Companies desire to expand into new markets by capturing more market share, access to new talent, and growing revenue. In some ways, the rise of e-commerce and mobile as key components of a merchant’s payment ecosystem has simplified how businesses approach market expansion. In other ways, the rapidly evolving payments landscape has led to increasing payment complexity. Payment complexity can be exacerbated when businesses enter expansion mode, but payment orchestration can help.
When moving into a new market, businesses may feel overwhelmed with new payment methods and channels alongside disjointed applications and disparate or siloed systems. Payment orchestration helps companies to simplify their complex payment environments. OLS can help merchants accept more payment types, enhance transaction security, and stay competitive using modern technologies.
How to scale payment orchestration?
Business environments are continually evolving, whether it’s due to new technologies, shifting customer demand, or market expansion. Scalability is particularly important for businesses to consider as part of their efforts to become future-ready with their payment system. Payment orchestration enables flexibility, efficiency, and cost-effective, future-ready scale. The modular design from OLS enables businesses to deploy new payments and functionality faster than ever.
New Markets Often Mean New Payment Types
In a global economy, various factors may contribute to people’s payment preferences, from technology and location to demographics and income. As merchants expand, particularly as they expand outside of the U.S. and into global markets, they may find themselves facing multiple new and emerging payment methods and a payment processing environment that is complex, time-consuming, and difficult to scale.
Consumers want to make purchases with standard payment methods, which vary greatly by location and demographic. Several of these payment methods, including Alipay and WeChat Pay, have become dominant forms of payment in certain areas of the global economy. In the ever-expanding payment system landscape, businesses will need to engage with a payments orchestration partner who can help them offer additional payment methods to reach a wider variety of consumers.
In an increasingly globalized marketplace, offering additional payment methods allows merchants to reach international shoppers regardless of location. Global digital wallet spending alone is expected to increase by 83 percent by 2025. As your payments orchestration partner, OLS supports every major payment network in the United States and an increasing number of international payment types.
Market Expansion May Expose Security Risks and Vulnerabilities
Increases in payment system complexity invariably lead to the rising risk of data breach occurrences and theft. Each new addition increases payment system complexity as merchants expand their payment capabilities. This change means that while businesses are assessing how to implement new payment types for their market expansion, they must also determine how to protect customer information and insulate their payment systems from security risks and fraud.
Security breaches pose a serious threat to both consumers and businesses. Even a company that has spent years establishing itself as reliable, credible, and dependable can see that all wiped away in the wake of a security hack or data breach. If consumers don’t feel their information is protected, it can decrease customer trust and drive them to shop elsewhere. As fraud risks advance and become stronger, combating them can consume significant time and resources. Keeping payment systems secure is a primary concern for merchants.
Merchants need a way to secure payments and protect cardholder data, ensuring that the data is never captured or transmitted within the systems in a human-readable format, no matter the payment method. With OLS Payments as their payments orchestration partner, merchants can enhance transaction processing security and reduce the impact of data breaches and compliance. Our innovative and secure technology drives all forms of payments commerce, can reduce your PCI scope, and protects your payment systems.
Have the Right Technology in Place to Stay Competitive
Payments orchestration helps merchants connect to a broader range of acquirer and third-party service provider relationships and choose the best-in-class providers that work best for their business. The OLS Payments solution can integrate your eCommerce, mobile, and in-store footprints while harmonizing that data with your multiple new and existing processors and third-party service providers. From delivery services and order ahead to fraud detection, bill pay, and data analytics, OLS allows merchants to utilize the providers they feel add the most value to their enterprise.
Payment Orchestration Makes Market Expansion Simpler
Business environments are continually evolving, and future payment system scalability is particularly important for businesses to consider. With OLS, businesses get a payment orchestration partner that can help them with a simplified and secure electronic payment processing system that is flexible and future-ready, saving time, frustration, and costs.
- As merchants expand, they may find themselves facing a payment processing environment that is complex, time-consuming, and difficult to scale.
- OLS helps secure payments and protect cardholder data, ensuring that the data is never captured or transmitted within the systems in a human-readable format.
- Payments orchestration helps merchants connect to a broader range of third-party service provider relationships and choose the best-in-class providers.
- Payment orchestration from OLS can help merchants accept more payment types, enhance transaction security, and stay competitive using modern technologies.