The epidemic propelled merchant aggregators — marketplaces that accept and offer critical platforms for individual merchants — to the forefront of the payments industry.
Demand continues to drive the creation of new, more specialized digital markets, but the global proliferation of varied payment systems means that platforms face the same scale difficulties that their merchant clients originally faced.
Payments orchestration technology enables merchant aggregators to quickly onboard new merchants by easily and seamlessly turning on new gateways.
Orchestration’s flexible, regulatory-compliant payment services may assist aggregators in attracting additional merchants by easily supporting the payment gateways these clients require, providing platforms with a critical difference when seeking to enter new areas.
This issue of the “Payments Orchestration Tracker®” investigates why merchant aggregators must be prepared to offer a diverse range of payment gateways and processors to merchants, and why payment orchestration is critical to allowing this.
In the Payments Orchestration Field
According to recent data, payment services are a fast-increasing business category, with small and medium-sized companies (SMBs) spending $100 billion on these services by 2025.
According to the report, eCommerce platforms will supply a substantial portion of these payment services, with 50% to 70% of digital commerce taking place through marketplaces such as Amazon and Mercado Libre.
To enter this large market, acquirers will need to provide particular marketplace-tailored solutions.
Modernization of payments is increasingly becoming a significant issue for enterprises. According to a recent poll, 72% of corporate leaders believe that updating payments infrastructure, including the inclusion of new payment gateways and processing capabilities, might be game changers for their companies over the next three years.
Thirty-seven percent of merchants agreed with these findings, indicating they want to invest in payment processing during the coming year.