Fraud continues to be a hot topic across all industries. As businesses expand and technology becomes more prevalent, each new addition is a potential entry point for fraud. Payments orchestration platforms can be an incredibly effective tool for counteracting certain kinds of fraud, particularly chargeback or transaction fraud.

To learn more about how fraud prevention programs can be supported by payments orchestration, PaymentsJournal sat down with Andy McHale, Sr. Director of Product at Spreedly, and Don Apgar, Director of Merchant Services Advisory Practice at Mercator Advisory Group. 

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How payments orchestration works  

Payments orchestration is, an approach that leverages data and connections to multiple payment services in order to deliver the best possible payment experience to customers and the optimal revenue to the merchant.. Even though all businesses involve payments of some kind, most businesses are not themselves players in the payments industry. As a result, many will focus their resources on the core of their business and look for a partner who will help them solve pain points, lower costs, and reduce complexity as it relates to the payments that the companies make and receive.

What those external partners provide is payments orchestration platforms. “Payments orchestration can do a lot of different things,” said McHale. “It starts with connecting you to multiple different payment providers or gateways. It can also add things like smart routing and additional fraud services.” Significantly, payments orchestration can help businesses manage all those aspects of payments without requiring in-house engineers, analysts, or business teams.

Perhaps most importantly, payments orchestration allows merchants optimization across the board, letting them mix and match the most suitable vendors as well as channeling their specific services efficiently towards only the scenarios where those solutions are required. “The whole payments orchestration approach lets the merchant curate the tech stack and pick the best of the best,” said Apgar. Businesses will often utilize multiple gateways and providers, and payments orchestration fits those gateways and providers to each merchant’s particular needs.