Over the last decade the payment industry has seen incredible growth and transformation. New providers, new platforms and new payment tools are emerging every year. Even in the past two months, we have seen dramatic changes.
In response to customer anxiety over physical spaces, increased screen, retail therapy, and the very real need to move entire businesses online, some sectors have had an abrupt kickstart into ecommerce.
As much as we all want to see the back of this pandemic, it is unlikely we will see a full retreat from the payment solutions that have been established during this period.
But what does all this mean for people doing the selling?
We should look at where we were, before it all kicked off.
Many organisations already had evolved ecommerce propositions, but needed to ensure they were keeping pace, and standing out.
As they did so, they were looking for robust security and the freedom to innovate, to respond at pace to changing customer needs. None of this was simple or straightforward, especially with so much choice for customers in terms of payment preferences, and the complexities created by processing silos.
Then we developed payment orchestration.
Payment orchestration provides a central point of control for the e-commerce business – putting them in control of how their payment systems work. It opens up the world of payments to online sellers, breaking down restrictions, barriers and silos, and enabling payments to be routed intelligently according to customer preferences or geographical location. It means for example that, should a payment processor experience an outage, there is no need for transactions to be missed, as the payment simply switches to a different provider.
And as the world keeps on changing, we can test and learn using payment orchestration.
Trial specific campaigns or payment pathways for specific regions or customer types, and utilise the right payment service provider (PSP) for the product or audience. So you can enable ‘buy now pay later’ for loyal customers at large-scale grocery stores, or switch on new ways to pay on Black Friday for agile campaigns.
Most importantly, you can extract all the data you need from one place, so you can understand what has worked, and why.
This all means that the business value of payment orchestration is tangible. From reducing costs and increasing efficiency, to providing a reliable and resilient infrastructure with improved experience for customers shopping online.
As we look towards ‘what next’ for payments services, the priority for sellers will be gaining competitive edge. And this is where a one-size-fits-all approach just won’t cut it anymore.
When it comes to online purchasing, customers want speed, convenience, personalisation and trust.
That’s why we decided to bridge the gap between clunky, manual and restrictive payments systems, and a seamless, reliable and optimal payments journey for businesses and their customers. Enabling ecommerce enterprises to take control, embracing freedom, flexibility, resilience and the opportunity to innovate. Bridge is a payment orchestration service for the future of ecommerce, enabling businesses to level-up, and taking them from limitation to liberation.
With Bridge we are already helping major organisations adapt their payment systems in order to remain ahead of the competition and avoid payment obstacles, bringing online businesses and consumers closer together than ever before.
In the ‘new normal’, as it was in the ‘old normal’, this will be vitally important to the ways in which people choose to shop and engage online.