Payment Orchestration: 3 Key Ways You Can Benefit
The rapidly evolving payments landscape demonstrates a growing need for merchants to find ways to optimize their payment systems. Yet, as merchants aim to implement an ever-increasing number of payment options and capabilities, they often end up with a payments system made up of pieced-together systems and bolted-on, frustrating, and time-consuming applications. Complex and burdensome, the costs of disjointed applications, data security management, and scale can add to the business’s bottom line. However, payment orchestration can help.
Payments orchestration helps merchants simplify and streamline payment processing with a solution that cuts cost, enhances security, provides access to revenue-increasing products, and helps businesses prepare for the future. Developed through years of helping our partners overcome complex electronic processing challenges, payment orchestration from OLS Payments expands your payment capabilities while also shifting management of payment complexity to us. Our modular design makes our payment solutions flexible and streamlined, providing merchants with access to the latest payments capabilities and allowing them to provide a great customer experience.
What are the key benefits of payment orchestration?
With OLS Payments as their payments orchestration partner, merchants can lower the overall cost of payments acceptance, accept more payment types, keep implementation and operational costs down, enhance transaction processing security, reduce the impact of data breaches and compliance, and stay competitive using modern technologies. These benefits allow merchants to remove complexities, scale efficiently, and provide a great customer experience.
1: Payment Orchestration Is Built For Security
As merchants expand their payment capabilities, each new addition increases payment system complexity and the rising risk of data breach occurrences and theft. These security risks pose a severe threat, consuming significant time and resources. Merchants need a payments solution that provides features that protect customer information and insulate their payment systems from security risks and fraud.
According to the Nilson Report, credit card fraud losses, which reached $28.58 billion worldwide in 2020, will reach $49.32 billion by 2030. In addition, the United States continues to account for a more significant percentage of global card fraud than total card volume, accounting for 36 percent of international card fraud in 2020 while only accounting for 22 percent of card volume.
Payments orchestration can help merchants enhance transaction processing security and counteract transaction fraud. Cardholder data protection is an increasingly important consideration within the payments environment. With a security-first mindset, OLS Payments provides merchants with access to enhanced security functionality, including the most recent tokenization and encryption security updates, both critical components for keeping payments secure and protecting cardholder data. Compliant with the latest PCI and PA-DSS requirements, these security solutions can reduce PCI scope and provide relief from breach notification.
2: Payment Orchestration Helps Cut Costs and Increase Revenue
By enabling merchants to provide outstanding products and services to consumers, payment orchestration helps merchants increase revenue. Through its integration with InComm, OLS Payments can provide merchants with solutions to offer beneficial services and products to customers and increase engagement. These solutions include a range of point-of-sale transactions, such as in-lane bill pay, gift cards, and general-purpose reloadable (GPR) prepaid cards. These point-of-sale transactions are indispensable additions to the payments environment to enhance a merchant’s suite of retail products and increase the number of times customers visit the merchant’s store.
Another way payment orchestration with OLS helps merchants’ bottom line is by substantially lowering implementation and operational costs. The OLS solution operates on every central platform, and the platform was specifically designed to integrate with existing and new solutions. Additionally, OLS includes various features, technologies, and support, rather than having these functions offered as separately licensed software. The OLS platform also includes:
- Built-in support for big data analytics
- Allowing merchants to collect all payment and transactional data
- Providing additional insights
3: Payment Orchestration Enables Businesses to Prepare for the Future
Merchants need robust payment solutions that reach beyond today’s needs. Payments orchestration helps merchants prepare for the future and position their businesses for long-term growth. A future-ready payment solution provides a layer of abstraction between the merchant and its selected acquirer to make it easier to switch acquirers, making merchants less tethered to any specific acquirer.
The modular design of the OLS solution enables tailored solutions based on capacity needs and the specific needs of your customer journey, making it flexible and efficient to scale. OLS provides merchants the services and expertise needed to create an end-to-end solution.
Payment Orchestration Simplifies and Streamlines Payment Processing
A payments orchestration partner helps merchants reduce the costs and resources required to manage payment systems, shifting the management of payment complexity to OLS. Contact us today to learn how OLS Payments can help you build a tailored solution that provides access to the latest payments capabilities and helps businesses prepare for the future.
Key Takeaways
- Payments orchestration helps merchants simplify and streamline payment processing.
- Payment orchestration from OLS is a solution that enhances security, reduces the overall cost of payment acceptance, and helps businesses prepare for the future.
- OLS’ payment orchestration helps merchants increase revenue by enabling merchants to provide outstanding products and services to consumers.
- Payment orchestration expands your payment capabilities while also shifting management of payment complexity to OLS.