In today's highly competitive business landscape, payment orchestration platforms (POPs) are a valuable asset for companies looking to streamline their payment processing operations, reduce operational costs and improve the overall customer experience. By providing a single platform to manage all of their payment processing needs, these payment solutions are in high demand today.
According to a McKinsey study, the average conversion rate for companies offering multiple payment methods thanks to utilizing payment orchestration platforms can be increased by up to 14% compared to those not implementing POP in their business model. This is driven by the fact that POPs help businesses reduce the number of steps in the checkout process and offer customers a wider range of payment methods. We are here to talk about what payment orchestration is, its benefits and how it enhances leadership for companies.