What Is Gateway Orchestration?
Do you need a gateway orchestration platform for your company?
Whether your business is looking to add touchpoints or new channels, or you're looking for a simpler way to process payments from multiple payment service providers (PSPs) and financial institutions (FIs), a gateway orchestration platform may be a suitable solution for you. This guide explains everything you need to know about these software platforms.
Gateway Orchestration vs. Payment Gateway—What's the Difference?
The main difference between gateway orchestration and single-connection payment gateways lies in their architecture. Payment gateways provide a secure connection between the customer's bank and the merchant's website or POS system. While orchestration platforms are similar in concept, they offer greater functionality.
A gateway orchestration platform is a much larger application that provides a centralized location for all the payment solutions your business uses, including but not limited to payment processors and FIs. Although gateway orchestration architecture is more complex than that of a single-connection gateway, the system provides a smooth, streamlined experience for both end users and administrators.
How Does Gateway Orchestration Work?
Here's a brief overview of how the gateway orchestration process typically works:
1. Transaction Initiation
When the customer initiates a payment, the gateway orchestration platform m ay offer user interface (UI) solutions to capture the payment. The platform may also point to alternative payment methods , optimizing cost and keeping a practical UI .
2. Processing and Reconciliation
Once the payment has been initiated, the platform securely processes it through the selected PSP in compliance with all relevant regulatory requirements and security standards. The platform then automatically reconciles the transaction to ensure your records remain accurate.
3. Data Analysis
As part of the payment process, the orchestration platform collects and analyzes transactional data. This centralization is key, providing the company with one source of truth. This step provides an e fficient path to gather information about :
Payment trends: Stay up to date with evolving trends in payment technology to ensure your customers have the most recent, cutting-edge options available to them.
Customer behavior: Understanding when customers choose to pay bills, which payment methods they prefer and what devices they use to make payments can help you determine what options you should provide for an optimal experience.