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Payment routing is a go-to technology for payment processing, built for online businesses and institutions that accept payments by working with multiple payment service providers (PSPs). It implies sending each transaction to the most suitable PSP or acquirer based on selected parameters. That’s why it’s inapplicable to merchants with a single PSP.

First of all, you’ll need to find a technical payment partner that offers such a feature and connect it. Then, it’s time to develop a payment routing strategy in a way that will meet your specific business needs. For example, if your aim is payment processing costs optimisation, the relevant parameter for routing is a transaction fee.

Another important feature in the payment infrastructure is cascading. In a complex multiple provider setup, this technical solution instantly and automatically forwards the online transaction to a different PSP in case of failure.

For example, imagine the first PSP that the transaction goes to according to your routing scheme declines the payment for some reason, be it risk assessment, authorisation error, provider’s downtime or anything else. With cascading enabled, the failed transaction will be routed to a different PSP for a retry. It allows merchants to increase the acceptance rate and improve customer experience, thanks to everything happening seamlessly for the buyer.

These online payment processing technologies usually come tied in.

Payment routing enables online businesses that have multiple merchant accounts at different PSPs to gain three main benefits:

• Optimised payment performance. Intelligent payment routing provides merchants working with multiple payment providers with a great opportunity to increase the acceptance rates, boosting conversion and overall performance.
• Considerably lower transaction cost. When working with multiple PSPs, you can send each payment to the provider that charges the lowest fee. It is an issue of vital importance for merchants operating in different countries & using various currencies, as local acquirers charge higher costs for processing transactions made using foreign cards. Moreover, a bank that issued a card is more likely to process its transaction faster and cheaper than a different one. Intelligent routing will let you benefit from these facts and save a great deal of money.
• Protection from downtimes and failed transactions. Though intelligent routing isn’t a remedy to every single merchants’ payment ailment, it helps to alleviate the risk of losses caused by unfavourable issues on the specific payment provider side. Additionally, it allows retrying declined transactions with a different PSP, saving your sales.