With increasing dependence on digital payments, better payments orchestration need is also increasing. The retailers are having a hard time relying on digital platforms. There have been many cases of payment outages. The lack of warning destabilises the entire system. This is directly affecting the customers.
Many merchants and retailers are asking for payment orchestration. There is also a need for multiple payment gateways. The solution provider needs to spend a good deal of money in the IT sector. Businesses often look for payment orchestration through third-party. It will remove the payment implementation. There is a single stream requirement for customers. This will work in everybody’s interest providing merchants with a seamless option.
Payments orchestration will reduce the required technical expertise for better gateways. Payments orchestration is going to hit $1.98 billion in four years. The compound account for a rise of 27%.
It can help retailers to offer customers multiple payment options. And it can easily handle outages with many frictions. So the dependence on the singular payment portal is not going to work out anymore.
For example, Elavon’s faced a payment outage for six hours. It was impossible to manage debit functions. Most of the payment terminals became more inefficient. As a result, many customers were not able to pay for the selected goods. This turned them away, and there was a huge loss for Elavon. Elavon accounts for $300 billion in the market.
eCommerce is becoming more and more competitive. With the pandemic, the number of online shoppers is increasing. The only way to attract more customers is by offering a seamless experience. It also serves as a means to monitor transactions.
Though, most of the eCommerce platforms still offer single payment gateways. The multi-system payment gateway is still not available. Though there is an increasing need for digital payment, the online server is also going down. In those cases, there is a requirement for an effective payment orchestration.