The ultimate guide to payment orchestration: why it's crucial for your business

Imagine you're at the helm of an e-commerce business, perhaps a marketplace, and you're aiming to conquer new markets. Among the tidal wave of localization tasks, getting a proper payment system up and running can be a real headache. Navigating local payment solutions, juggling different payment preferences, negotiating with regional banks, and staying on the right side of local regulations – it's a lot.

This is where payment orchestration steps in, transforming the process into a far more manageable, and less stressful, endeavor. Payment orchestration is a strategic approach that allows businesses to streamline their payment processes by centralizing and managing multiple payment systems, gateways, and methods.

Essentially, it's a combination of software or a platform, partnerships backed by knowledge and manpower, which altogether simplifies frontend and backend integration between your website and various payment service providers (PSPs). This gives you a singular view and control over all your payment operations while ensuring compliance with various regional and global regulations, and often enhancing security.

Optimized customer experience. By supporting a multitude of payment methods, payment orchestration platforms cater to local preferences. This ensures your customers can pay in the way they like best, enhancing their overall experience. CX is crucial for conversions!

Minimized costs. With payment orchestration, you gain the flexibility to select payment providers offering the most favourable rates, reducing transaction costs and boosting your bottom line. And if you've ever considered building your own systems from scratch, you're probably aware that the costs could soar into the millions of dollars.

Maximized conversions. It's simple – when customers are happy, they are more likely to complete a purchase. Payment orchestration provides customers with a seamless checkout experience, support for their preferred payment methods, and top-notch fraud protection. This leads to an improved user experience and, in turn, a notable increase in conversion rates.

In a nutshell, adopting payment orchestration leads to better performance and less hassle for businesses across various domains. Whether you're in e-commerce, payment services, or any other industry dealing with multiple payment transactions, this approach may offer a smoother and more efficient path towards your business growth.

When it comes to implementing payment orchestration, there are typically two routes: in-house development or outsourcing.

In-house development involves creating your own payment orchestration system from scratch. This requires a significant upfront investment, both in terms of financial resources and time. It also involves building and maintaining a dedicated team to manage the system. While this gives you total control over the process, it comes with substantial responsibility and risk.

On the other hand, outsourcing entails partnering with a specialist company to manage your payment orchestration needs. This option offers quicker implementation time, reduced costs, and access to experts who handle regulatory compliance and risk management. Most importantly, it enables you to focus on your core business while professionals take care of the payment processes.

Given the complexity and ever-evolving nature of payment systems, an increasing number of businesses are turning to outsourced solutions. Providers like Tranzzo offer comprehensive payment orchestration services tailored to your specific business needs. These platforms present a ready-made, scalable, and cost-effective solution to navigate the multifaceted world of payment processing.

“As a marketplace or e-commerce business, you're managing a multitude of tasks. At Tranzzo, we believe that payment orchestration should be a facilitator, not a burden. By efficiently coordinating various payment processes, including credit card payments, alternate payment methods, failover redundancy, and fraud system integrations, we strive to ease your journey.” 

Daryna Boyko, Head of Tranzzo White Label solutions

In the tech world, time-to-market is always a critical factor. This is how the modern world works – it moves fast, and to compete, one must move faster. This speed imperative is a primary reason why businesses are turning to outsource and ready-made white-label solutions for payment orchestration.

White-label platforms, like Tranzzo's, offer off-the-shelf solutions that can be quickly integrated into existing systems. Some businesses have managed to get their white-label services up and running in as little as two weeks. This rapid turnaround time can be a game-changer for businesses seeking to expand quickly into new markets.

Cost is another compelling reason to opt for a ready-made solution. Access to a larger pool of providers and the ability to choose the most cost-efficient ones can lead to substantial cost savings.

Moreover, when you opt for a white-label solution, you're leveraging the accumulated knowledge and skills of a dedicated team that lives and breathes fintech.

Security, too, is often enhanced. White-label solutions typically come equipped with robust security measures, including anti-fraud systems and compliance with data security standards such as PCI DSS Level 1.

When asked, 'Why opt for outsourcing and white-label platforms?' our response is that it's simply pragmatic. It's about getting things done, reducing costs and hassle, and ensuring better conversions and security. By adopting a ready-made solution, businesses can provide their customers with a smooth, secure payment experience without grappling with technical and regulatory complexities.

So, you've made the decision to expand your payment options or partner with new payment providers. You've reached out to Tranzzo and now we're getting to work. Initially, we sit down with you to understand your needs, your goals, and the nuances of your business. Based on this conversation, we recommend payment partners that align best with your objectives.

Following this, we move on to the onboarding process and configuring the integration. It's important to underline that integration isn't a unilateral task, but a cooperative effort that requires your team's involvement for certain technical adjustments.

And then, just like that, everything falls into place. Accepting payments, and tracking transactions via the merchant portal – it all becomes a part of your day-to-day operations.

"The procedure may seem intricate, but in reality, it unfolds quite smoothly. Typically, it takes around two weeks to finalize all configurations, which is remarkably efficient given the level of detail involved."

Daryna Boyko, Head of Tranzzo White Label solutions 

Anti-fraud

Our platform comes with a robust anti-fraud system, designed to monitor and block suspicious transactions in real-time. This includes a blacklist service with over ten customizable options, allowing you to block unwanted payments based on your chosen criteria. This reduces the risk of fraud and chargebacks, keeping your business safe and your customers confident.

Intelligent payment routing

Our payment routing system is flexible and smart. You can split payments between different providers depending on criteria such as operation region, currency, and method. And with automatic cascading, if the primary bank can't process a payment, it's seamlessly redirected to an alternative channel.

Tokenization

We offer a card tokenization service using VTS and MDES tokens. These tokens offer the features of standard tokens but have one significant advantage – they are created not for a specific card, but for the user's bank account. Even if the customer changes their card, the token remains valid, automatically linking to the new card.

Broad scope of integrations

We currently have over 80 ready-made integrations with banks and PSPs, and over 200 payment partners in our database. Our system is designed to swiftly accommodate new integrations, catering to your evolving business needs.

Merchant portal

Our merchant portal provides a one-stop solution for managing payments and balances, with a handy dashboard for analytics and a system for managing roles and access. It's an easy-to-use, intuitive interface that streamlines your operations.

Dedicated personal manager

Every partner working with Tranzzo is assigned a personal manager, your point of contact for all inquiries, requests, and support, ensuring a seamless experience with our platform.

Custom integrations 

Aside from ready-to-go solutions, Tranzzo's Payment Orchestration Platform allows for custom integrations.

If a specific payment partner you need isn't on our list, we can create that integration from scratch. This is particularly beneficial for businesses that lack their own development teams.

Moreover, thanks to our dedicated team that specializes in creating such integrations, we often deliver these custom solutions faster than an in-house team could. Our Payment Orchestration Platform is designed to meet both standard and unique payment orchestration needs, transforming complex processes into manageable tasks.

Looking for a solution like this? Let’s talk! Tranzzo isn't just a service provider – we're your partner in creating efficient, secure, and customer-friendly payment solutions.

Interested? Fill out the form for a personal demo. 

We're excited to explore together what our solutions can do for your business!