Can you imagine a website selling goods or services where you can’t pay for your purchase online? Well, such a store might exist, but it’s extremely inconvenient and will hardly ever have large sales. Cooperation with a payment orchestration platform is the essential cogwheel in the process of selling and buying online. It’s obvious that you should pay due attention to choosing a payment gateway provider for your business.
One should consider a range of details while choosing a payment orchestration platform to accept online payments. And there are also some points of friction that might confuse you. So, let’s put things straight.
What is payment orchestration?
Payment orchestration is a set of smart tools and activities that help monitor and manage transaction flows. The implementation of it increases the payment discipline, transparency of operations and strengthens internal control.
Key functionalities of payment platforms
There is a list of benefits on behalf of working with a payment orchestration platform. And before we dive into the controversial points, let’s highlight the essential features. An advanced and reliable payment orchestration platform should have the following features:
- Dynamic transaction routing to make sure all your transactions are processed successfully and through the most relevant route;
- Application programming interface (API) for ease of use and convenience;
- Advanced analytics & reporting to enable you to monitor, analyse, and plan your business activities;
- Risk management to secure your funds and revenue.
These are the key points that help define a worthy partner to entrust your sensitive transaction process.
Common misconceptions about payment orchestration platforms
Let’s make sure you know about the things payment orchestration platforms do or don’t. To better understand and facilitate your choice of a partner, here’s the list of the most widespread confusing points.
1) Payment platforms hold onto the money they process
This misconception is one of the most widespread. Sure, each platform deals with the money somehow, but none of them holds onto the funds. Their primary task is to gather certain data, securely store it, and communicate it with banks. So, payment orchestration platforms interact with the data but not with the money itself.