Onboarding merchants in a fast yet cost-effective manner is often an uphill battle for eCommerce marketplaces. But it’s a source of friction that can be minimized by payment orchestration APIs. In this month’s Accelerating The Time To First-Time Payments Playbook, PYMNTS talked with livestream shopping platform Livescale about how these APIs can ease that burden by aggregating merchants’ payment stacks and accelerate sellers’ time to market.
Consumers in today’s digital-first economy are accustomed to the easy, convenient experience of shopping and paying for their purchases on platforms and online aggregators such as Amazon, DeliveryHero, Etsy and Rappi. But these platforms can have a hard time onboarding merchants, especially when integrating each payment stack and ensuring it is fraud-free and compliant with regulations.
Payments orchestration can play a vital role in helping platforms streamline this onboarding process. These solutions provide a single technology layer through which users can enable, optimize and analyze every aspect of their businesses’ payments operations, allowing them to flexibly enable the payment services their merchants need through a single integration.
The October “Accelerating The Time To First-Time Payments Playbook” explores the latest in the world of payments orchestration, including why eCommerce platforms often struggle to onboard new merchants, the payments orchestration solutions intended to streamline this process and how application programming interfaces (APIs) play a crucial role in enabling payments orchestration.
The payment gateway industry is predicted to hit $67 billion in value by 2028, representing a compound annual growth rate (CAGR) of 17% in the next seven years. Consumers expect fast and convenient payments, and merchants are implementing payment gateways to cater to these expectations. Large enterprises are projected to make up the largest market share in payment gateways, generating $43.4 billion through 2028.
APIs play a central role in payment orchestration because they bridge merchants and a multitude of payment service provider (PSP) options. A recent study found that 83% of businesses consider APIs critical to their strategies next year and beyond, with primary use cases including integrations to payment gateways, fraud management tools and other PSPs. APIs are also a key driver of automated services such as payments compliance detection, which are becoming more indispensable to business efficiency as eCommerce progresses. Eighty-eight percent of finance executives said they sped up their transitions to automation during the pandemic, for example.
One business leveraging payment orchestration is mobile wallet app Modo, which has partnered with payment orchestration platform Spreedly to offer its customers a wider array of payment options. Modo will also utilize this platform to accelerate transfers between its 35 partner banks, and customers will not need to take extra steps to enable these transfers, thanks to the power of payment orchestration.
For more on these and other payments orchestration news items, download this month’s Playbook.
More online merchants exist than ever before, but onboarding them to eCommerce platforms can prove to be a monumental challenge in terms of money and time. Payments orchestration can help ease these challenges. In this month’s Feature Story, PYMNTS talked to Madison Schill, communications and marketing director at live shopping event startup Livescale, about how payments orchestration can accelerate eCommerce platform sellers’ time to market. 
eCommerce platforms have boomed in recent years, but many still struggle to onboard new merchants quickly and efficiently. Onboarding a single new merchant can take several weeks of development time, and every minute spent integrating a merchant’s payment stacks is a minute not earning revenue. In this month’s Deep Dive, PYMNTS explores how payment orchestration can integrate multiple payment stacks through a single API, saving eCommerce merchants costly IT resources, improving conversion rates and generating increased revenue.
The “Accelerating The Time To First-Time Payments Playbook,” done in collaboration with Spreedly, is your go-to monthly resource for updates on trends and changes in payments orchestration.
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