Payment orchestration involves the integration and management of various payment services within a unified platform. By optimising transaction flows, processing, and settlement across multiple providers and payment options, it enables businesses to effectively address a range of payment requirements. In the travel sector, where customers utilise numerous payment methods and expect effortless booking experiences, payment orchestration is crucial. It streamlines transaction management, reduces complications, and ensures a smooth experience for customers, no matter their preferred payment method. For travel companies, this strategy boosts operational efficiency, improves customer satisfaction, and simplifies the challenges of handling multiple payment systems.
Below are what we believe are the core advantages of payment orchestration and how they enhance operational efficiency and boost customer satisfaction,
Payment orchestration platforms enhance the payment process and elevate the booking experience for travel companies, leading to increased sales and revenue. By connecting with various payment service providers, travel businesses can present a diverse array of payment options tailored to international customers. Features like stored cards and buy-now, pay-later (BNPL) solutions also boost conversion rates by aligning with the payment preferences of different customer segments.
By automating the payment process, payment orchestration enables travel companies to lower operational expenses and optimise transaction fees. These platforms can smartly direct transactions through channels that offer the lowest fees, helping travel businesses avoid unnecessary costs. Additionally, this system allows for better negotiation of terms and reduced rates with payment providers, further decreasing processing expenses.
Payment orchestration empowers travel companies to evaluate and track their payment performance against industry benchmarks. This capability helps identify inefficiencies, optimize payment routing, and reveal potential cost-saving opportunities. By comparing their performance with peers, travel businesses can refine their strategies to enhance profitability and improve operational efficiency.
Payment orchestration platforms enable travel companies to dynamically manage payment routing, giving them greater control over payment flows. By establishing custom rules, these businesses can automatically direct transactions to channels that offer the best conditions, such as lower fees or enhanced security. For example, they can route high-risk transactions through safer payment options or choose the most economical channel, maximising both security and savings.
Travel companies gain access to real-time data analytics and reporting through payment orchestration platforms, offering valuable insights into payment trends, consumer behaviour, and potential opportunities.
Travel companies with a diverse global customer base and varying payment preferences greatly benefit from payment orchestration. By integrating various payment gateways, acquirers, and methods into one cohesive system, payment orchestration allows these companies to efficiently manage transactions across different regions and platforms. For example, customers in various countries may favour certain payment options like digital wallets, credit cards, or bank transfers, influenced by local payment trends. Payment orchestration enables travel companies to meet these preferences by offering a wide array of choices, which in turn boosts booking conversion rates and enhances the overall customer experience.
Moreover, payment orchestration improves transaction efficiency by allowing companies to optimise payment routing based on factors such as cost, currency, and transaction speed. This is especially crucial for significant travel purchases, such as flights and vacation packages, where even minor enhancements in processing speed or cost reductions can have a substantial effect on profitability. Additionally, many payment orchestration platforms come equipped with automated settlement and reconciliation features, simplifying the management of high transaction volumes without the need for tedious manual account balancing. This streamlined approach not only minimises the complexities of payment management but also enables businesses to scale their operations effectively as their customer base expands.
In addition, payment orchestration bolsters security by centralising compliance and fraud prevention strategies across various payment methods. Travel companies can implement uniform security measures across all payment options, thereby mitigating fraud risks and ensuring adherence to regulatory standards like the Payment Card Industry Data Security Standard (PCI DSS). This centralised strategy safeguards sensitive customer data while allowing businesses to provide a secure and reliable payment experience.
Establishing a payment orchestration platform in the travel sector presents unique challenges, especially during the initial implementation phase. The process of integrating various payment providers, gateways, and methods into a unified platform can be intricate, necessitating meticulous planning and technical know-how to guarantee smooth functionality. For travel businesses relying on outdated systems or with limited technical capabilities, the initial investment in time and technology may pose a significant hurdle. Furthermore, the integration must be comprehensive to avoid any disruptions in payment processing, as even minor glitches can adversely affect booking conversions and customer satisfaction.
Continuous management and flexibility are crucial in payment orchestration. As technology evolves and consumer preferences change, travel companies must ensure their payment orchestration platform can support new payment methods and features. For example, with the rising popularity of digital wallets and instant bank transfers, businesses need to incorporate these options into their orchestration framework to stay competitive. This demands ongoing monitoring and modifications to keep the platform current and in sync with market trends. Neglecting to adapt can result in outdated payment solutions, potentially pushing customers toward competitors that provide more versatile and contemporary payment options.
Moreover, maintaining compliance and security across all payment channels within an orchestration platform can be a daunting task. Each payment method and provider has distinct security protocols and compliance standards that must be consistently managed. For international travel companies, this may involve navigating different regulations across regions, such as Strong Customer Authentication (SCA) in Europe. It is essential for travel businesses to ensure their orchestration platform upholds stringent security measures and adheres to compliance requirements for every payment type, safeguarding both the organisation and its customers from potential fraud and regulatory challenges.
Felloh provides a robust payment orchestration platform designed for travel companies to seamlessly integrate various payment gateways, methods, acquirers, and providers into one cohesive system. By utilising Felloh’s platform, travel businesses can enhance their payment processes, optimising transaction flows and improving customer satisfaction through a wide range of payment options. This orchestration solution empowers travel companies to offer a smooth payment experience that caters to diverse customer preferences, including credit cards, digital wallets, bank transfers, and innovative payment methods.
Felloh streamlines the initial setup, offering technical assistance and guidance to ensure a smooth transition to an orchestrated payment system. This approach minimises the complexities typically linked with integration, allowing businesses to become operational quickly and effectively. Furthermore, Felloh provides ongoing support, enabling travel companies to adjust their payment systems as new technologies and customer needs arise. By maintaining a flexible orchestration platform, Felloh ensures that businesses remain competitive and responsive to market dynamics, allowing them to continue providing secure and adaptable payment options.
With Felloh’s payment orchestration, travel companies gain access to clear reporting and insights, which help them track transaction performance, optimise routing, and manage compliance across all payment channels. This centralised strategy alleviates the operational challenges of handling multiple providers and enhances security by consolidating compliance and fraud prevention efforts. With Felloh’s assistance, travel companies can simplify their operations, increase efficiency, and concentrate on delivering outstanding customer experiences while effectively managing their payment systems.
Felloh’s payment orchestration platform provides travel companies with a streamlined, centralised approach to managing payments across multiple providers and regions. Here is a step by step journey of what goes on in the background,
Felloh can process transactions across multiple merchant acquirers for a single business. With deep integrations across several providers, Felloh offers consistent data output and manages all front-end payment logic, allowing you to integrate once while gaining access to multiple acquirers.
