Take a deep dive into payment orchestration

Payment Orchestration refers to a system that provides a single technical framework to trigger, direct, and validate all transactions between merchants, customers, and payment providers. It covers every step of the payments process, from routing through reconciliation.

Understanding the nuances of payment systems is crucial for enterprise businesses aiming to optimize their operations. But how does a payment orchestration platform work and which company boasts the best payment orchestration platform? 

Understanding Payment Orchestration Platforms

A payment orchestration platform (POP) enables businesses to integrate with multiple payment service providers (PSPs) to offer localized payment methods to customers, comply with rules and regulations, and provide secure and efficient payments across methods, regions, and applications.

Orchestration platforms are particularly beneficial for businesses with global growth goals. They help enterprise businesses to scale by entering new markets and regions, growing existing customer bases, and using innovation to create superior customer experiences. Businesses can use a single payment orchestration platform to coordinate a range of complex payment gateways and providers. 

Benefits of Payments Orchestration 

More and more businesses are turning to payment orchestration platforms to deliver:

Flexibility: Businesses can easily integrate and manage multiple payment methods, across multiple payment gateways and payment service providers, allowing customers to choose their preferred way to pay. 

Global Expansion: Payment orchestration supports international transactions by handling currency conversions and facilitating cross-border payments across different regions.

Improved Conversion Rates: Giving customers more payment options has been shown to increase sales and reduce cart abandonment. 

Risk Management: Payment orchestration solutions often incorporate fraud detection and risk management tools to help mitigate potential risks and ensure secure transactions.

Data Insights: Businesses can gain valuable insights into customer behavior, payment trends, and performance metrics through centralized reporting and analytics tools provided by payment orchestration platforms.

What’s The Best Payment Orchestration Platform?

Payment orchestration companies offer strategic payment management through a centralized platform. Here are the pros and cons of some of today’s top payment orchestration platforms:

Spreedly

Spreedly partners with Rapyd and leverages Rapyd’s global payments network to expand their cross-border offerings, including Pan-European cards and US ACH. With Spreedly, customers can convert more prospects into buyers by offering more preferred payment methods. Spreedly clients may also experience lower fees and more easily meet the needs of higher-risk merchants. 

Spreedly lets businesses quickly connect to the global payments ecosystem through their API. Merchants can use multiple PSPs and any payment service to create an enterprise-grade payments stack.

Features: 

  • A massive ecosystem of Spreedly and third-party payment services
  • Rich, flexible reporting tools to help you spot opportunities for efficiency gains
  • Customizable routing logic to increase acceptance rates, lower costs, and develop effective payment architecture across geographies  

Pro: Spreedly is the world’s leading POP using a single API to connect to 100+ countries.

Con: Some users report that the initial setup can be complex. 

Other Popular Payment Orchestration Platforms

Magnius

Magnius is a white-label payment gateway suitable for banks, Payment Service Providers (PSPs), and merchants. It allows users to create branded digital payment solutions that can help optimize payment operations, increase revenues, and minimize costs and risks. The platform has a wide range of features, including:

  • White-label payment solution with customizability
  • Multiple payment methods and connectors
  • Risk, dispute, and compliance management
  • Smart fallback feature for retrying transactions through a second acquirer

Pro: Users can customize the design and branding of the payment platform to fit their needs.

Con: Complexity and cost. A white label solution may require more effort to set up and launch and the cost structure may not be affordable for all businesses. 

Nexio

Nexio’s Premier Platform offers a comprehensive set of features and capabilities to help merchants simplify their payment processes. Nexio provides a single integration point that allows merchants to connect with various payment processors and gateways. This enables merchants to expand into new markets and streamline their payment operations. Nexio can help merchants maintain control over their data and avoid gateway lock-in. Key features include:

  • Security and fraud prevention tools and measures to reduce chargebacks
  • Optimization features that lead to improved sales conversion rates and reduced decline rates
  • Contingency plans for declined transactions, gateway outages, and processor disputes
  • The freedom to choose preferred gateways and processors

Pro: Nexio offers a wide range of payment options and boasts strong security.Con: The platform’s complex interface can be challenging to navigate. 

IXOPAY

IXOPAY is an independent payment orchestration platform that gives businesses the flexibility to choose from a variety of payment providers, payment methods, and risk management providers. It empowers businesses by providing a white-label platform. IXOPAY’s features include:

  • A white-label payment gateway
  • Multi-acquirer support
  • Smart routing to the most appropriate payment provider
  • Reporting & analytics

Pro: IXOPAY offers a simple interface and is easy to integrate with existing systems.

Con: Some users have reported that the platform can be slow.

Corefy

Corefy is a payment orchestration platform that provides businesses with a unified interface to manage and optimize their payment processes across various payment channels and providers. Merchants can integrate with multiple payment gateways, acquirers, and alternative payment methods to simplify the complexities of managing multiple payment systems. Features include:

  • Smart routing
  • Transaction monitoring
  • Reconciliation and reporting
  • Transaction monitoring and fraud prevention

Pro: Corefy provides real-time transaction monitoring and fraud prevention tools.

Con: Users report occasional delays in payment processing.

Ikajo

Ikajo is a global payment service provider. Their Cashier by Ikajo International solution is labeled as a Payment Orchestration platform. It allows merchants to customize solutions within Ikajo’s platform but lacks the functionality to combine the offerings of multiple independent PSPs. Features include:

  • Support for cryptocurrencies
  • More than 100 payment methods
  • Hosted and API integration options

Pro: Ikajo offers a wide range of payment options and supports multiple currencies. 

Con: Ikajo is primarily focused on offering services from its own platform

Why Spreedly Partnered with Rapyd to Deliver Superior Orchestration Capabilities 

Spreedly has carved a niche for itself, offering a single API integration to 100s of gateways and payment service providers (PSPs) across the globe. This unique feature makes Spreedly’s payments orchestration platform an attractive choice for digital-first merchants and eCommerce platforms that are using multiple gateways or PSPs worldwide. Rapyd’s global payments network has been instrumental in solving cross-border payments for Spreedly’s clients, particularly in regions like the Middle East, Africa, and Asia Pacific. By partnering with Rapyd, Spreedly has expanded the coverage that merchants need, enabling them to reach a broader customer base and drive more digital revenue.

Why Use a Payment Orchestration Platform?

The rise of payment orchestration platforms is a testament to the evolving needs of businesses in an increasingly interconnected world. As businesses expand their reach globally, the need for a streamlined, efficient, and secure payment process becomes paramount.

The Payment Orchestration market is expected to grow significantly in the coming years, driven by the increasing demand for digital payment solutions and the need for reducing payment processing time. Business Research Insights predicts that the global payment orchestration market is expected to reach USD 6145.31 million by 2028, growing at a CAGR of 26.06% from 2023-2028.

How to Choose the Best Payment Orchestration Platform for Your Business

In the end, the best Payment Orchestration Platform is one that aligns with your business’s specific needs and growth goals. It should offer flexibility, scalability, and a robust set of features that can help optimize your payment operations. Whether you’re a small business looking to expand or a large enterprise aiming to streamline your payment processes, payment orchestration could be the key to unlocking your next phase of growth.

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