Payment orchestration is a system that manages various payment services, gateways, and methods to streamline online transactions. It involves routing payments through the most optimal channels, ensuring efficiency, security, and cost-effectiveness.
An orchestration transaction refers to the process of coordinating multiple payment channel processes and services within a single transaction. This ensures that the transaction is processed in the most efficient manner possible.
In finance, orchestration involves the strategic management of financial transactions, payment methods, and data flows to optimise payment acceptance and processing.
A payment gateway is a service that authorises and processes payments, while payment orchestration involves managing multiple gateways and payment systems to route transactions in the most effective way.
An API gateway can be part of an orchestration service, serving as the point of entry for API calls and managing requests to various microservices.
Many payment gateways are provided as Software as a Service (SaaS), allowing businesses to use them on a subscription basis without maintaining the infrastructure themselves.
An acquirer is a bank or financial institution that processes credit and debit card transactions on behalf of a merchant, while a payment gateway is the technology that submits the transaction to the acquirer.
A payment orchestration provider is a service that offers the orchestration platform, managing the various online payment services and gateways a merchant uses to process transactions.
Stripe functions both as a payment processor and a gateway, offering the necessary infrastructure to directly process payments as well as serving as the interface with card networks and banks. However, it is important to note that Stripe's transaction processing fees are relatively high. Additionally, Stripe is not an agnostic or orchestration payment platform, meaning it does not facilitate the use of multiple processors or gateways through a single system interface.
The safest online payment methods are those that use strong encryption, tokenisation, and are PCI DSS compliant. Payment orchestration can enhance security by choosing the safest route for each transaction.
Automation refers to making a single task operate without manual intervention, while orchestration is the automation of multiple tasks to work in harmony.
The basic concept of orchestration is the coordinated management of different processes and services to achieve a more efficient and harmonious operation, much like an orchestra's conductor ensures every instrument contributes to a unified performance.
Orchestration is mainly used to optimise payment processes, reduce costs, increase approval rates, and manage transaction security at scale.
The suitability of Stripe as a payment processor hinges on the unique requirements of each business. Stripe stands out for its extensive array of tools and services, making it a strong choice for numerous online merchants. However, a notable limitation with Stripe is the absence of a feature to compare acquiring rates with other banks. This lack of flexibility and the inability to function as an orchestration platform might limit its appeal for businesses seeking more versatile payment solutions.
Yes, Stripe acts as a payment aggregator, also known as a third-party payment processor, by allowing multiple merchants to accept payments without setting up individual merchant accounts.
Stripe uses a proprietary payment processing system that supports a variety of payment methods, including credit cards, bank transfers, and other local payment instruments.
Yes, PayPal is considered a payment facilitator, providing a platform for merchants to accept payments without the need for a direct relationship with a bank or credit card acquirer.
Yes, Stripe provides payment processing services, handling the full lifecycle of financial transactions for online and in-person payments
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