The global Payment Orchestration market size is projected to reach US$ 4797.96 million by 2027, from US$ 784.95 million in 2020, at a CAGR of 25.75% during 2021-2027. This has been driven, in part, by the fact that nearly 25% of the United States’ small and medium-sized businesses have implemented more payment options to appeal to customers, according to a JP Morgan Chase study last year.
One of the core goals of Payment Orchestration is to provide a frictionless checkout flow and increase sales by optimising payment approval rates.
Payment Orchestration takes the pain out of adding new payment types, and our platform, Velocity, offers access to more than 410 payment methods globally. Because it’s integrated directly into your existing networks via API or mobile SDK, merchants can easily unify the payment experience across all channels, including web, mobile, call centres and more.
The importance of this cannot be underestimated. Unless multiple payment options and providers are immediately available, cart abandonment is a real risk from consumers who do not feel like waiting around; a 2021 survey found 18% of US adults frequently did just this.
As well as making a range of APMs available to the end user, Velocity also optimises the checkout process by letting the end-customer store and prioritise the payment methods they would like to be remembered. This can then be presented in a format optimised for the relevant client device – all without compromising security.
What the end user sees is our Hosted Payment Page – which they are seamlessly redirected to when they’re ready to pay, and automatically redirected back to the merchant’s site when the transaction is complete. This page easily integrates with the merchants own website to enable them to accept, control and optimise payment transactions across all digital channels – and offer their customers a responsive, safe and convenient way to make online payments.
However, our customers also have the option to keep customers on your site with our companion iFrame solution.