Payment orchestration platforms are vital to your company’s payment stack, and that’s especially true if you are a business that handles many transactions. If you ply your trade in the 6 trillion dollars automotive industry, then having a comprehensive payment orchestration platform is a must-have as the technical layer consolidates all aspects of payments. Automotive payment orchestration layers allow you to access multiple payment methods. It enables you to do transaction routing with conversion-boosting features like cascading and failover while also allowing you to consolidate reconciliation and settlements.
You will be able to monitor transactions in real-time to avoid false positives; mitigate risk; tokenize customer payment data and many other things under one single platform. Accepting automotive payments has never been easier with a wide variety of payment methods available in the market but finding the right payment orchestration layer for your business.
We here at the Zed Network specialize in providing comprehensive payment orchestration solutions to companies that work in the automotive industry. So we know all there is to know about the questions most companies operating in the automotive industry have about payment orchestration platforms, and that’s what we will answer here. We will answer all the important questions you might have about automotive payment orchestration platforms in the following passages. So without any further delay, let’s begin!
What Are The Advantages Of An Automotive Payment Orchestration Platform?
Payment orchestration platforms are also known as payment management platforms. It uses a variety of different tools that help automotive businesses seamlessly manage everything transactions, from routing to reconciliation. According to Zed Founder and entrepreneur Alan Safahi, automotive payment orchestration provides businesses with independence and flexibility about their payments, allowing better control of the revenue stream. It will give you an overall view of their transactions, regardless of who processed them, along with access to a PCI vault.
As a modern company in the automotive industry, you know by now that putting all your eggs in one basket is a sure-fire recipe for disaster. The need for a diverse payment platform is not only limited to the automotive industry. Every modern business needs comprehensive payment orchestration platforms, and the demise of Wirecard drives home its importance.
When Wirecard went down in 2020, many companies that only used Wirecard as their sole payment processor suffered greatly as they could not offer their customers alternative payment methods when the company was down. The impact of this on businesses on businesses was immense, mainly due to the year being economically testing due to COIVD-19. So you see the importance of a comprehensive payment orchestration platform if you want to survive in the market, which goes double for companies in the automotive industry.
Does Payment Orchestration Platform Allow For Faster Payment Process?
The online landscape is a fast-moving space where you need to keep up with changing moods and fleeting attention span. What can make or break a business in this space is how long it can take for the customer to connect to a payment service provider. What can help enterprises to is integrating the payment orchestration layer through simple payment processing APIs. While setting up payment orchestration layers for automotive businesses can seem like an expensive and time-consuming undertaking, you don’t have to worry about it Zed’s Automotive Payment Orchestration Platform.
The API comes readymade with all the connections that any automotive company might need for global trade. Because of the different payment options available, automotive companies are better able to serve the customer and provide convenience. You can create highly customized payment orchestration features that a company in the automotive industry can use to strategize its expansion while cementing its presence in existing markets.
What’s The Best Way To Accept Cross-Border Payments Seamlessly?
According to Alan, if you want to grow and expand your business in the automotive industry, then you need something more than the traditional payment methods such as credit card or bank transfer. The modern customer requires wide-variety payment methods that ensure an optimal checkout experience. A recent report showed that each demographic has its own preferences when it comes to payment methods. When you have an agnostic payment orchestration platform, you can choose and select which type of payment methods you want to integrate into your business.
Adding new alternative payment methods to your mix is a sure-fire way to ensure lower abandon cart rates. As soon as you sign up with Zed, you will get to work with our team to create a custom payment orchestration solution that is designed to meet your needs. With 150+ currency support and 100+ country acceptance, it’s a truly global payment orchestration platform with several different payment method integrations. Here are the payment solutions you can find at Zed:
- Credit cards
- Bank Transfers
- Cash Payment
- Gift Cards
As you can see, Zed allows you to bring all your payment options under one roof, and you will be able to manage multiple payment gateways with the utmost ease. If you are an international player in the automotive industry, then Zed’s wide range of acceptance can benefit you in global growth.
Does Transaction Routing Improve Payment Performance?
Payment orchestration isn’t only about having multiple payment gateways. It also requires careful transaction routing that ensures the best path in every region, resulting in higher payment acceptance rates at the lowest possible rates. Top-notch transaction routing from the best automotive payment orchestration platforms can allow you to integrate conversion-boosting tactics. Tactics like cascading or fallback routing for an optimized payment flow are known to boost conversion and improve client relationships.
Experts from the automotive industry constantly warn that businesses that are relying on only one payment service provider can result in a host of different problems. Problems like payment outages, high payment churns, and delays in transaction authorization are some that can pop up and are usually detrimental for a business as these problems can frustrate customers and make them distrustful of your business, making them unlikely to return.
One of the best features of a payment orchestration platform is the KPI-based analytics are essential for monitoring payment performance in real-time and optimizing the processes. This simple feature can make it easy to analyze data enables you to build routing channels that improve conversion rates and lower processing fees. If 2020 taught us anything, it’s that a comprehensive payment infrastructure can make or break a business, especially one operating in the global automotive industry.
Because of this investing in a future-proof payment orchestration strategy that will enable your business to scale and reach new markets, the Zed network team understands that aiming to be the one-stop-shop for payment solution isn’t the way to go. That’s why we provide solutions for the unification of payment management for international automotive payments. You can find out more about why ZED Network is a better payment orchestration platform than most in the Zed Network Vs Currency Cloud article.
Ask Zed About Payment Orchestration Platforms
So there you go, those are the answers to some of the most critical questions about the need for a comprehensive payment orchestration platform in the automotive industry. Make sure you read the article through and let us know if you have any further questions about our automotive payment solutions. We here at the Zed Network work tirelessly to simplify the payment orchestration process in the automotive industry.
So we are always available to answer any questions you may have. You can contact us and talk to our specialists who will be more than happy to answer all your queries. And with that being said, that’s about all we have for you today. Let us know in the comments below what type of payment orchestration layer you need. Also, hit us up on our socials and send in your feedback so that we know how we can improve our services to better cater to your needs. We will come back with something new about the payment services industry for you soon. Until then, see ya!