Payments Orchestration

Looking Ahead to 2024: Payments Teams Balance Growth with Optimization

A comprehensive year-end review and what to expect looking forward into 2024 with Spreedly.

Written by
Justin Benson
Publication Date
January 31, 2024
Social Share
Don’t miss our latest news and updates
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

2023 was the year that merchants pivoted from top-line growth to bottom-line optimization. This shift in focus proved to be the dominant factor that helped drive product and technical winners and losers. 

Bottom line optimization resulted in several notable shifts in the payments industry. This included price wars at the largest processors in the U.S. and the resulting fallout for major industry players. Technologies like network tokenization, with their promise of higher authorization rates and lower interchange and other cost-saving tools, moved to the forefront of interest for many merchants. 

We also witnessed a wane in enthusiasm for alternative and local payment methods (APMs / LPMs). Typically thought of as helping capture incremental revenue by offering multiple choices to consumers,  the complexity of managing so many different payment methods for a relatively small percentage of total revenue came under scrutiny in a more resource-constrained world. 

In terms of Payments Orchestration, our customers moved from a primary focus of  utilizing orchestration for global expansion to honing in on creating the right set of routing and rules to maximize the success rates of payments already in hand. Many of our customers use  failover to re-route transactions when a preferred gateway is down, alongside customizing routing logic to increase acceptance rates, lower costs, and develop effective payment architecture across geographies.  

Looking ahead to 2024, we believe the year will be a blend of the last two years – with the focus shared between growth and optimization. This careful calibration will be done with an eye on our more resource-constrained reality. 

Payments continue to grow and remain highly complex and critical to businesses everywhere. Enabling payment technology, like orchestration, will continue to play an essential role in helping payment teams focus on optimization, payment method vault management, and connectivity. 

A Quick Look Back

Our solutions enable and optimize over $50 billion in annual transaction volume – which creates an incredible amount of data and insights. 

Our teams continuously measure and monitor transaction data to grow and optimize our solutions. This enables us to observe trends and uncover insights for our customers and partners across the payments networks.

Here’s what we saw in 2023:

Download the Payments Orchestration eBook Below

Related Articles

Payments Orchestration

How To Stop Payment Fraud

Learn how to identify the different techniques fraudsters use and how your business can stop payment fraud with an open payments strategy.

Posted on Jul 17, 2024 by Andy McHale

Payments Orchestration

The Rapidly Evolving Definition of Payments Orchestration

The Evolving Definition of Payment Orchestration: Insights from MRC Las Vegas 2024

Posted on Jun 26, 2024 by Justin Benson

Payments Orchestration

Alternatives to Zelle Recurring Payments

Find out what Zelle recurring payments are, alternatives, when they’re coming out, their advantages and disadvantages and how to accept them.

Posted on Jun 26, 2024 by Nick Daley