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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.
A typical example of a payment gateway transaction might look like this:
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When a payment orchestrator is involved, the process goes like this:
A payment orchestration solution may be added first, which is fantastic news. This gives you an edge over the competition and greater financial control.
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!