A payment gateway facilitates financial transactions between an online store and its customers. It protects sensitive information via encryption, notifies the user if their transaction was approved or rejected, and so forth.

A payment orchestrator provides all of the aforementioned capabilities and more via its software layer or platform. Authorization, routing, and settlement are just a few of the steps in the payment process that may be integrated and managed with the aid of a payment orchestration platform.

By joining many acquirers, banks, and payment service providers into a single software layer, it lets you set up a more flexible and effective payment stack.

Let’s find out more about how a payment method orchestrator works now that you know what makes it special.

Investigating Payment Gateway

A typical example of a payment gateway transaction might look like this:

• After selecting, customers click “Add to Cart” to buy.
• Customers begin transactions by selecting a payment method and providing payment information.
• After sending payment information, the portal secures it before sending it to the right payment provider for approval.
• The vendor will notify the buyer that the payment was accepted and that the products will be dispatched if all information is valid. The customer will receive a “declined” notification and can attempt another method if payment is declined.
• The deal closes when the issuer transfers funds to the purchaser.

Want to know how to build a payment gateway that meets your needs? Consider Akurateco, the best provider of such services.

Recognizing The Role Of Payment Orchestration

When a payment orchestrator is involved, the process goes like this:

1. The buyer selects desired items, puts them in the shopping basket, and then clicks the “Pay” button to complete the transaction.
2. In an API request, the retailer sends several parameters to the payment orchestration platform.
3. Methods of Payment Listed: The consumer will be able to see all of the available payment options if the payment orchestrator verifies that the business is set up to accept them.
4. Information Is Entered The consumer selects a payment option and provides their billing information.
5. Extra Rules The orchestrator applies extra rules, such as submitting the transaction for 3DS authentication, after the consumer submits the payment data.
6. The payment should be sent via the payment processor that the retailer has set as their default. The transaction will normally go via the default method of payment, but if that fails, it will go through the next best method.
7. Authorized transactions are then routed to settlement. And the money is finally settled in the merchant’s account by the PSPs.

A payment orchestration solution may be added first, which is fantastic news. This gives you an edge over the competition and greater financial control.

The Payment Gateway Features Of Payment Orchestration Solutions

Payment processors handle the actual processing and transfer of monies once they have been accepted via a payment gateway. In order to streamline the payment processing for enterprises, payment orchestration software like Akurateco combines the features of many gateways and processors.

A payment gateway processes financial transactions, whereas a payment orchestrator handles everything and provides additional features. With this distinction in mind, you’ll be able to choose the appropriate service or technology to enhance your current operations and attract new customers. So, evaluate your current situation, use the optimal remedy, and propel your company forward immediately!

Read Also:

• How Can Amazon Associates Earn More Money In 2023?
• Originality.AI Review: AI-Generated Content Detection Made Affordable And Easy
• Mobile Call Recording Solutions: Exploring Options And Best Practices For Efficient Communication