52% Of Organizations Are Currently Leveraging 5 Or more Payment Integrations

The power of payment orchestration grows greater by the day — and the payment industry is taking note.

Last year, Vantage Market Research estimated the total revenue generated by the payment orchestration platform market to be an impressive $969 million. By 2030, they forecasted it would grow roughly five times in value, hitting an estimated $4.85 billion, a CAGR of 22.3%. 

In exploring the evolving value proposition of payment orchestration and the components of that growth trend, Spreedly has been working in collaboration with The Paypers — an independent source of global fintech, payments, and e-commerce news. Working in partnership, our organizations recently surveyed more than 100 organizations operating in the payments industry, including respondents from fintechs, merchants, and marketplaces from all over the globe. The survey consisted of major questions on their strategic plans for optimizing payment processes in the coming years. 

This Exploring Insights from the Payment Landscape series takes a look at the key insights from this collaborative survey — starting with the growing adoption of payment orchestration.

Learn Why 52% of Organizations are Currently Leveraging Five or More Payment Integrations

Of the more than 100 respondents to the survey, a majority of 52% revealed that their organizations are currently leveraging five or more payment integrations. 

Payment integrations can refer to an array of different products and services, such as payment gateways, fraud prevention tools, and payment services. With more than half of the organizations surveyed employing five or more of these integrations, it is clear that diversity is king in modern payment stacks. 

Interestingly, 16.9% of survey respondents reported that they did not know the exact number of payment integrations their organization currently uses — the second largest response after “five or more.” 

This showcases another compelling insight that — although organizations may be growing more and more aware of the benefits of a multi-integration approach — there is still a significant gap to bridge when it comes to an organization’s understanding and oversight of its in-house payment system. 

Multiple Integrations are the Key to a Broader Payment Network

Organizations around the globe are adopting a growing number of payment integrations — but why?

The answer lies in the transformative power of creating a more global and diverse network of payment solutions.

Leveraging multiple integrations from a wide array of different providers gives businesses the flexibility and adaptability needed to create a streamlined payment infrastructure. As the survey report states:

“Companies have come to realize that by adopting multiple integrations, they can harness the power of a broader network of payment solutions. This enables them to cater to a wider range of customer preferences, streamline their payment processes, and drive higher conversion rates.”

A broad payment network is vital for enhancing transaction security, which helps to improve overall customer trust and satisfaction. Moreover, the ability to leverage different combinations of payment tools and solutions allows companies to tailor payment processes to specific scenarios, ultimately enabling these companies to adjust their payment infrastructure for each region or audience they serve. 

Payment orchestration facilitates this multi-integration approach to payments, as companies can leverage the best features and functionalities that work best for specific use cases.

Payment Orchestration Unlocks Operational Efficiency

In addition to creating a more flexible and diverse payment environment, payment orchestration can be the key to unlocking greater operational efficiency for fintechs, merchants, and marketplaces. 

A 2023 report published on The Paypers revealed that payment orchestration is a “top priority for forward-thinking businesses,” with the goal to succeed at both creating seamless payment experiences and enhancing their bottom line. The boost to operational efficiency that payment orchestration can achieve presents numerous advantages that organizations would be remiss to ignore. 

Part 2 of the Exploring Insights from the Payment Landscape takes a deeper look at what organizations worldwide have to say about enhancing speed and efficiency in the payments landscape, but to give you a brief preview — roughly 19% of respondents believe it necessary to build integrations faster to help increase the efficiency of existing payment processes. 

Key Takeaways: What to Consider When Adopting Payment Orchestration

With more than half of survey respondents utilizing five or more payment integrations, it is clear that organizations need payment orchestration solutions that simplify the integration process. 

From our survey findings, we can identify three main takeaways for achieving this:

1. Diversity is a necessity: Organizations worldwide are no longer relying on singular payment service providers for their payment needs. A modern payment infrastructure needs to be diverse and leverage a wider array of payment integrations to keep up with the rapidly evolving industry. 
2. A broad payment network unlocks new potential: Establishing a broad payment network that can be used to tailor payment experiences is essential for attracting new customers and retaining existing ones. With a broad set of payment tools at an organization’s disposal, it is more than possible to unlock new business prospects without sacrificing security or quality. ‍
3. Operational efficiency must be a priority: Enabling multiple payment integrations within a singular payment infrastructure is no small feat. To achieve this more modern approach to payments, organizations need to keep operational efficiency as a top priority.

‍Discover the Full Scope of Payment Orchestration in 2023

It’s no secret that payments are growing more complex at a rapid rate. 

Together with The Paypers, Spreedly has connected to more than 100 organizations from all over the world to uncover just how crucial payment orchestration solutions have become. The resulting survey report showcases our many crucial findings, including everything discussed here and more. 

To discover what it takes to embrace the full scope of payment orchestration, check out the full Payments Landscape 2023 Survey today on The Paypers website. 

If your organization is ready to dive into the modern world of payment orchestration, Spreedly is here to help. As a leading payment orchestration platform for fintechs, merchants, and merchant aggregators, Spreedly has the expertise and resources necessary to optimize your payment infrastructure to the fullest.

Contact the Spreedly team today to learn more.

Download the Payments Landscape Survey 2023 eBook