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How to enhance e-commerce transactions with payment orchestration

As the final interaction between consumer and retailer, the consumer payment process is often overlooked under the misguided belief of “it’s good enough”. Yet, in an industry where transactions occur rapidly, the efficiency of an e-commerce business’s payment flow can significantly impact success and revenue.

According to Till’s recent whitepaper on Payment Orchestration, 84 per cent of respondents said they were working with up to 20 payment providers, with 75 per cent seeking to simplify their payment management. These statistics highlight the inefficiencies plaguing businesses’ payment processes. Chris Hicks, chief revenue officer at Till Payments believes payment orchestration is the solution to this widespread issue.

“Payment orchestration is about creating a seamless experience for both the retailer and the customer,” says Hicks. “However, its implementation is challenging for businesses without in-house expertise in payments, often resulting in frustration for the retailer, which is where payments partners can add real value.”

 The role of payment orchestration

Modern payment orchestration strategies are revolutionising how online retailers manage transactions. It is a centralised method for handling payments, enabling businesses to boost efficiency, security and scalability. This ‘orchestration layer’ integrates into the payment process to enhance the customer experience. While it can mean many things for different businesses, Till’s whitepaper identified key functionalities that companies expect from an orchestration solution, including: 

• Connection to many payment methods.
• Cost-effective transaction routing.
• Tokenisation / PCI-DSS compliance.
• Fraud prevention.
• Reconciliation and reporting efficiencies.
• Reduced development work.

Simplifying payment migration

One of the biggest challenges in implementing a payment orchestration strategy is migrating to new payment systems. Traditional migration processes often result in significant downtime and operational disruptions. However, payment industry disruptors are shaking up the status quo to deliver migration services that are simple, seamless and efficient. These services include comprehensive support and dedicated teams that facilitate a smooth transition, allowing businesses to continue operations while upgrading to more efficient systems with greater payment capabilities.

“For us at Till, our goal is to make payment migration as smooth as possible,” explains Hicks. “We work closely with businesses to ensure a seamless transition, minimising any potential downtime.”

Leveraging real-time data and insights

In today’s data-driven world, real-time insights from payment transactions are invaluable. The most effective payment orchestration strategies offer intuitive data insights tools as standard, like the Till Portal, providing businesses with real-time transaction data to help them monitor sales trends, prevent fraud and simplify reconciliation and reporting. By leveraging these insights, businesses can make informed decisions swiftly, saving them time and money while freeing their staff to focus on customer interactions. 

“Access to real-time data allows businesses to stay ahead of the curve, and the benefits are boundless,” says Hicks. “When you unlock the value of your payment data, you can make strategic decisions that drive growth, improve efficiency and even minimise fraud.” 

Ensuring secure and compliant transactions

Security in payment transactions is paramount. State-of-the-art security measures, including PCI compliance and strong customer authentication, protect retailers from fraud and breaches. These robust security frameworks not only safeguard businesses but also build customer trust. Secure transaction processes are essential for maintaining a positive reputation and ensuring customer loyalty, as consumers are more likely to return to businesses where they feel their payment information is protected.

“Orchestration solutions utilise tokenisation technology to meet the payment industry’s standards for data security,” explains Hicks. “Without an automated system through an orchestration partner, compliance is infinitely more difficult to achieve for businesses without in-house payments expertise.”

Fit-for-purpose solutions for diverse business needs

Every business has unique payment requirements. Effective orchestration solutions offer customisable features that can be tailored to fit specific needs, such as the ability to accept alternative payment methods. Whether a business has a single online store or is part of a larger retail enterprise, these flexible solutions help optimise payment systems, driving both efficiency and growth. Customisation options can include connection to local acquirers in regional markets, access to tailored reporting tools, fraud prevention tools for cross-channel commerce, and scalable solutions that grow with the business.

Payment orchestration: a future-proof formula for success

The practical impact of modern orchestration solutions is evident in the successes of countless retailers worldwide. Online and omnichannel retailers who have adopted – and successfully rolled out – effective payment orchestration strategies report significant improvements in transaction processes, customer satisfaction, and operational efficiency. Meanwhile, real-time data insights have proven instrumental in optimising operations and boosting sales while robust security measures protect businesses from reputational and financial damage. 

As the online retail sector continues to evolve, the need for efficient and reliable payment solutions becomes increasingly critical. An effective payment orchestration solution delivers the key to enhancing retail operations. By integrating these advanced solutions, retailers can improve their operations, increase customer satisfaction, and drive growth in a competitive market.