5 Best Payment Orchestration Platforms in 2022
A payment orchestration platform is a set of tools and services that assist in unifying and managing the different aspects of payment processing from start to finish. Typically, the core elements include connections to various payment service providers (PSP), transaction routing, cascading, fraud protection, automated reconciliation and settlements, vaulting, tokenization, compliance, and comprehensive analytics and reporting. With these tools, payment orchestration optimizes the payment process and simplifies the management of your payment stack.
The Best Payment Orchestration Platforms in 2022. Source: shutterstock.com
In this article, we will discuss the benefits of payment orchestration, things to look out for when selecting an orchestration platform for your business, and the most prominent providers of orchestration platforms currently on the market:
Benefits of Payment Orchestration
Payment orchestration allows for more flexibility and scalability by handling payment processing and providing other services. Here are some of the benefits of using a payment orchestration platform:
- Diverse PSP Connections with One API Integration
Payment orchestration platforms facilitate the integration of local and global PSPs by giving merchants access to their pre-established provider connections after a single integration. Connecting to multiple providers will help expand your business to new markets and acquire a broader and more loyal customer base.
- Better Acceptance Rates
In a vendor-agnostic orchestrator, connecting to various PSPs and smart payment routing increases acceptance rates by finding the optimal routes for transactions to be accepted. Automated retries and cascading further minimize transaction declines.
- Improved Customer Experience and Conversion Rates
Integrating a variety of local and global PSPs allows merchants to better adapt to customer payment preferences by providing different payment methods. This leads to an increase in conversion rates by creating a more convenient experience for customers. Smart payment routing and cascading results in fewer issues with payment processing and transaction declines, which improves customer experience by eliminating the need to retry purchases or use different payment methods.
- Centralized Management
Payment orchestration platforms allow merchants to manage their whole payment stack from one dashboard instead of keeping up with every PSP through its own platform. Merchants receive comprehensive data from all their PSPs in one place with real-time analysis and KPI analytics, which facilitates better decision-making.
- Reduced Security and Compliance Responsibilities
Any of the merchant’s security and compliance responsibilities will be taken care of by the payment orchestrator. Payment orchestration platforms are built on PCI compliant vaults, which minimizes compliance scope for the merchants. Payment orchestrators constantly evaluate security regulations and requirements and reduce the burden on merchants to stay up to date on different compliances across different payment services. Tokenization and risk management services also ensure the security of customer payment data.
- Faster scaling
Connecting to multiple PSPs and payment methods with one integration drastically speeds up the scaling process. Having more payment options broadens your market reach and customer base for your products, and a good checkout experience will lead to loyal customers globally. Payment orchestration makes it easier to accept region-specific payment methods and support cross-border sales, facilitating international expansion.
- Minimized fees
With the availability of many PSPs, smart routing, and retries, merchants can minimize costs by directing transactions through channels with the lowest transaction fees. Furthermore, as your business grows, payment orchestration will save you money by reducing setup fees and eliminating additional fees for automated transaction routing.
Ultimately, payment orchestration optimizes the payment process for scaling businesses.
Things to Consider When Choosing a Payment Orchestration Platform
When selecting a payment orchestration platform, there are a few things you should consider in order to find the best fit for your business. The first thing to make sure of is that the platform you are choosing is truly vendor agnostic. Sometimes, if the vendor also offers their own payment gateway, they can tend to direct more transactions their way to increase their profit, but this can negatively impact your acceptance rates and fees. Another crucial factor is whether the platform provides your preferred services and payment methods. There is no benefit in using a platform that doesn’t offer the tools you need for your business goals. Also, make sure that the services are suitable for global businesses and will support your international customers. Figure out how easy-to-use the platform is; is it accessible for business users, or will you need IT to get involved? Think about your resources and what option you prefer. Lastly, establish your ultimate goals of using an orchestration platform — globalizing your payments, diversifying PSPs and payment methods, reducing compliance scope, etc. — and find vendors whose strengths are in those areas.
The Best Platforms on the Market
Now that you know what to look for in a payment orchestration platform, we will discuss the top five payment orchestration providers on the market:
1. Akurateco
Akurateco is an Amsterdam-based white-label payment software provider that offers payment solutions to businesses in various industries. With a single integration, merchants can access over 150 payment connectors, consolidated data reporting and management, a payments calendar to keep track of their monthly or yearly fees, and more. Merchants can increase their approval rates by up to 20% with Akurateco’s smart routing and automated retries features and drive conversion rates up by up to 30% with cascading. Their consolidated real-time tracking of payment analytics can help with making better business decisions. With more payment methods, fewer declines, and an easy-to-use refund system, businesses can acquire a broader and more loyal customer base. Akurateco enables full automation of the payment flow, better distribution of traffic, and data-driven decision-making. Akurateco offers a few integration options for your convenience: CMS Plugin, Mobile SDK, API rest/API soap, or Hosted Payment Page (HPP).
Infrastructure Details:
- SLA 99.995%
- Cloud deployment on hardware or Amazon AWS
- PCI DSS 3.2 certification of equipment, solutions, and processes
- 24/7 maintenance of software and hardware
- SMS and DMS payment schemes support
- 3DS 2.0 support
- Dynamic currency conversion
2. Ikajo
Ikajo’s payment orchestration platform connects merchants to over 100 connectors in over 150 currencies with one integration. Their payment methods include cryptocurrencies, credit cards, and alternative payment methods (such as PayPal, Klarna, etc.). Merchants can change priority, turn on or off specific payment methods, and get real-time analytics on their payments all in one user-friendly interface. Ikajo also offers automated reconciliation and a payment calendar that keeps track of all incoming and outgoing payments from each payment method. Their smart routing tool helps businesses increase their conversion rates by up to 30% by choosing the provider with the best terms for each transaction. Meanwhile, the cascading tool will help improve approval ratios by up to 20%. Ikajo offers two types of integration: API rest/API soap and HPP.
Infrastructure Details:
- PCI Level 1 certification
- AML/CTF compliance
- PCI 3DS certification (1.0 and 2.0)
- Cloud development on own hardware or Amazon AWS
- 24/7 maintenance of software and hardware
- SMS and DMS payment schemes support
- Dynamic currency conversion
3. Payoneer
With the Payoneer orchestration platform, merchants can tap into their vast partner network of over 100 payment methods in over 200 countries and more than 150 currencies. Payoneer’s platform provides a global payments automation solution with Enterprise Resource Planning (ERP) integration, fast reconciliation and reporting, flexible approval flows, risk mitigation, increased payment options, improved operational efficiency, and security and compliance. Merchants can simplify payment collection by making mass payouts, eliminating chargebacks, automating reconciliation and settlements, and minimizing fees per transaction. Payoneer also provides flexible online reporting, messaging in multiple formats, and tax services for payees. There are four possible integration models: iFrame, HPP, and a non-integrated option.
Infrastructure Details:
- PCI Level 1 certification
- AML/CTF compliance
- US and EU licenses
- PSD2 compliance
- 24/7 support
- SSL connectivity (DigiCert)
4. IXOPAY
With one integration, the IXOPAY orchestration platform helps merchants manage and outline the transaction lifecycle from start to finish; using IXOPAY software, merchants can connect to any PSPs, acquirers, alternative payment methods, payment processors, and 3rd party payment software. IXOPAY has a network of over 100 PSPs and over 200 payment methods that merchants can use to their advantage. Their platform also provides complementary services such as risk and fraud management modules, automated reconciliation and settlement tools, smart payment routing, fee management engines, and more. IXOPAY’s risk-based routing, together with cascading and fallback features, results in a 15% increase in acceptance rates. Additionally, automatic card updates maintain payment continuity and reduce declines and decline-related fees. Merchants can manage everything from a central interface with customizable dashboards and critical KPI reporting in real-time. IXOPAY offers the following integration models: Plugins, Mobile SDK, HPP, server-to-server API for PCI compliant environments, Payment.js library with hosted fields for a reduced PCI scope, or virtual terminals.
Infrastructure Details:
- PCI DSS Level 1 compliance
- PCI 3DS certification (1.0 and 2.0)
- GDPR compliance
- 24/7 support
5. BridgerPay
Bridger Pay offers Payment operation technology for making smarter decisions in real-time. The platform consolidates all available processing data to provide you with relevant guidance to improve your revenue streams, managed via a single admin portal.
The platform cascades transaction processing across providers and countries to maximize conversions. Features a cashier and admin portal, customizable and providing full control of transaction routing. The Briger Button creates multiple revenue channels by allowing you to create a payment button and embed it in any website page.
:
· 530+ alternative payment methods
· 150+ currencies
· 200+ acquirers
· 40+ cryptocurrencies
· Global acquiring
· Acquiring flexibility
· Smart traffic management
· Advanced customization
· Global payouts
· FX solutions
· Currency and risk management
Conclusion
A payment orchestration platform will benefit your company in many ways. It helps unify and optimize your payments, automate processes, and broaden your reach to global markets. Make managing payments simpler for yourself and make the payment experience more convenient for your customers. Choose a platform that has the services most fitted for your needs and use it to your advantage!
