The future of money management: payment orchestration for enterprise businesses

In today’s fast-evolving digital ecosystem, the expansion of payment methods and the rising demand for consumer choice have placed unprecedented pressure on large enterprises. Customers now expect a wide array of stable and reliable local payment options, compelling businesses to continuously adapt and expand their payment capabilities. This presents a significant challenge: while offering diverse payment methods is crucial for maintaining competitiveness, building and maintaining these systems often falls outside the core focus of most businesses.

Many businesses find themselves continually adding headcount to support their payment systems, especially when considered across markets, yet lack the local tools and expertise needed to efficiently manage this expansion. As a result, operational bottlenecks emerge, impeding a company’s ability to swiftly respond to market changes and customer preferences. This situation is further strained by the fact that integrating new payment methods into existing systems increases reconciliation challenges - which can be very costly if left unchecked.

In this context, payment orchestration platforms, particularly through comprehensive solutions like Stitch PayOS, are becoming a strategic imperative. Payment orchestration offers a way to streamline and centralise payment processes, enabling businesses to efficiently offer a variety of payment methods without diverting significant resources from their core operations. It represents a shift from reactive payment system management to a proactive, strategic approach that aligns with the agility and efficiency needed in today’s dynamic business environment.

Bridging the gap: responding to payment management challenges

Businesses today face a two-fold challenge: firstly, the need to offer a broad spectrum of payment methods to satisfy diverse customer preferences, and secondly, the need to manage these payment options efficiently without diverting from their core business objectives.

The complexities involved in this scenario go beyond integrating new payment methods and providers. They encompass ongoing maintenance and optimisation, the need for continual updates to stay compliant with evolving regulations and the management of transaction reconciliation across different platforms. In addition, depending on the business model, teams may require additional automation and processes for things like billing management, invoicing and split payments. All these tasks require specialised knowledge and resources, which can be a significant drain on a company's time and resources.

This situation necessitates a strategic shift in how large enterprises approach payment management - and lends itself to payment orchestration platforms like Stitch PayOS. These platforms fundamentally differ from payments aggregators in that they allow businesses to choose, manage and continually optimise their own range of payment methods and providers across business units and markets, giving them more control over contracts, rules and routing and data.

A deeper dive into payments orchestration

Payments orchestration is a holistic approach that brings together various payment services and gateways into a unified platform, while enabling the business to maintain control over existing commercial agreements. This approach offers several strategic benefits:

1. Unified management: It streamlines the control and monitoring of multiple payment gateways, methods and providers. This can also occur across business units, departments and geographies, and gives a single view on all transactions as well as a single source of truth that enhances overall operational efficiency.
2. Customisation and direct control: Businesses maintain direct relationships with payment processors and gateways, allowing for bespoke contracting commercials, flexibility in payment options and better business continuity. 
3. Scalability and market responsiveness: The model is inherently scalable, easily adapting to new markets, market conditions and customer preferences, without extensive in-house development requirements.

A comprehensive payments and billing solution

PayOS can be customised to enable businesses with any level of complexity to manage and scale their payment operations through a single integration. PayOS enables businesses to:

1. Manage all methods and providers in one place: Businesses can integrate multiple providers and banks in the PayOS dashboard and maintain existing commercial agreements
2. View transaction status by method, department and more: Dashboard can be customised to display all relevant fields and easily track the status of any transaction across divisions and departments, no matter which method was used
3. Reconcile all payments automatically: The robust reconciliation solution can simplify transaction matching and help finance teams understand where there are discrepancies that need to be evaluated further
4. Automate billing, invoicing and more: Teams can create automated invoices based on indicated preferences and automate collections for recurring or subscription payments from the same dashboard. Pending, upcoming and complete payments are all displayed
5. Manage payouts and disbursements: PayOS can enable payouts and disbursements over API, individually or in bulk
6. Route payments and split transactions as needed: Smart routing capabilities allow businesses to display specific payment methods and provider options to specific customers based on pre-set rules. Payments can be automatically retried using another provider in the event of failure

In an era marked by rapid technological advancement and evolving customer expectations, payment orchestration, particularly through solutions like Stitch PayOS, is a strategic investment for large enterprises. It signifies a commitment to operational efficiency, market agility and customer-centric payment solutions.