Offering consumers their preferred method of payment is a hassle for businesses because there are more than 100 PGs and banks offering payment solutions. On top of that, businesses need to optimize for success rates, costs, and payment operations in order to drive revenue and increase conversions.
What if there was an easy way out? This is where Juspay HyperCheckout Payment Orchestration comes into play
Understanding Payment Orchestration
The term "payment orchestration" or "payment routing" involves connecting to different payment service providers (PSPs), Payment Aggregators (PAs), acquirers, and banks on a single, unified software layer. This software layer then takes care of routing the transactions through a preferred PA / PSP for optimizing myriad factors such as costs, success rates, volume etc.
Practical Implementation of Payment Orchestration
Payment processes are complex pathways with several interconnected routes. There is always a looming chance that a payment will be misplaced. Payment orchestrators function as guides by utilizing automated transaction routing to identify the most efficient routes for payments. In order to increase payment success rates & conversion, Payment Orchestration Platforms (POPs) route payments to the best available payment service providers.
Impact of Payment Orchestration on Payment Flows
The success rates and payment conversions are closely linked to the transaction routes. Payments can be processed by a number of PSPs (payment service providers), payment orchestrators route payments through the PSP with the highest chance of success thanks to dynamic routing. Incorporating several PSPs with dynamic routing protocols can enhance flexibility and minimize losses resulting from PSP breakdowns.
With dynamic routing, you can still offer your consumers a flawless payment experience while doing away with a lot of the problems or restrictions imposed by payment providers.
Driving growth through Payment Orchestration Platforms
Companies of all sizes, from SMBs to multinational corporations, can benefit from payment orchestration platforms as they strive to keep up with the ever changing business environment. In India, the average transaction success rate typically ranges from 65 to 70 percent. A payment orchestration platform can help improve transaction success rate by up to 10%. Payment orchestration platforms have become ever so essential for businesses to enhance the customer experience, and drive up conversion rates eventually leading to more revenue.
Payment Orchestration by Juspay HyperCheckout
HyperCheckout is an all-in-one payments platform that allows any web/app based online business to integrate with over 100 payment gateways. In a nutshell, it's a platform that lets merchants integrate and manage multiple payment gateways and route transactions through the best available payment gateway, significantly reducing payment failures.
HyperCheckout reduces costs by 20%, dev efforts by 90% while improving conversions by up to 10%.
HyperCheckout offers unparalleled benefits like:
Custom Branded native UI for your App & Website - Merchants can customize layout, theme, payment methods, offer texts and more.
Seamless 1-click checkout experience - Frictionless checkout for tokenized cards, with a CVV-less flow.
Single No-Code Integration to connect 300+ payment gateways - Merchants can integrate with 300+ Payment Gateways / Aggregators globally.
Robust orchestration and Smart Routing to boost conversion - Route transactions to improve success rates by up to 10% and reduce processing costs.
Compliance-in-a-box and actionable Payment Analytics - Unlock true power of your payments data with actionable insights to drive smarter decisions aiming towards increasing payment success rate.
Know more about Juspay HyperCheckout
