How To Pick the Right Orchestration Platform for Your Business

Payment orchestration platforms allow sellers to manage their entire payment stack, meaning all the components used to create payment solutions, including software and service systems, from a single platform. This method significantly simplifies procedures, as there’s no need to keep up with different venues. However, in order to get the full benefits of the system, you must also choose the right payment orchestration platform. This can be a challenge because there are so many tools to choose from, and all of them seem to offer different services.

If you’ve never used such a platform before, it can be pretty difficult to establish which one would work best for you. The best way to choose is to set down the requirements of your business and what tools you need to see your business progress. This can give you a good idea of what you need to do to create a customised strategy that fits your company like a glove.

How can it help?

Before choosing a payment platform that fits your company, you must first establish if the system can help your business and if it is the right thing for you. Generally speaking, each company will have several different contracts with payment service providers and companies. In turn, all these businesses operate based on their personal rules, with varying cycles of payout, invoice terms and reporting. Moreover, they’ll all use different dashboards, which can be particularly challenging for companies as it means maintaining control over the payment flow is more complicated.

Some ways orchestration platforms can help you directly are by providing the correct payment methods for you that are customised to help your company, as well as risk management services and fraud detection tools. Moreover, if you feel comfortable around the latest technologies, you can also implement blockchain solutions. 

The main benefits

The first and most important aspect of using a specialised platform is that you have more control over the cash flow. You have full ownership over managing payment, as well as the authority to make the exact choices you believe your business needs. Some of the additional benefits include the following: 

  • Emergence in new markets: You can benefit from the latest popular methods in a given country or region and expand to new markets in a way that is comfortable for the customers there. 
  • Improved transparency: Visibility is one of the top concerns of business owners everywhere, so it’s natural to look for the solutions and services that enable your accounting procedures to be perfectly clear and concise. Visibility of movement is critical and can help you prevent fraud. It also allows a streamlining of the processes and reduces the time spent on reconciliation. 
  • Reduce fees: Cost-reduction strategies are essential for businesses everywhere, as it means the money can be used to finance more critical processes that help fuel business growth. Orchestration platforms work by removing the number of intermediaries and third parties that intervene along the way, resulting in fewer fees overall.

Main considerations

So, what are some of the aspects that should be at the forefront of your decision-making process? With so many options available, it can be hard to figure out what works best for you. That’s why it’s important to have some chief aspects in mind, which include: 

  • Company size: Depending on the size of your business, some services might refuse to work with you. Some only work with large corporations, so if your business is small or medium-sized, you’ll have to look elsewhere. 
  • Do your research: It’s also important to know who you’re working with. Some providers don’t reveal the identities of their partners. This is because they use just-in-time methodology, meaning they only have a solution available if there’s someone to order it. 

When choosing the proper orchestration tool for you, you should look carefully through what each service provider has to offer. Their solutions should be able to solve any payment issues and drawbacks that exist within your business.