The Australian payment landscape is rapidly evolving, with a significant shift towards digital and contactless payment methods. Mobile wallet adoption is accelerating – the Reserve Bank of Australia found that 39 per cent of debit card transactions and 33 per cent of credit card transactions are made using mobile wallets.
For convenience store operators, integrating advanced payment solutions is essential to streamlining operations and enhancing customer satisfaction. Payment orchestration offers a centralised platform connecting stores to various payment providers through a single application programming interface (API), simplifying operations and reducing checkout friction.
By adopting a payment orchestration approach, Australian convenience stores can position themselves to meet modern consumer expectations, optimise operational efficiency, and navigate the complexities of the ever-changing payment landscape.
What is payment orchestration?
Payment orchestration can be best understood as a centralised hub that connects convenience stores to multiple payment providers and methods via an API. This streamlined approach reduces complexity, minimises operational challenges, and enhances the checkout experience. It empowers convenience operators to quickly adapt to evolving market trends and customer preferences.
Additionally, enterprises can access advanced features such as fraud prevention, compliance management, and value-added services like tokenisation. These tools not only safeguard customer data but also improve transaction approval rates.
Choosing the right provider
Convenience retailers should be considering three essential factors when selecting their payment orchestrator to ensure sustained growth and efficiency:
1. Flexibility and Integration
An effective payment orchestrator should be acquirer-agnostic, allowing convenience stores to switch between providers without operational disruptions. Integration capabilities are just as vital. Whether supporting in-store point-of-sale (POS) systems or pay-at-pump solutions, the platform must effortlessly connect with existing technology.
2. Operational Efficiency and Resilience
Streamlined payment processing is critical for success. The ideal orchestrator should offer tools like smart routing, which directs transactions through the most cost-effective and reliable channels to optimise costs, reduce failures, and increase approval rates. By standardising integrations, convenience stores can quickly onboard new providers and payment methods, accelerating their response to market shifts.
3. Security and Compliance
Robust fraud prevention measures, real-time transaction monitoring, and AI-driven security tools are essential for mitigating risks. Compliance with regulations, including PCI-DSS is another critical consideration, alongside ongoing investment in security updates to counter evolving cyber threats.
Enhancing Customer Experience for Sustainable Growth
With the payments landscape continually evolving across Australia, convenience stores must embrace cutting-edge solutions. A well-chosen payment orchestrator can unify payment systems, support increased transaction volumes, integrate new payments, strengthen security, and reduce operational costs – all of which contribute to enhancing customer experience and building customer trust.
Ultimately, selecting the right payment orchestration partner is a strategic decision. Not all solutions are created equal, so it’s crucial to find one that not only meets today’s requirements but also fosters long-term growth.
This article was written by David Hore, the Senior Director, Accept and Payments Orchestration, with specific responsibilities for TNS’ Payments Market solutions, focusing on the Accept and Payment Orchestration portfolios.
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