Payment orchestration is no longer just a future concept but a vital component in the e-commerce and fintech sectors. The market for payment orchestration has grown nonstop, emerging as a crucial element in these sectors.
Delaying this move can significantly impact your business’s competitiveness, costs, and customer satisfaction.
Payment orchestration offers unmatched flexibility. It enables merchants to seamlessly integrate and manage various payment methods and gateways through one single interface, a game-changer for global businesses. As online shopping and digital transactions grow, there is a growing demand for platforms that provide efficient, secure, and seamless payment processes with robust tools for managing compliance and fraud prevention.
Additionally, Open Banking, a crucial advancement in the financial services sector, complements the capabilities of payment orchestration platforms. It facilitates the creation of innovative payment solutions, allowing third-party developers to access financial data and services from banks.
As the market expands, the synergy between payment orchestration platforms and Open Banking is driving further innovation and growth.
Here’s a deeper look into why immediate action is essential:
Falling Behind Competitors:
Competitors using payment orchestration can quickly integrate new payment methods, improve transaction efficiency, and enhance security, giving them a competitive edge. According to McKinsey, companies using advanced payment solutions see up to 20% higher revenue growth. Delaying this move risks making your business less attractive to customers who value a seamless payment experience.
Higher Operational Costs:
Managing a fragmented payment infrastructure is costly. It involves multiple integrations, maintenance of various payment gateways, and handling different compliance requirements. Payment orchestration consolidates these functions, reducing operational costs and minimizing the risk of errors.
A report by Capgemini highlights that businesses can reduce payment processing costs by up to 30% through effective payment orchestration.
Merchants can save money by using an orchestration layer to manage their payment methods, testing and optimizing their transactions to the least cost acquirer.
Fraud Prevention:
Cybercrime costs could reach $600 billion per year globally. Orchestration secures online payments with 3D Secure Protocols and fraud rules, ensuring seamless transactions and building customer trust.
Losing Customers to Competitors:
Today’s consumers expect smooth and secure payment processes. A Baymard Institute survey found that 18% of customers abandon their carts due to complex or lengthy checkouts. Payment orchestration ensures diverse payment options, faster transactions, and robust security, greatly improving the customer experience. Failing to provide this level of service may result in customers choosing competitors who can meet their expectations.
Global Trends
Adapting to Market Demands:
The global digital payments market is projected to grow from $5.44 trillion in 2020 to $11.29 trillion by 2026, according to Mordor Intelligence. This growth is driven by increased internet use, mobile devices, and a shift to cashless transactions. Businesses using payment orchestration are better positioned to capitalize on these trends, ensuring they can scale effectively and meet evolving market demands.
Don’t wait; streamline your payment operations now to stay competitive and meet the demands of today’s digital economy. By adopting payment orchestration, you ensure your business is agile, cost-efficient, and capable of providing a superior customer experience. Orchestration unlocks use cases too hard to implement in-house.
This strategic move will not only secure your current market position but also pave the way for future growth and innovation.
Whether you build or buy, you should definitely orchestrate. Talk to one of our experts to run our ROI calculator and understand how much you can save with Gr4vy orchestration solutions.
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