Three reasons why Mark Beresford is speaking to people about payment orchestration
Continuing our series ‘Meet the #BridgeBuilders’, Mark Beresford, Director of Edgar, Dunn & Company talks to us about the recent rise he’s been seeing in businesses wanting to learn more about payment orchestration.
“Businesses are starting to recognise the importance of integrating orchestration technology as a way of increasing their conversion rates, reducing their number of declined transactions, and facilitating greater revenue opportunity”, says Mark. “This rise in discussions can also be attributed to Covid-19, which caused businesses operating typically in-store to shift towards online sales and payments.”
Besides Covid-19, there are three core reasons why Mark believes the demand for payment orchestration is increasing.
Customer expect a better experience
Payment orchestration plays a significant role in delivering a seamless transaction, which Mark sees as the “bare minimum” for customers. “If you're an end consumer, and your payment transaction gets declined for some unknown reason, or you’re told to use an alternative payment method, that is problematic in terms of brand experience. Customers are literally just a browser away from swapping and searching elsewhere”.
Mark uses the airline industry to demonstrate the need to meet increasing customer expectations at multiple touch points. “The airline industry operates in multiple countries, serving many different types of clients who have different payment preferences”, Mark explains. “Therefore to ensure customers have a satisfactory experience, businesses need to ensure that if they are marketing to a particular market, they also consider the payment preference of that market.”
Reducing the cost of payment acceptance
Payment failures and lost transactions increase a businesses’ cost of payment acceptance, which ultimately impacts their bottom line. Mark sees introducing payment orchestration as a strategic choice to make your payments more efficient and more effective, ultimately reducing the number of declined transactions, increasing your conversion rate and reducing the total cost of payment acceptance.
Removing unnecessary complexity
When it comes to financial reporting, “balancing different payment options, different foreign currencies and different jurisdictions is absolutely exhausting for today’s CFO” explains Mark. “Companies with multiple payment providers and integrations have a wealth of analytics at their disposal, but bringing them together in a coherent way, which shows how payments are truly impacting the bottom line of the company, feels almost impossible.”
The analytics provided by Bridge’s payment orchestration integration brings provides real data about how money is flowing into a business, meaning a solution that allows individuals to assign their time and effort into other parts of the business.
One solution for many needs
It's clear that payment orchestration is a prerequisite for businesses who want to maximise their efficiency, reduce their overall cost of payment acceptance and provide excellent customer service, all whilst improving their financial reporting and analytics capabilities.
Want to know what payment orchestration means for you and your business? Get in touch here firstname.lastname@example.org .