How a Payments Orchestration Partner is the Next-Gen Switch Provider-OLS Payments

Merchant needs are continually evolving, in a constant crunch to keep up with both customer demands and an ever-increasing number of payment options. As merchants strive to implement payment forms and requirements, they often find that electronic payment processing is complex, expensive, and burdensome to manage and scale, yet it doesn’t need to be. While merchants certainly need the capabilities to process payments, that’s not the primary mission of their business. Merchants want to provide customers with outstanding products and services, and that’s where a payments orchestration partner like OLS can help. 

A payments orchestration partner helps merchants enhance the customer experience, lower costs, remove complexities, and scale efficiently, allowing merchants to seize growth opportunities and prepare for the future while still delivering exceptional customer experiences now.

What is the difference between payments orchestration and transaction switches?

Transaction switches are software systems that dynamically route and process transactions. However, as merchants seek to expand and enable new payment types, they may find themselves with a complicated and pieced-together collection of processing software and systems. Payments orchestration simplifies and streamlines payment processing by unifying various systems, including reconciliation, settlements, and reporting, under one flexible and efficient solution.

Reduce Risk While Preparing For the Future 

Electronic payment processing is complex, with each new payment method posing additional risks to merchants. As consumers increase their demand for fast and contactless payment methods, merchants will need to adopt new payment methods. A payments orchestration partner can help merchants ease the challenges and complexities of widening payment diversity. OLS Payments offers merchants a flexible, future-ready solution and enables cost-effective scale. 

As a merchant’s payment system grows in complexity, it can become increasingly more challenging to determine which products and services to deploy that will insulate your system from the risk of data theft. With OLS Payments, merchants can access the latest payments capabilities, including new payment types such as Alipay, WeChat Pay, QR Code payments, or Flexa, and enhanced security functionality, including the most recent tokenization and encryption security updates.

Whether merchants choose point-to-point encryption (P2PE) or end-to-end encryption (E2EE), encryption is a critical component of any secure payments infrastructure. Now merchants can add in an extra layer of security via tokenized payments. As compliance and security requirements continue to grow, it becomes more important for merchants to have a payments orchestration partner built with security first, providing peace of mind that their payments are as secure as possible. 

Increase Revenue While Delivering Benefits to Customers

Payment orchestration doesn’t merely provide a temporary boost in profitability; rather, it enables merchants to sell more, ranging from third-party gift cards to a variety of financial services solutions. Instead of focusing on acquiring more customers, these solutions allow merchants to consider how they can generate higher revenue from existing users by offering products and services that are beneficial to customers and increase engagement.  

OLS can help merchants gain access to the industry’s largest assortment of gift cards through our parent company, InComm Payments. These gift cards cover every category, from electronics to fine dining, and include the world’s most popular brands, with options for open- and closed-loop gift cards, digital gift cards, and gift tokens.

Beyond offering gift cards as a way to increase revenue, OLS can also enable a range of financial services solutions, such as general-purpose reloadable (GPR) prepaid cards. Customers can use these prepaid cards just as they use a traditional debit card. A key differentiator is that the merchants’ stores become the location for depositing funds rather than depositing funds at a bank.

In-lane bill pay is another financial service that merchants may not have previously considered. In-lane bill payment allows consumers to quickly and conveniently pay their bills using cash in the checkout lane at many retail locations where they already shop. These consumers can present the bar code provided by the biller at a merchant’s point of sale. 

Stored value solutions and financial services solutions are offerings that can enhance a merchant’s suite of retail products, increase the number of times a customer visits the merchant’s store, and ultimately, help increase revenue. 

Every Business Needs a Payments Orchestration Partner

A payments orchestration partner streamlines payment processing with a solution that cuts cost, enhances security, enables efficiency, and helps businesses prepare for the future. Built with a modular design, OLS Payments allows merchants to customize their solution, only enabling what they need when they need it. Contact us today to learn how OLS Payments can help you manage complex payments and provide a great customer experience.

Key Takeaways

  • A payments orchestration partner helps merchants enhance the customer experience, lower costs, remove complexities, and scale efficiently.
  • Payment orchestration enables merchants to sell more, ranging from third-party gift cards to various financial services solutions.
  • A payments orchestration partner can help merchants ease the challenges and complexities of widening payment diversity.
  • OLS Payments can help you manage complex payments and provide a great customer experience.

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