Payments orchestration technology is becoming increasingly popular among businesses of all sizes. In a rapidly evolving payments landscape, payments orchestration can help businesses streamline payment processing, reduce costs, and improve customer satisfaction. In this article, we'll explore the benefits of payments orchestration and how it can help your business succeed. Seamless Payment Processing
One of the primary benefits of payments orchestration is the ability to provide seamless payment processing for customers. By seamlessly integrating with multiple payment gateways and processors, payments orchestration can provide businesses with the flexibility they need to process payments quickly and securely.
This is especially important in the digital age, where customers expect a smooth and seamless checkout experience.
In fact, a study by Baymard Institute found that 69.57% of online shoppers abandon their shopping cart because of a lengthy or complicated checkout process.
Reduced Costs
Another significant benefit of payments orchestration is the ability to reduce costs. By streamlining payment processing and consolidating payment systems, businesses can eliminate the need for multiple payment processors and gateways. This can help reduce costs associated with payment processing, such as transaction fees and interchange fees.
A study by Accenture found that businesses can save up to 40% in payment processing costs by implementing payments orchestration technology.
Improved Customer Satisfaction Payments orchestration can also help improve customer satisfaction by providing a seamless checkout experience. When customers can easily complete their purchase without any hiccups, they are more likely to return to your business for future purchases.
60% of customers are willing to pay more for a better experience, while 86% of customers are willing to pay more for better customer service. - Study by American Express.
Increased Flexibility Finally, payments orchestration technology provides businesses with increased flexibility when it comes to payment processing. By integrating with multiple payment processors and gateways, businesses can support a wide range of payment methods and currencies.
This can be especially important for businesses that operate in multiple countries or that cater to international customers. In fact, a study by Statista found that cross-border eCommerce is expected to reach $4.9 trillion by 2025. By streamlining payment processing and consolidating payment systems, businesses can reduce costs, improve customer satisfaction, and ultimately grow their business. As the payments landscape continues to evolve, payments orchestration technology will become increasingly important for businesses looking to stay competitive and succeed in the digital age.
