Digital payments have seen immense innovation over the last few years, and many businesses have struggled to keep up. Too often, companies cobble together a patchwork of payment solutions as they grow to meet the needs of selling to buyers in different ways (e.g., adding subscription billing) and in different regions.
According to our State of Global Payments survey, 49% of global businesses are using two to three payment solutions and 31% are using four or more to meet their payment needs. Each solution requires resources to maintain it and puts the burden on businesses to pull together the disparate data, which is not always easy to reconcile.
Global payment orchestration can be a gamechanger here and transform payments from being a cost of doing business to a strategic tool that impacts your bottom line.
What Is Global Payment Orchestration?
When we define global payment orchestration, it is even more comprehensive than what you might be thinking. BlueSnap’s Global Payment Orchestration Platform brings together all the payment use cases, capabilities and geographies in a single platform with a single integration and a single account, optimizing payments for your business.
The benefits of using a single Global Payment Orchestration Platform include:
- Increased conversions and authorizations and reduced declines
- Reduced fees for processing payments
- Easy international expansion
- Increased profitability
Global Payment Orchestration & the 7 Payment Use Cases
With BlueSnap’s Global Payment Orchestration Platform, businesses can easily and quickly add new payment use cases to meet their needs. In addition to functionally supporting all of these payment use cases, built-in payment optimization ensures businesses get the most value out of their payments. Here is how Global Payment Orchestration supports each use case.
Online & Mobile Checkout
Online and mobile payments are more complex than they used to be as digital payments become more global. Whether you want to increase your authorization rates or locally process foreign transactions to avoid cross-border fees, BlueSnap’s Global Payment Orchestration Platform includes everything you need to increase sales and reduce costs while selling internationally.
For example, a frictionless localized checkout process ensures customers have a positive experience and reduces checkout abandonment. Shoppers in Europe and the US are both able to pay in their local currency with their preferred payment method, making it more likely that they’ll complete a purchase and then local card acquiring increases transactions’ likelihood of approval while avoiding unnecessary cross-border fees.
Subscriptions & Recurring Billing
Subscriptions and recurring billing are good for both customers and businesses. Customers get the goods or services at the cadence they want and the business receives regular revenue. However, with the wrong payments solutions in place, recurring payments can be frustrating for both parties.
Customers need to be able to easily update or change their payment method, revise their plan, or cancel their subscription. Businesses need a solution that can both proactively ask customers to update payment information and automatically update cards when they expire. BlueSnap’s Global Payment Orchestration Platform has the ability to support all of this.
Invoicing & Billing Automation
Invoicing and billing keep many businesses afloat, but manual processes and collecting payment can be time-consuming and challenging. With BlueSnap’s Global Payment Orchestration Platform, companies can fully automate the entire quote-to-cash process and give customers a frictionless way to pay their invoices using the payment methods that work best for them. The solution automates the follow-up for late payments.
Most importantly, this isn’t a separate or isolated service when you choose the Global Payment Orchestration Platform. This is functionality that can be turned on easily, even if your company did not have an invoice payment need when it first engaged with the platform.
A marketplace, which allows the website to sell merchandise from multiple vendors and then appropriately splits the payments for each transaction, isn’t functionality every business needs. But for those that do, ensuring payments are distributed quickly and correctly is crucial for the marketplace to be successful.
Marketplaces can become more complex when merchants or customers are located in different countries, for example. With a global payment orchestrator like BlueSnap, a business can quickly and accurately distribute the right percentage of each transaction to the parties involved while also providing local card acquiring and different billing types as needed.
The ways to pay for goods and services has changed with the rise of contactless and mobile payments. Stores commonly offer a point-of-sale (POS) terminal where shoppers can swipe, dip or tap a card or phone. Increasingly, restaurants, bars and other hospitality businesses are enabling customers to scan a QR code with their phone and pay digitally. This frees up staff to focus on other tasks and allows customers to keep cards in their hands throughout the payment process.
This results in in-person digital payments, which can benefit from all the functionality of the Global Payment Orchestration platform. This allows businesses to offer in-person and online payments through a myriad of payment types and ensures customers have a position, frictionless, and consistent shopping experience even as they shop in different ways and different places.
Virtual terminals tend to be used by businesses with a heavy customer service component or a lot of paper-and-pen customers. They allow a representative to enter payment details provided by a customer, making it easy for customers to pay over the phone or in a variety of different scenarios.
Virtual terminal payments need to be synced with the rest of a company’s digital payments to ensure a consistent experience for the customer and a unified source of data for the business. The Global Payment Orchestration Platform makes it easy to add virtual terminals to the options you provide your customers.
Embedded payments are a unique payment use case because they leverage two or more of the use cases above as a software provider embeds payment functionality into their platform. A software platform using embedded payments might provide online and mobile checkout as well as a subscription option for their customers, for example.
In a way, embedded payments represent what is so incredible about BlueSnap’s Global Payment Orchestration Platform: they don’t just provide a set of siloed services and leave their customers to make it work; they bring those services together, unify them, and ensure they’re configured to support optimized payments and data-driven decision making.
To learn more about Global Payment Orchestration and how it could transform your payments, download our whitepaper.