Future-Proof Payments for SMEs

Payment Orchestration a tool for eCommerce growth
May 19, 2022 | Expertise

Accepting payments online can be easy. In fact, there are many payment service providers that will allow you to set up and start processing payment with them immediately. Some shop platforms even have their own payment service. These quick solutions are very helpful and many retailers use them when first starting out. However, they do not necessarily have the flexibility that some merchants need, and can in some cases block a company’s growth.

The payment setup

Many merchants are unaware of the importance of a payment stack, but payments are essential. Without them, there would be no business. When merchants/retailers are starting out it may not always be a priority. This can cause issues and roadblocks down the line when they are looking to scale.

How to create an optimal checkout experience

We have written multiple articles on checkout experiences, but what you need to know is keep it simple and keep it branded. The first point of contact with your payments setup for your consumers is the checkout page. If you do not want them to abandon their shopcarts and never come back. You must give your customers the feeling of trust and security. Sending them to unbranded pages and expecting them to fill in their sensitive payment data is not going to convince them to part with their hard earned money.

There are simple solutions that can provide the trust and security that customers want. For example, hosted payment pages allow you to create customizable payment pages that offer a seamless experience for your users. You can also use hosted payment fields, find out more about this topic here. Customers also want to see payment methods that they are comfortable with. Below is a checklist of what you should think about when creating your checkout page:

  • Allow a guest checkout, enabling a quick checkout experience.
  • Display all fees and charges upfront, so the customer knows exactly how much they will be spending.
  • Display security badges when possible and offer a secure experience when using your shop. 
  • Create optimal checkout scenarios for various devices: desktop, mobile, apps, and so on.
  • Provide payment methods relevant to your markets and core target group.

Example of an optimal checkout process

Reduce shop-cart abandonment with a streamlined checkout experience
a streamlined checkout process can boost conversion rates

What payment methods should you provide for your customers?

It cannot be stressed enough that by doing some research and finding out how your customers pay can drastically improve conversion rates and reduce shopcart abandonment. How do you know what payment method your consumers are using? Think about the market you are targeting. What payment methods do your competitors use? Or look at those who are targeting the same demographic as you. 

Although cards are still a dominant force in payment there are others who are making ground and strong customer authentication may mean many consumers are looking for alternative and more frictionless ways to pay. Discover more about payment methods and how you can find the right stack for your business here. 

How does a payment orchestration platform initiate growth?

The pandemic has shifted consumer behavior by forcing more people to shop online. Although ecommerce rates are expected to drop, now life is returning to normalcy. It will not go back to pre pandemic levels, and those who had never used it before now feel comfortable doing so.

A payment orchestration platform not only provides a seamless checkout experience for consumers, but it consolidates the payment setup for the merchants. From just one API, users can connect to multiple payment service providers/acquirers and have all their settlement and reconciliation data in one place. If a merchant decides they want a new payment method and need to connect to a new PSP, they can do so easily with a plugin integration which is built and maintained by the payment orchestration platform. The integration is quick and seamless and the merchant can start processing payments with them as soon as they have signed the agreement. This level of flexibility allows uninterrupted growth. As all new integrations and their maintenance is done by the payment orchestration platform, giving merchants the ability to focus on their core product. Enabling them to grow and scale at speed.

Who needs a payment orchestration platform?

Payment orchestration has traditionally been the reserve of large enterprises with multiple subsidiaries. However, as eCommerce grows, so do the payment needs of smaller merchants. By adding an additional layer merchants can consolidate and streamline their payment solution, giving them complete control over their payment stack and allowing them to scale when and how they see fit. Businesses that have high transaction volumes or work in what high-risk industries, such as travel, iGaming, adult content, and more benefit hugely from the freedom, risk protection, and quick connectivity that a payment orchestration platform has to offer. Which is why IXOPAY has created two new solutions –IXOPAY Starter and IXOPAY Growth– which are perfect for small or medium-sized enterprises who want flexible and intuitive payments.

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IXOPAY is a payments orchestration platform enabling independent, flexible and global payment processing. As a highly scalable and PCI-DSS certified “fintech enabler”, IXOPAY fulfills the needs of large merchants as well as those of “white label” clients: payment service providers (PSPs), acquirers and independent sales organizations (ISOs). The modern, easily extendable architecture offers smart transaction routing & cascading, state-of-the-art risk & fraud management, fully automated reconciliation and settlements processing, comprehensive reporting as well as plugin-based integration of acquirers, payment service providers and alternative payment methods (APMs).

IXOPAY is part of the IXOLIT Group, founded in Vienna, Austria in 2001. With local entities in Austria and the USA, IXOLIT supports national and international customers across various industry verticals. The owner-led and -financed company has grown from 2 to more than 80 employees and is focused on building innovative solutions for eCommerce.

Please find more information about IXOPAY here: https://www.ixopay.com

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