Why FinTech Startups Need The Perfect Payment Orchestration Solution!
Updated: Nov 13, 2021
Running an international FinTech operation is getting harder by the day. There are plenty of various reasons why it is increasingly becoming harder. From highly saturated markets, increasing customer demands, and the added pressure of meeting the needs of day-to-day operations along with technological progress, a changing economy, and established competition, becoming successful may only feel like a pipe dream for most.
However, companies can cut down most of the problems by simply having a well-thought-out payment infrastructure in place. Payment orchestration makes your company much more efficient while also being one of the core reasons you can scale up faster. The traditional payment method, even the one online, has a complex process, and a payment orchestration layer simplifies it and optimizes the process throughout the value chain.
We here at Zed Network do just that. We provide comprehensive payment orchestration solutions to FinTech startups and other businesses to ensure they run an efficient ship. Our crown jewel is the ease we provide when it comes to cross-border payments. Because we work with FinTech companies a lot, we know all the reasons why you need a payment orchestration layer for your startup. So we thought we should let you know our motivation, so without further delay, let’s begin!
Getting To Market Faster
The early bird advantage is a vital part of sticking an entrepreneurial venture, and it is especially true for FinTech companies. However, new businesses find it hard to integrate local payment methods and providers into their payment processes. Payment orchestration layers are great at creating an effortless one-time integration environment. Global connectivity and payment orchestration’s modular nature ensures businesses that go to market early will have advantages. They can solidify their presence in existing territories.
According to Zed Founder and entrepreneur Alan Safahi, when you want to operate in a country, you need contractual obligations with various region-specific payment providers. However, Payment orchestration providers can take care of it for you. Businesses can easily pick and choose the payment solutions they need. It gives companies a tremendous position to negotiate pricing and conduct testing even before the addition.
You need to do much research to find the right solution. POP’s allow you to take a break from managing a complex payment infrastructure and focus only on developing the core business. When you partner up with a payment orchestration provider like Zed Network, you will leave the headache of managing the payment infrastructure and have access to a new range of innovative technologies as soon as they come to market.
Imagine you have all the time in the world to innovate your business and develop new products. That can easily be possible when you partner up with a payment orchestration provider. What that means is that you can start to focus on innovating your core business, introduce new product lines, capture niche markets, and strategize for the future. Meaning you become a pioneer in your field.
International payment management systems are made up of several diverse ecosystems, and to manage them well, you need to find the perfect synergy between the various ecosystem components. A payment orchestration layer just makes things simpler by bringing everything under one single platform.
It is a layer that covers all of the existing and future payment connections and infrastructures, allowing for seamless operational capability. This singular platform enables FinTech companies to be versatile in their approach and try out new things on the fly to see what works and what doesn’t. However, if you want the best interoperability for your startup, find a Payment orchestration provider who offers merchant-specific adaptability and not a one size fits all solution.
According to Alan, long gone are the days when having a custom payment orchestration layer was considered an expensive undertaking. Before thinking about a payment engine that provides a seamless customer experience while minimizing transaction costs, handling security concerns, and implementing payment routing, reconciliation, and reporting needed big budgets.
Simply by partnering up with innovative Payment orchestration providers, you can get all the payment support you need while also highly cost-efficient. The POPs offer API solutions that you can use as a plug-in on your website and start operating seamlessly on the international market. From being fluid and versatile to being a reasonably cheap option, there is no reason why a FinTech startup should not partner up with a POP.
Better Customer Experience
When FinTech startups are looking to establish themselves globally, each aspect of the payment infrastructure should be optimized and perfectly functioning. A faulty payment system will become a hindrance and may even jeopardize the long-term value for the company. The best way to ensure a seamless customer journey is by providing a hassle-free payment process.
Make sure your payment orchestration layer supports the domestic payment service providers of your customer. That way, you will have a frictionless payment infrastructure. Work with POPs that ensure a secure, unified, and consistent experience regardless of the device or location. Make sure that the payment orchestration provider you work with is PCI DSS compliant. What it does is provide the best online fraud protection while also providing one-click payment options for your already registered customers.
Optimized Transaction Flows & Payment
If you want to secure successful transactions, then an optimized payment flow is a must. Ensure your clients feel comfortable at every step of the journey while guaranteeing security and a seamless payment experience. Work with a payment orchestration layer provider who offers you dynamic payment routing, which means that transactions flexibly follow the best path in every region.
This results in higher payment acceptance rates for the lowest possible cost. Remember to set up KPI-based analytics for monitoring payment performance in real-time for future optimization. The right POP will offer you a wide variety of options when it comes to creating a custom payment orchestration layer for your FinTech startup. The right payment orchestration layer provider will help you scale up fast, reduce operational efforts, offers flexibility in selecting region-specific payment providers and methods, and allows easy access to novel technologies.
Find The Best Partner For Your FinTech Startup
So there you go, those are all the reasons why a FinTech startup should partner with a payment orchestration provider. As we’ve been saying, with rapidly evolving technologies and maturing markets, partnering early with the right company will help not only help you grow domestically but also allow you to have a global reach. Here at the Zed Network, we specialize in providing payment orchestration layer solutions to FinTech startups looking to get a foothold in the international market.
So feel free to contact us for the perfect solution. And with that being said, that’s all we have for you today. Let us know in the comments below what you think about the need for the proper payment orchestration solution for a business. Also, hit us up on our socials to send in your ideas and topics you want us to cover next. We will come back with something new for you soon. Until then, see ya!