Today’s standard payment expectation is often met with a mix of services that support your business and your customers. Managing and maintaining this mix can be complicated and time consuming. You need freedom of choice to utilize the right payment service for your business while reducing fraud and false declines. Learn more about how you can use Payments Orchestration to gain back time, connect to the right services easily, access a variety of fraud tools, and maintain PCI compliance.
Let’s talk about our next solution, which is the idea of connecting to multiple payment services. But before we do, let’s take a step back and talk about what is payment orchestration? Payment orchestration is the idea of connecting to a diverse array of payment services in order to have the optimal payment strategy for your business. Why do you need that? Well, because your business is unique, your customer journey is unique. As a result, you need to adapt your payment experience to support the uniqueness that is your customer journey. You operate in different markets, you sell different products and services. Your brand is different. So as a result, you need to have a unique payment strategy that supports your unique business needs.
Gateway and PSP Flexibility
So let’s talk about what is the solution? Well, first off, in order to transact it requires access to PSP or a payment service provider, or a gateway and different gateways have different success rates and they have different functionality. In fact, Spreedly processes a huge amount of transactions and so as a result, we collect a rich amount of data. When we look at the most popular gateway or PSP in a region, it seldom matches the one with the highest success rates. That’s often because there is that disconnect between which one is most commonly chosen and which one is most successful for processing transactions.
Spreedly provides the rich functionality of our orchestration platform through tokenization, through smart routing, vaulting, account updater and network tokenization and other solutions. Also the power to connect to virtually any payment service all through a single API connection. That means the world of payment services are at your fingertips and that lets you get to market faster, return higher payment success rates and lower your business risk.
So how does this solution fit into the broader concept of payment orchestration? Well, ultimately payment orchestration is about flexibility. Whether that’s with your business model or whether you’re entering into a new market, or launching a new product, you need to have the right mix of services in order to support that strategy. Payment orchestration gives you that flexibility by allowing you to quickly add, remove and change the various payment services that you use in order to optimize your payment strategy.
Go to Market Quickly and Effectively
One example of this is a Spreedly customer that’s a major streaming service. They were launching in multiple new markets in Latin America and Europe and needed to get to market quickly. That was a demand of the business, a demand of the board to get into these markets quickly. Quickly the development team realized that they needed to have the right connections into various payment services in order to get into those markets and transact successfully in those markets. However, building and maintaining multiple connections to PSPs and gateways across Latin America and across Europe was not something that they would be able to do in time for the launch. That could have severe repercussions because that mean that the streaming service might not be able to get to market based on the business timetables, the board’s timetables. But instead by connecting to the Spreedly service through a single API, they were able to connect into a world of payment services across Latin America and Europe for their needs. That allowed them to get to market fast and ultimately have tremendously successful launch across both markets.
Let’s talk about the various components of this solution. First off is the idea of being able to connect to virtually any payment service provider or gateway. You need the flexibility to connect to the right payment service and whether that’s to enter a new geography faster, support your customers and partners better, or to improve authorization rates for your transactions. After all, no single gateway is perfect for every situation. So you need the right mix of payment services in order to support your business needs. Spreedly offers the world’s deepest payment ecosystem of payment service providers and gateways around the world in regions like Latin America and Europe and beyond. You can leverage our pre-built connections to over 120 services to transact the way that your business demands and that’s all through a single API connection to minimize the development cost all while maximizing the flexibility for your business. That means that your development resources aren’t worried about maintaining and building these connections into these various gateways and payment service providers.
Instead, they’re able to focus on delivering differentiated value through your customer experience and your customer journey. Your customers are around the world and they’re across multiple markets and so relying on a single fraud vendors to support these different customer types may drive significantly higher than expected false declines. Spreedly enables our customers to leverage the ideal mix of fraud services to support their payment strategy so you can connect to and leverage the preferred fraud tools with ease, reducing the number of direct integrations that you need across some of those various fraud vendors. That drives higher authorization rates, more revenue, and of course a better customer experience for your customers through reduced fraud.
But Spreedly goes beyond these pre-built connections. Through our universal connector, you’re able to connect to virtually any payment service in the world. Digital businesses often need to connect to a range of PCI compliant endpoints and that might be to connect to a partner merchant like a hotel or car rental company, for example. Or it could be to an emerging gateway or other service that currently isn’t connected to our deep ecosystem. Spreedly’s universal platform makes it easy to build out those connections to additional PCI compliance services that your business needs may require. Our customers use our toolkit to efficiently transact with fraud services, with third party merchants and additional gateways all via that single API integration and connecting back to our portable PCI compliant fold.