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Explore the benefits of Payment Orchestration with Fabrick

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Explore the benefits of Payment Orchestration with Fabrick

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Like an orchestra, conducting payments can be a smooth and simple process where everything – and everyone – is performing in perfect harmony, but what is payment orchestration?

Fabrick Payment Orchestra was developed as a global payment gateway aggregator to enable domestic and international payments to be organised through a single platform.

Overcoming the challenges of establishing a payment ecosystem can be taxing, particularly for scaling businesses looking for ways to expand their payment options.

That’s why one of Fabrick’s main objectives is being able to offer its customers tools to guide them through it, giving them time to focus on the core of their business.

To find out more about Fabrick’s payment orchestration solutions, visit their website or read below for more details on how payment orchestration can help your business grow.

What is payment orchestration?

Payment orchestration integrates a variety of different payment processes in order to ensure the most efficient route to complete a transaction. It is not only a way to ensure the process is finalised with as little interference as possible, but also to simplify the process for merchants and consumers.

It’s also a way to reduce payment processing costs, by bringing multiple payment gateways under a single point of access. For large and scaling businesses, varied integrations into payment processing can alleviate many problems that companies are facing.

Payment orchestration platforms can also add a holistic layer to data analysis and reporting. By unifying multiple integrations under one umbrella, businesses are able to reliably collect information through this platform making it more accessible and integrated into their day-to-day reporting needs, simplifying the process of reconciliation which can often be time-consuming and error-prone.

What is smart routing?

Smart routing is a way to maximise approval rates while reducing the number of failed transactions due to technical issues.

When a customer hits “pay now” on the checkout page, it’s easy to imagine a linear pipeline where the transaction takes place.

However, pre-defined rules set by the merchant can lead to payment failures when payment gateways and service providers fail to meet the criteria that is set. This is known as “static” routing and lacks the flexibility or ability to adapt to specific scenarios.

With smart routing, these failed transactions are minimised, simply by automatically finding a different route to ensure that the transaction is approved.

What are the benefits of payment orchestration?

Shopping cart abandonment is a good indicator of customer experience: the poorer the experience, the higher cart abandonment will be. While there can be many factors that influence cart abandonment, issues with payments and lack of preferred payment method can be considered high up on the list.

One of the most obvious benefits of payment orchestration to merchants is an overall increase in conversion of sales. With reduced friction in the shopping experience and a decrease in cart abandonment, smart routing made possible by payment orchestration can have a favourable impact that influences sales conversion rates.

That’s why payment orchestration can perform a key role in this solution, by optimising payment flow and integrating different providers and payment methods. This in turn can lead to satisfying and quick buying experience for customers.

Each of these transactions can also benefit from being processed by a different provider depending on geographical location, currency, or even time and date (as well as other factors). A payment orchestration layer gives businesses multiple options and availabilities at the time of the payment for a higher chance to complete the transaction quickly, safely and with lower fees. This freedom of choice also makes it easier to conduct transactions internationally, which can be important for scaling globally.

Finally, the ease of integration of payment methods on the platform can translate into a positive customer experience in subsequent purchases. The possibility of providing the customer’s preferred payment method at check-out can ultimately lead to customer satisfaction and loyalty over time by making the process work for them.

For further details about the benefits of payment orchestration, visit Fabrick’s website to find out more.

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