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Whether you're a large enterprise, an ecommerce platform, a subscription service, a mobile app, or brick-and-mortar business, enabling smooth payment processes is essential for customer satisfaction and business growth. Payment gateways are an essential part of the digital payment lifecycle.
By creating a bridge that connects a customer’s payment data to a payment processor or an acquiring bank, payment gateways enable businesses to accept and manage digital payments. While most business owners are familiar with payment gateway providers like Stripe, Square, Adyen, AliPay and WeChat Pay, there actually are hundreds of payment gateways across the globe.
Integrating a single payment gateway may not fully support a business’ payment needs. Instead, businesses that want to maximize their payments growth should shift their focus to payment gateway integration.
The benefits of payment gateway integration
While payment gateways often support major credit and debit cards, most do not accommodate local payment preferences. For instance, Square is one of the most popular payment gateways in the United States and Europe, yet it is not currently available for consumers based in Latin America. Similarly, Alipay and WeChat Pay dominate the Chinese market, but aren’t available in every European market.
Payment gateways also don’t always support the alternative payment methods consumers want to use, such as digital wallets, bank transfers, or buy now pay later (BNPL). As a result, businesses may be losing out on revenue opportunities by limiting themselves to a single single payment gateway
Payment gateway integration helps businesses solve this problem and delivers three key benefits:
Improved customer experience
By stacking multiple payment gateways into an ecommerce platform, businesses can give their customers the flexibility to make purchases the way they prefer, whether that’s their credit or debit card or an alternative payment method. Businesses can demonstrate an understanding of their customers’ unique payment needs, and willingness to design around them.
Expanding global reach
Integrating regional payment gateways helps businesses expand their geographic coverage and attract customers in new markets. For large enterprises looking to expand to new regions, supporting local currencies and payment methods gives them a foothold in those regions and helps them establish a presence.
Improving payment efficiencies
Integrating multiple payment gateways can help businesses increase conversion rates, minimize fraud, and ensure all transactions are processed optimally. Additionally, if a single payment gateway experiences a service disruption, businesses can route transactions to another provider to avoid frustrating customers or losing revenue.
How a payment orchestrator supports payment gateway integration
Integrating and managing multiple payment gateways can be costly and very challenging operationally. Retailers and smaller businesses may not have the resources or internal capabilities to manage the integration process, while large enterprises may require customized features or support from their payment gateway providers.
Payment orchestrators can offer a cost-effective and practical solution for integrating multiple payment gateways.
Benefits of using a payment orchestrator
A payment orchestration platform serves as an advanced technology layer positioned between a merchant’s front-end payment systems and the numerous payment gateways and processors they rely on. It acts as a central hub, streamlining the often complex interactions between these different systems.
While payment gateways handle the collection of a customer’s payment data, and payment processors facilitate the transfer of money between merchants and their customers; payment orchestrators connect those processes through a unified integration for multiple payment methods.
Effectively, a payment orchestrator allows businesses to integrate multiple gateways seamlessly.
1. Simplified integration
One of the key benefits of using a payment orchestrator is the streamlined integration process it offers. By enabling businesses to connect with multiple payment gateways through a single or set of APIs, companies can avoid the cumbersome task of integrating each gateway separately. This not only saves significant time and technical resources but also empowers businesses to concentrate on what they do best —driving growth and enhancing their core operations.
2. Enhanced flexibility
A payment orchestrator provides businesses with unparalleled flexibility to switch between different payment gateways or add new ones into their checkout experience as needed. This adaptability is essential for responding to evolving market conditions, shifting customer preferences, and technological innovations.
Imagine a gateway encounters issues or falls behind the competition, the orchestrator can seamlessly redirect transactions to an alternative, guaranteeing uninterrupted service and maintaining a superior customer experience. This proactive approach not only safeguards revenue but also enhances operational resilience in an ever-changing marketplace.
3. Smart routing
Payment orchestrators leverage advanced intelligent routing algorithms to identify the optimal payment gateway for each transaction, taking into account key factors like cost, speed, and success rates. This strategic optimization results in significantly higher approval rates, lower transaction costs, and a markedly improved payment experience for customers.
By ensuring that each transaction is handled by the best-suited gateway, businesses can enhance customer satisfaction while maximizing their operational efficiency.
4. Unified reporting and analytics
Managing multiple payment gateways often results in fragmented data, complicating efforts to gain valuable insights into transaction performance. Payment orchestrators address this challenge by consolidating data from all connected gateways into a single, cohesive platform.
This unified reporting and analytics framework empowers businesses to identify trends, monitor performance, and make informed decisions that enhance payment processes. With a comprehensive view of their transaction landscape, companies can optimize their operations and drive better outcomes, ultimately boosting their bottom line.
5. Improved security and compliance
Payment orchestrators come equipped with robust security features, including advanced fraud detection and PCI compliance tools, which significantly bolster the overall security of the payment ecosystem. By centralizing payment processing, they not only enhance protection against threats but also simplify compliance with various regulations.
This centralized system reduces the complexity of managing security across multiple providers and ensures uniform application of security protocols. As well as mitigating the risk of costly fines or penalties, allowing them to focus on growth while ensuring that their payment systems remain secure and compliant.
Yuno: Payment gateway integration on a global scale
Payment gateways are essential to the success of e-commerce businesses, delivering secure, efficient, and versatile payment processing solutions that cater to both merchants and customers. The right payment orchestrator not only simplifies the management of multiple gateways but also enhances the entire payment process.
As the leading global payment orchestrator, Yuno goes beyond payment gateway integration. We empower businesses of all sizes to integrate over 300 global payment providers into a single integration, optimize every transaction with smart routing, and reduce the risk of payments fraud. Additionally, our Yuno helps you take control of your payments data in order to help you maximize efficiency and reduce costs.
Schedule a demo to discover how Yuno transforms payment management. Experience the powerful impact of our solutions firsthand and unlock new levels of efficiency and effectiveness for your business.
