The article also highlights the role of smart routing in payment orchestration, which can make receipts more efficient by intervening directly on payment flows to reduce failed payouts. It advises on choosing the right payment orchestration platform partner, emphasizing the importance of considering factors such as scalability, fraud management, conversion rate optimization, and international reach. The partner should also ensure compliance with security standards by securely encrypting and storing sensitive customer payment data.
Key takeaways:
- The orchestration of payments is becoming a significant trend worldwide, with the market forecasted to reach around $4.7 billion by 2027.
- Payment orchestration platforms are becoming popular for optimizing the processing of payments at every stage, minimizing failed transactions, costs, and acceptance times.
- Smart routing, the center of payment orchestration, makes receipts more efficient by intervening directly on payment flows to reduce failed payouts.
- Choosing the right payment orchestration platform partner is crucial, taking into consideration unique needs including scalability, fraud management, conversion rate optimization, international reach, and compliance with security standards.