are or which payment method they use, resulting in higher customer satisfaction and retention.
• Fraud Prevention: Advanced payment orchestration platforms integrate with third-party anti-fraud providers, which can reduce the risk of fraudulent transactions and chargebacks. 
• Cost Optimization: It allows businesses to dynamically select the most cost-effective payment providers and payment methods for each transaction, potentially lowering transaction fees and operational costs.
• Improved Authorization Rates: Payment orchestration can increase the probability that a transaction will be approved by selecting the best-performing payment service provider for each transaction type or region.
• Global Expansion Support: For businesses looking to expand internationally, payment orchestration simplifies the process of accepting payments in different currencies through various local payment methods.
• Data Insights and Analytics: It provides valuable insights into payment data, which can be used to make informed decisions about payment strategy and identify improvement areas.
• Streamlined Operations: By centralizing payment processes, businesses can simplify reconciliation, reporting, and compliance with financial regulations. 
• Adaptability and Scalability: Payment orchestration platforms can adapt to the changing needs of a business, allowing for easy scaling as transaction volumes grow or as new payment methods and technologies emerge.
• Reduced Dependency: Using a payment orchestration platform reduces a business’s dependency on any single payment provider, mitigating risks associated with provider outages or service disruptions.
• Efficient Payment Processing: Orchestrating payments can lead to more efficient payment processing, as it enables businesses to manage and automate workflows, reducing manual intervention and errors.

Overall, payment orchestration is about creating a flexible, efficient, and user-friendly payment ecosystem that can grow with your business and adapt to the evolving landscape of digital transactions.
Do you also want to find out how much you could stand to gain financially by partnering with Gr4vy? Check out our comprehensive ROI calculator for payment orchestration and enter your business payment information for your unique result. To explore the ROI in more detail, download our ROI eGuide. Alternatively, get in touch with our team to book a demo.