5 Benefits of Upgrading to Payment Orchestration

The right technology is vital for merchants to maintain a competitive advantage. From new payment types to vendor services, enhanced security to increased data access, a payment orchestration partner enables businesses to connect to new and existing processors and third-party service providers through payment orchestration.

The right payment orchestration should allow merchants to seize growth opportunities and prepare for the future while still delivering exceptional customer experiences now. Powerful, flexible, and configurable, the OLS Enhanced Payments Solution is an omnichannel payments solution that can simplify and streamline payment processing by unifying various systems, including reconciliation, settlements, and reporting, under one solution.

What ways does an API impact Payment Orchestration?
The payment orchestration layer from OLS delivers best-in-class solutions that simplify scalability, enhance security, lower costs, improve the customer experience, and provide better data reporting. By utilizing APIs, OLS is able to speed the integration and deployment process for businesses.

1. Simplify Scalability and Market Expansion

Business environments are continually evolving, whether it’s due to new technologies, shifting customer demand, or market expansion. As merchants seek to expand and enable new payment types, they may find themselves with a complicated and pieced-together collection of processing software and systems. Scalability is particularly important for businesses to consider as part of their efforts to become future-ready with their payment system.

Payments orchestration helps merchants connect to a broader range of acquirer and third-party service provider relationships and choose the best-in-class providers that work best for their business. Enabling flexibility, efficiency, and cost-effective, future-ready scale, the modular design from OLS enables businesses to deploy new payments and functionality within a short timeframe.

2. Enhance Security

Security and data breaches pose a serious threat. Fraudulent activities can damage a business’s reputation, erode customer trust, and lead to financial losses. Companies must implement payment system security features, products, and services that protect customer information and insulate their payment systems from security risks. An payment orchestration partner can help businesses improve their payment processes by enabling greater payment system security.

Payments orchestration from OLS can help merchants enhance transaction processing security and counteract transaction fraud with access to enhanced security functionality, including the most recent tokenization and encryption security updates. Compliant with the latest PCI and PA-DSS requirements, the OLS security solution can reduce PCI scope and provide relief from breach notification.

3. Lower Costs

Payment acceptance costs are rising for U.S. merchants, with analysis from CMSPI suggesting that the average price of payment processing for U.S. merchants will have doubled between 2009 and 2025. Payment orchestration can help businesses maintain a competitive advantage by lowering the overall cost and resources required to manage their payment systems and driving down payment acceptance costs.

Utilizing multiple processors can help merchants with better pricing and improved services. Various processors may excel at different elements, and using numerous processors provides more leverage for merchants from a contractual standpoint. It can offer better pricing between processors for another class of transactions. Payment orchestration provides a layer of abstraction between the merchant and its selected acquirer to make it easier to switch acquirers or to utilize least-cost routing algorithms to route transactions to the acquirer that costs the least.

4. Improved Customer Experience

Customers want maximum convenience with a payment experience that is simplified, consistent, and as frictionless as possible, as well as one that allows them the ability to use the payment method of their choice. To meet these expectations, businesses need a partner to help them with the technology to accept these various payment types.

With access to the latest payment capabilities, a payments orchestration layer partner can help businesses as they develop the right mix of payment options. OLS supports every major payment network in the United States and an increasing number of international payment types and is capable of implementing private label solutions. These additional payment methods provide greater consumer convenience and a more effortless shopping experience. Businesses that can adapt to new consumer demands and implement a wider variety of payment solutions will be rewarded with a strong competitive advantage.

5. Data Analytics and Reporting

Payment data helps businesses see the big picture when it comes to payment activities, from being able to identify transaction issues to detecting fraud. Payment system data also provide insights into individual transactions, linking transaction data and allowing a business to see the entire customer journey. OLS aggregates data about the various parts of a transaction and delivers that data in near real-time.

Recognizing the significance of what clear visibility into the payments ecosystem could mean for businesses, OLS knows that payment system data reporting should not be a one-size fits all solution. Rather, each company will have its preferred way to consume data, so we take the time to talk to a retailer about the best way to consume their payment data. That might include:
APIs created by either OLS or the merchant
Indexing the data and sending it to Splunk
Using Intraday extract produces files and pushing out on SFTP

Data from these reports could also be exported and loaded into other tools, allowing businesses to utilize the data in the most beneficial manner.

Payment Orchestration From OLS Delivers Best-in-Class Solutions
When businesses are looking at a payments orchestration partner, they need one that has delivered solutions that address some of the largest global retailers’ most complex electronic processing challenges. With over 25 years of experience in payment orchestration and card data security, our expertise is unmatched in the industry.

Key Takeaways

• Payments orchestration helps merchants connect to a broader range of acquirer and third-party service provider relationships.
• A payment orchestration partner can help businesses improve their payment processes by enabling greater payment system security.
• Payment orchestration makes it easier to switch acquirers or to utilize least-cost routing algorithms to route transactions to the acquirer that costs the least.
• OLS aggregates data about the various parts of a transaction and delivers that data in near real-time.
• Payment orchestration from OLS delivers best-in-class solutions that can simplify scalability, enhance security, lower costs, improve the customer experience, and provide better data reporting.