A picture of the "chance" square on a Monopoly board, symbolizing the opportunities of re-built payment systems

Why You Should Change Your Legacy Payment System

You have a big problem with your payment system. 

At least that’s why we suppose you read this article. 

Maybe your business just started, but the payment system you integrated already struggles to meet customer expectations. Or you run an established platform, but your legacy system has grown into an inflexible and costly monolith of different providers.

If you work with a particular provider like PayPal or have integrated a variety of individual acquirers or PSPs, you cannot excess full control over your payment. For example, feature updates, security or transaction limits and fees lie outside your agency. 

However, perhaps your transaction system runs just fine, it is functional and flexible. But have you utilized its full potential yet? Have you thought about adding e-money wallet functionalities to enable P2P transactions, loyalty point systems or quick refunds? 

Whatever of the above is the case, this article is for you. It will discuss how you can turn your legacy system into a version that better suits your needs. By finding a proper payment solution provider and adding payment orchestration and e-wallet functionalities, you will be able to take back control. 

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An assemblage of violins, symbolizing payment orchestration

What Is Payment Orchestration (And Why Have It)?

Payment Orchestration describes the process of integrating and handling different payment service providers, acquirers and banks on a single, unified software layer. The Payment Orchestration software executes the complete payment processing, from validation to routing to settlement. 

The Payment Orchestration Layer / POL (or Payment Orchestration Platform / POP, respectively) bundles user and merchant accounts, acquirers, payment providers, fraud detection services, etc. to initiate, validate, route and process transactions involving those parties. In addition, it handles payment processes such as reconciliation, billing and settlement, payouts and reporting. 

Thus, a Payment Orchestration Layer acts as the entry point and core of a payment system. This approach differs tremendously from separately integrated PSPs. E-commerce platforms and online service providers don’t need to integrate every PSP and every acquirer separately. Instead, they can consume the unified API of the payment orchestration layer, benefiting from a reduced integration complexity. Moreover, a POL simplifies the maintenance and further development of the system for platform owners and for merchants. In the same vein, it eases the interaction with 3rd party service providers.

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