Innovative Technology Solutions for Payment Orchestration
Payment orchestration is a technology solution that enables merchants to manage multiple payment channels, acquirers, and gateways through a single platform. WLPayment’s platform acts as a centralised hub for merchants to receive and process payments from different sources, reducing the complexity of managing multiple payment channels and ensuring a seamless customer experience.
WLPayments: Payment Orchestration Platform
One of the most critical features of payment orchestration platforms is integrated fraud management, such as our 3DS2 solution. It’s a technology which secures online transactions by requesting cardholders to provide additional verification. The purpose of 3DS2 is to reduce the risk of fraud and increase consumers’ trust when making online payments. This cutting-edge product feature integrates advanced technologies such as biometrics including fingerprint scans and implements a frictionless payment experience for customers.
Another essential product feature integrated into our payment orchestration platform for white label clients is the chargeback management. Chargeback management refers to the process of handling disputes related to credit card transactions. It involves assessing the validity of a customer’s claim that a transaction was unauthorised or that the goods or services received were unsatisfactory, and taking appropriate action, such as issuing a refund or reversing the transaction.
Current Trends in Payment Orchestration
The demand for payment orchestration platforms has increased significantly in recent years due to the rise of e-commerce and omnichannel retail. Merchants are looking for solutions that can provide a seamless and secure customer experience, regardless of the payment channel. Additionally, the growth of new payment methods, such as digital wallet, as one of the most popular payment methods has also contributed to the growth of payment orchestration platforms.
What Merchants are Looking for in Payment Orchestration Platforms
Merchants are looking for payment orchestration platforms that offer a comprehensive solution to manage their payments. They want platforms that are secure, reliable, and easy to use, and that provide a seamless experience for their customers. Additionally, merchants are looking for solutions that can integrate with their existing systems, such as CRM, accounting, and inventory management.
Regulations and Compliance in Payment Orchestration
Payment orchestration platforms are subject to various regulations and compliance requirements, such as PCI DSS and data privacy regulations. Payment gateways must ensure that they adhere to these regulations to maintain the security and privacy of the transactions. For us it is essential to know that the platform which our clients use is secure and compliant with the regulations to avoid any legal and financial consequences. Our payment gateway WL Payments supports Level 1 security. The main aim to get the PCI compliance for gateways is providing security for cardholder data and emphasising the safety of customer’s data.
Future Predictions for Payment Orchestration
The future of payment orchestration is bright, and the demand for these platforms is expected to continue to grow. With the increasing adoption of e-commerce and omnichannel retail, merchants will continue to look for solutions that can provide a seamless and secure customer experience. Additionally, new technologies, such as blockchain and biometrics, are expected to play a significant role in the future of payment orchestration. The platforms will continue to evolve to meet the changing needs of merchants and consumers.
In conclusion, payment orchestration is a critical technology solution for merchants looking to manage their payments effectively. With its ability to integrate multiple payment channels, acquirers, and gateways, and provide integrated fraud management, merchants can provide a seamless and secure customer experience. The future of payment orchestration is promising, and the demand for these platforms is expected to continue to grow as the technology evolves to meet the changing needs of merchants and consumers.
What’s next?
At WLPayments, we ensure our payment partners have access to all the relevant payment data. Do you have any follow-up questions after reading this article? Reach out to us, and we will be glad to help you find the answers. Fill out the form below, and we will contact you shortly. Or drop us an email at [email protected].
Innovative Technology Solutions for Payment Orchestration
