Dublin, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The "A Guide to Payments Orchestration" report has been added to ResearchAndMarkets.com's offering.
This report provides insight into this exciting new technology and explains what every merchant needs to know about it.
Payments orchestration is a relatively new term in the payments lexicon, but one that is becoming more widely discussed among merchants of all sizes, types, and categories. The strategy that drives orchestration is nothing less than a paradigm shift in the way that merchants view payment service providers.
Until recently, merchants commonly employed a best-of-breed approach to selecting a functional service provider in their payments ecosystem. For example, an enterprise merchant would typically utilize a core processor for credit/debit cards, a Buy Now, Pay Later (BNPL) provider, a financing partner, a fraud prevention platform, etc.
Once a merchant identified a function or service that would add value to their current payments environment, the merchant would review vendors providing that service and select the one that represented the best fit.
The challenge is that each merchant is unique: each has built their business around their own customer value proposition, and their organizational infrastructure has developed in a way that supports and enables that value proposition.
From the service provider's perspective, no company can be all things to all merchants, so for the merchant, selecting the best service provider in a given category involves compromises. Everything a merchant does in payments impacts the customer experience at some level, affects the internal operations of the merchant's business, and will produce a positive or negative financial result.
Rather than conduct due diligence to select a "best-of-breed" service provider for each functional area within payments, orchestration leverages technology to utilize multiple providers, coordinating the utilization of each provider based on business conditions and/or transaction attributes.
The pace of change in the payments ecosystem makes it increasingly difficult for any single service provider to offer a complete solution in a specific category.
Merchants are often disadvantaged by waiting for their primary service provider's product development cycle to deliver needed features and functionality, but at the same time not always in a position to change that relationship. Instead, merchants are increasingly finding that the fastest path to adding needed services is by adding an additional service provider that already offers the needed functionality.
Managing multiple service relationships across multiple payment service categories can strain a merchant's operating resources, so more and more merchants are leveraging an orchestration strategy to deliver both a strong ROI and a superior customer experience.
An increasing number of merchants are employing an orchestration strategy to make payments work better in their businesses and deliver a better customer experience.
However, orchestration is complex and has the potential to be costly if implemented incorrectly. This report examines the business factors that make an orchestration strategy useful and how to determine if you will benefit from orchestration, and then presents a guide for implementing orchestration successfully.
Highlights of this report include:
- An outline of the benefits of payments orchestration
- An examination of the business factors that make an orchestration strategy useful
- A discussion on how to implement orchestration successfully
Companies mentioned in this report include:
- ACI
- BlueSnap
- Checkout.com
- Ford
- Gr4vy
- Payoneer
- Spreedly
Key Topics Covered:
- Executive Summary
- Introduction
- What is the Value of Payments Orchestration?
- Why Consider Payments Orchestration?
- Recommendations for Merchants Considering Payments Orchestration
- Conclusion
For more information about this report visit https://www.researchandmarkets.com/r/ejt8pn
