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Guide to evaluating payment orchestration solutions

信息技术2023-09-05Edgar， Dunn & CompanyW***

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Guide To Evaluating Payment Orchestration Solutions

Introduction Payment orchestration simplifies and optimizes the process of managing and integrating various payment methods, providers, and processes within a business. It consolidates and streamlines payment operations, enabling businesses to offer multiple payment options while ensuring smooth and efficient payment acceptance and processing.

Key Components of Payment Orchestration

Payment Orchestration Platforms (POPs) serve as intermediaries between merchants and payment service providers (PSPs), aggregators, acquirers, and other relevant parties in the payment ecosystem.
POps provide a unified interface and set of tools for merchants to integrate and manage different payment methods, including credit cards, digital wallets, bank transfers, and alternative payment methods (APMs).
By using payment orchestration, businesses can simplify the process of adding, configuring, and maintaining different payment options, improving the customer payment experience, increasing conversion rates, reducing costs, and streamlining payment operations.

Types of Payment Orchestration Solutions

In-house solutions: Merchant-developed systems tailored to specific needs.
Off-the-shelf solutions: Pre-built platforms designed for broader use.
Merchant’s own payment services provider, acquirer, or payment gateway: Integration directly into existing systems.

Service Elements of Payment Orchestration Solutions

Checkout: Ensures a frictionless experience for consumers, dynamic or smart routing of payment transactions, and optimized security measures.
Routing: Determines the most suitable payment service providers based on factors like transaction value, currency, and historical success rates.
Settlement: Disburses funds from payment service providers to the merchant's bank account efficiently.

Enhanced Features

Tokenization & Token Vault: Enhances security by substituting sensitive payment information with tokens.
Application Programming Interface (API): Facilitates seamless integration and automation.
Omnichannel Support: Enables payment options across multiple channels.
Fraud Prevention: Protects against fraudulent activities through advanced detection mechanisms.
Reconciliation & Reporting: Ensures accurate financial tracking and reporting.
Dashboard & Alerts: Provides real-time insights and notifications for better decision-making.

Benefits of Payment Orchestration

Simplification of Payment Operations: Reduces complexity in managing multiple payment providers.
Increased Conversion Rates: By offering a wider range of payment options.
Cost Reduction: Through optimized routing and reduced transaction failures.
Flexibility and Control: Allows businesses to adapt to changing market trends and customer preferences while maintaining control over payment processes.

Market Overview The payment orchestration market offers a comprehensive guide for businesses looking to integrate payment orchestration into their operations, drawing on expert advice and learnings from industry leaders. It serves as a resource for understanding the landscape, evaluating different solutions, and leveraging the benefits of payment orchestration effectively.

GuideToEvaluatingPaymentOrchestrationSolutions Contents Introduction3 Introduction Paymentorchestrationreferstotheprocessofmanagingandoptimizingvariouspaymentmethods,providers,andprocesseswithin abusinessororganization.Itinvolvesconsolidatingandstreamliningpaymentoperations,enabling businessestooffermultiplepaymentoptionstotheircustomerswhileensuringsmoothandefficientpaymentacceptanceandprocessing. PaymentOrchestrationPlatforms(POPs)actasanintermediarybetweenmerchantsand paymentserviceproviders(PSPs),aggregators,acquirers,andotherrelevantpartiesinvolvedinthepaymentecosystem.POPsaimtooffer aunifiedinterfaceandsetoftoolsthatallowmerchantstointegrateandmanagedifferentpaymentmethods,suchascreditcards,digital wallets,banktransfers,andAlternativePaymentMethods(APMs)suchasBuyNow,PayLater(BNPL)providers. Byusingpaymentorchestration,businessescanovercomethecomplexitiesassociatedwithintegratingandmaintainingmultiplepaymentproviders.Theygainaccesstoasinglepointofintegrationandmanagement,simplifyingtheprocessofadding,configuring,andmaintainingdifferentpaymentoptions.Byadoptingpaymentorchestration,businessescanimprovethecustomerpaymentexperience,increase conversionrates,reducecosts,andstreamlinepaymentoperations.Itenablesthemtoadapttochangingmarkettrendsandcustomer preferenceswhilemaintainingcontrolandflexibilityovertheirpaymentprocesses. Paymentorchestrationisahottopicforbusinessesandmerchantswishingtooptimizepaymentacceptanceandpaymentprocessing. PaymentOrchestrationPlatforms(POPs)areanewbreedofmiddlewarefintechcompanieswhoconnecttomultiplePaymentServiceProviders(PSPs),paymentgateways,fraudpreventiontechnologies,eCommerceplatformsandacquirers.Thisguideoutlinesanapproachtoevaluatedifferentpaymentorchestrationsolutions.Itdoesnotignorethefullstackacquirersorotherpaymenttechnologyprovidersthathaveincorporatedpaymentorchestrationintotheirmulti-acquirerofferingasthisguideisequallyapplicableforthenon-pureplayPOPproviders. Paymentorchestrationcanbeperformedbymerchantswithanin-housesolutionorbyanoff-the-shelfsolutionorbya merchant’sownpaymentservicesprovider,acquirer,orpaymentgateway.APaymentOrchestrationPlatformshouldenable merchantstotakecontrolofpaymentacceptance,fromcheckoutthroughtothesettlementoffundsintothe merchant’sbankaccount,andtostaycompetitiveandagileintheconstantlyevolvingpaymentslandscape. InApril2021EDCcreatedanintroductiontopaymentorchestrationwhich wasupdatedinMarch2022. Thisguidegoesbeyondanintroductiontopaymentorchestration. Thisguideispackedwithindependentexpertadviceandrecommendationswhichshouldbeconsideredwhenintegratingpaymentorchestrationintoyourbusiness. Thisdocumentcontainsenhancedthoughtleadershipaboutthepaymentorchestrationmarket,itdrawstogetherourexperienceandlearningsfromacrossEDCtoactasaguidetoevaluatingpaymentorchestrationsolutions. 01 BeforePaymentOrchestration GuideToEvaluatingPaymentOrchestrationSolutions 01Beforepaymentorchestration BeforePaymentOrchestration Beforepaymentorchestrationmerchants builtandmaintainedmultipleconnectionstopaymentproviders,gateways,acquirersandAPMs.Asbusinessesgrow,bothorganically andinorganically,ande-commerceshoppinggrewinpopularity,theserelationshipsbecame increasinglycomplex,whichcreatedaneedforpaymentorchestration. PSPGateway Acquirer PSPGateway Merchant Acquirer APM Acquirer APM PSPGateway Acquirer PSPGateway AprimaryobjectiveofPaymentOrchestration Simplification GuideToEvaluatingPaymentOrchestrationSolutions6 02 WhatdoesPayments Orchestrationlooklike? GuideToEvaluatingPaymentOrchestrationSolutions WhatdoesPaymentsOrchestrationlooklike? ThePaymentsOrchestrationPlatform(POP)orPaymentsOrchestrationLayer(POL)actsasatechnicalmiddlelayerconnectingthemerchanttomultiplepaymentproviders,gateways,acquirers andAPMs. Thepaymentorchestrationsolutionshouldatleastdeterminehowbesttorouteapaymenttransactionfromthemerchant’scheckoutthroughtobanksettlement,increasingtheconversionandthereforemaximisingthemerchant’srevenue. PSPGateway Acquirer PSPGateway Merchant Acquirer PaymentsOrchestrationPlatform APM CheckoutRoutingSettlement Acquirer APM PSPGateway Acquirer PSPGateway Thereareatleastthreecoreserviceelementsofapaymentorchestrationsolution–eachcanbe furtherbrokendownintodifferentserviceofferings. Merchant PaymentsOrchestrationPlatform Checkout Routing Settlement CheckoutFrictionlesscheckoutexperiencefor theconsumer Routing Dynamicorsmartroutingofpaymenttransactions Settlement Disbursementoffundsfromthepaymentserviceproviders tomerchant's bankaccount AdditionalPOPserviceofferingscaninclude: •Tokenization(&TokenVault) •ApplicationProgrammingInterface(API) •Omnichannelsupport •FraudPrevention •Reconciliation •Reporting •Dashboard •Alerts 02WhatdoesPaymentsOrchestrationlooklike? Checkout PaymentsOrchestrationPlatform Checkout Routing Settlement Thecheckoutstageplaysacrucialroleinfacilitatingasmoothandsecurepaymentprocessforcustomersbothonlineandoffline.ThereareseveralkeyobjectivesassociatedwithusingaPOPforthecheckoutphase: •RelevantPaymentMethod

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