People are at home more. They have spare time and there is a bigger appetite for things like music, movies, gaming, and software.
Adapting your payments process presents a unique opportunity to contribute to a more positive customer experiences as demand increases.
Mercator Advisory Group estimates the 2020 US online subscriptions market was $24.8 billion, a 64.2% increase over pre-pandemic 2019* — and growing.
For most goods, the exciting moment is when the item arrives on your doorstep. For a digital good, that experience is immediate. Consumers start a subscription to an online streaming service, or download a book and expects that purchase at the moment of clicking “Pay”. As a result, payments is now a critical part of the customer experience.
Payments Orchestration helps you ensure subscription revenue continues to be processed with services like Network Tokenization and Account Updater. You can optimize payments through Smart Routing which helps to ensure that payments have the highest likelihood of success.
Expansion into a new market is often a strategic imperative when delivering digital goods. There are payments considerations to be made for every new region or market and this can slow down the ability to enter those markets while you build the necessary infrastructure to support a move.
Payments Orchestration allows you to connect to any gateway or PSP, and drastically speed up time-to-market.
If you’re a platform, it’s likely that your teams need to adapt your payments stack to support the needs of your merchant partners. Each new merchant brings with them a unique set of gateways, payment service providers and other necessary integrations. This infrastructure is difficult to build and more challenging to maintain.
Payments Orchestration gives you an edge with a single API to build and manage which means you can onboard new merchants faster.