The payment journey is rapidly evolving to accommodate changes in buying behaviour, consumer demand and the new ways in which we can all access goods and services. As a merchant this can be incredibly difficult to navigate. As you seek to grow into new markets, new challenges will emerge, with multiple new payment methods, gateways, and channels, that you will need to integrate to overcome these issues by reducing transaction fees and increasing customers choice.
With digital transactions, comes a greater array of payment flexibility and customers are relishing the wealth of choice now available. People are moving away from only using the traditional credit and debit cards and are demanding new payment methods such as e-wallets (Apple Pay and Google Pay), open banking and Buy Now Pay Later (Klarna and Clearpay).
Merchants need to fulfil the needs of today and the needs of customers tomorrow. With consumer expectations continuing to grow, it has never been so critical to fulfil customer needs, but merchants are facing many complex challenges in payments.
What are the top payment challenges for merchants?
Adding new payment solutions
The payments landscape is incredibly fragmented, and many e-commerce merchants find it challenging to adapt quickly enough to meet customer preferences. Payment stacks are bigger than ever, with customers wanting to pay how they want, new payment methods (BNLP, digital wallets, payment apps etc.), open banking, tools such as fraud and loyalty programmes. Adding new payment solutions and partners to your payment stack is financially costly, time consuming and technically difficult.
If you are looking to expand your business across borders, one challenge you will face, is how you enable your customers to pay how they want to, as this can vary across culture, currencies, and countries. With the average integration time for a new digital payment method being around 8 months, only utilising limited choices via existing providers and therefore are paying for the integration yourself with time, money and resources.
Maximising payment data
In a digital world, we have become accustomed to maximising performance data to optimise our workflows, improve commercial leverage, and increase customer engagement; and the same goes for payments. But without actionable and insightful data, analysis and detecting fraud can be become difficult, especially if the transactional data is spread over multiple PSPs (payment services providers) and gateways.
Managing tight margins
With tight margins across the payments landscape, merchants are being squeezed to remain competitive, whilst offering the best experience to their customers. This can often become a challenge to merchants, when they want to increase basket sizes and be innovative, but this comes at a cost.
What is payment orchestration?
Payment orchestration is a tool which empowers merchants to take back control of the payment journey by connecting to virtually any service through a single API integration.
Our solutions sits as a layer between your e-commerce platform and the payment processor, opening up a wealth of innovation. BR-DGE enables merchants to reach new markets, respond to customer preferences, control, and minimise payment transaction fees and ensure a continuous flow of payments; all through a centralised, independent platform that integrates seamlessly into existing processes.
So, how does payment orchestration solve the biggest problems in payments?
Innovate at speed
Customers expect greater choice and flexibility about how, when and where they shop, and that includes the payment method. With a single payment orchestration integration, you have limitless opportunity to innovate, test and scale. Adding new payment solutions and partners to your payment stack is financially costly, time consuming and technically difficult.
With BR-DGE, there is no tech team or build team required, through clicks not code implementation you can innovate at pace.
Secure payment methods
Security is a vital part of any digital business, and it is especially important when handling personal and financial data. In a digital purchasing environment, delivering a great customer journey is all about providing a frictionless experience. To ensure a smooth transaction and maintain long-term loyalty, you need to securely capture and store your customers’ payment details.
At BR-DGE we provide a secure, PCI-compliant payment vault that enables you to easily capture, store and transact utilising centralised tokenisation. You gain the flexibility to move and adjust your vaulting strategy, and manage your customers’ vital payment data, all whilst avoiding supplier lock-in.
Route payment intelligently
Every transaction is unique and as a leading merchant, your payment workflow needs the flexibility and agility to adapt in real-time.
With BR-DGE’s payment orchestration platform, you can dynamically route the payment journey based on card details e.g., BIN / IIN, currency, time of day, transaction value and more. This not only reduces transaction costs and improves the customer experience but ensures greater authorisation rates and improve resilience of your payment workflow against technology outages.
Expand your payment journey across the globe
If you are expanding internationally, you need to be able to evolve the latest and most popular payment methods to suit your global audience. Customers want to pay with their local currency, using a payment method they are familiar with, which changes on a country-by-country basis.
With our simple to integrate payment orchestration platform you have the ability and flexibility you need to expand your business across the globe, connecting to over 100 payment providers and 200 alternative payment methods. From e-wallets to card schemes and Buy Now Pay Later solutions, with BR-DGE you can deliver a truly global payments experience. Payment orchestration gives merchants the benefits of local acquiring and the flexibility to leverage commercial rates by dealing directly with local entities.
Maximise your payments data
To optimise, adapt and innovate, you need tangible insight into current performance.
From a bespoke-designed dashboard highlighting your key metrics, through to detailed, in-depth reports on payment failure, transaction performance, acquiring rates, volume and more, the BR-DGE payment orchestration data suite has your real-time reporting covered.
With valuable insight into the performance of your payment strategy, you use data to drive decisions, maximising the wider suit of payment orchestration functionality, including intelligent routing workflows and a wealth of integrations across the payments’ ecosystem.
Manage tight margins across digital payments
With fierce online competition, you know how crucial each customer journey is. Just as you optimise user experience and point of sale promotions, you also need to manage the profitability of your payments journey.
Whether you are looking to save on corporate card fees, manage global acquiring rates or introduce loyalty offerings at point of sale, payment orchestration provides you with greater commercial leverage to manage tight or challenging margins.
Through utilising intelligent routing you can access a wealth of connections in our partner ecosystem and with learnings from an extensive data suite to inform your decision making, you can optimise every customer conversion.
Overall, payment orchestration solves numerous pain points, by giving you access to the entire payment’s ecosystem through a single API integration.
For more information on how BR-DGE can support you in solving your biggest problems in your payment journey, contact us today.