The rise of ecommerce has introduced a shift in consumer expectations when it comes to payments. As a result, merchants need to create streamlined checkout experiences and provide various payment options, all while ensuring that the payment process is smooth and secure. Payment orchestration layers address these complexities by facilitating seamless transactions, increasing success rates, and adapting to regional preferences.
In our latest interview with Amit Hooja of Paysecure, we explored the company’s story and discussed the various ways in which payment orchestration can help merchants scale efficiently and drive business growth.
Acceptance rates are essential for merchants. Not only do they impact the revenue, but they also affect customer experience and overall business growth. As Amit points out, acceptance rate thresholds are dependent on various parameters and vary across industries and seasonalities. Payment orchestration layers help businesses better their acceptance rates by enabling merchants to track and optimise them via granular data, which offers insights into the issues behind transaction failures. Moreover, he further explains how understanding customer preferences and expanding the payment methods presented at checkout are key steps in driving high success rates.
Building on the topic of acceptance rates, Amit further distinguishes between soft and hard declines and explains their significance in the payment process. Additionally, he offers strategies that merchants can use to tackle both types of declines, ultimately improving their payment acceptance rates.
Amit highlights that improving approval rates should start with a clear understanding of the factors influencing these rates, such as system, customer, and payment method behaviour. Furthermore, he emphasises the importance of equipping merchants with the right tools to make the right decisions on their payment traffic and ultimately enhance approval rates, leading to greater customer satisfaction and increased sales.
In today's global market, providing a variety of payment methods and ensuring appropriate coverage for each region are essential for merchant success. In the interview, Amit discusses how payment orchestration layers come into play by helping merchants meet the diverse payment needs of customers around the world and explains the importance of catering to the needs of different customer segments.
Payment orchestration will continue to evolve. The interview concludes with Amit’s insights into the future of payment orchestration and how emerging industry trends and developments will influence it, highlighting the need for adaptability in this dynamic field. Watch the full interview to get all the details!
Amit Hooja, the CEO at Paysecure, is a technocrat with exceptional business acumen, dedicated to innovation and growth hacking throughout his career. Cultivating a passion for technology from a young age, Amit has worn various functional and strategic "hats" across his professional journey, encompassing roles in technology, marketing, and operations. His comprehensive skill set and versatile expertise underscore his commitment to driving success at the intersection of technology and business.
Paysecure serves as the premier gateway to streamlined and optimised online transactions. Its comprehensive suite of products, including payment processing, an orchestration platform, and the innovative User Trust Score, is designed to elevate business capabilities. As a global payment company, Paysecure specialises in providing a one-stop-shop solution for businesses, facilitating seamless integration with payment service providers (PSPs) and acquirers across diverse industries covering ecommerce, forex, marketplaces, and many more.
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