Payment orchestration platform: 5 reasons why businesses need it
Lately, electronic payments have made significant progress, displacing cash in many markets around the world. E-commerce volumes steadily increase too. Naturally, it creates a strong need for businesses to get a convenient and secure technical solution for accepting payments online. The bigger and more international your business becomes, the more diverse are your customers’ payment methods, currencies, and geographies. This is where a payment orchestration platform or a payment gateway comes in handy. Does your business need one? Let’s explore the benefits and figure out!
Payment orchestration platform
A couple of years ago, smooth online payments processing seemed like magic. Now almost anyone, anywhere, and anytime can add items to the cart and pay online in seconds. So, magic has become a reality due to smart technologies embodied in payment gateways and payment orchestration platforms.
Here is how a payment orchestration platform can facilitate your payment flows.
- advanced security for fraud prevention;
- technical support to help you get things straight;
- transaction analytics & accounting for total awareness.
Although the processing of a transaction usually lasts several seconds, the whole procedure involves several steps and participants. Payment gateways streamline and facilitate the interaction between merchants, payment acquirers, and card-issuing banks. Thus, using a payment gateway is the key to higher sales and profit margins. The following checklist will help merchants look into the matter of Corefy’s payment platform and find the advantages for online businesses of any type and size.
In simplest terms, a payment gateway is the online equivalent of a point of sale (POS) system in a physical store. A payment gateway facilitates e-commerce transactions in the same way a POS system transmits a customer’s credit or debit card information to a payment processor. The only difference is…