Two-thirds of adults around the globe now leverage digital payments on a regular basis, including 57% of consumers in developing countries. Offering these digital payment options smoothly and seamlessly is easier said than done, however, with a seemingly endless array of complications in processing these payments. Few are as disruptive or annoying as payment declines, which have increased in recent months. Payments orchestration systems are critical for preventing payment method declines by integrating new payment methods and different payment gateways in a seamless and customer-friendly way. If a given payment gateway is offline, the system will automatically route the payment through a new gateway and complete the transaction without any intervention from either the merchant or customer. One case study found that a business reduced its decline rate to between 5% and 8% of all transactions while reducing false declines by up to 35%.
This edition of the “ Payments Orchestration Playbook” examines the latest in payments orchestration, including how payment declines inconvenience eCommerce customers, the effect these declines can have on businesses and how payments orchestration can drive decline rates down to acceptable levels.
Around the Payments Orchestration Space
There are countless ways by which a digital payment can fail, but one of the most common reasons was a lack of funds in the account, a recent PYMNTS study found. Twenty-seven percent of consumer payment declines were due to insufficient funds, according to the study, but there are several contributing causes to this as well. PYMNTS research found that approximately two-thirds of consumers lived paycheck to paycheck, meaning that price increases can significantly affect these customers and cause a shortage of funds.
There are countless ways by which a digital payment can fail, but a recent PYMNTS study found that one of the most common was a lack of funds […]
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