Multiple Payment Gateways: Expand Your Business and Enhance the Bottom Line

Posted by PayTabs on September 17th, 2018

Some prefer only one payment gateway while there are some who feel the need for having more than one. Usually, a single gateway is enough but there are times when adding multiple gateways can bring visible advantages to your online business.

There is a lot of information available on why to use and how to choose a payment gateway but many are not aware of the need for using multiple ones.

Are you a consumer who feels comfortable while purchasing from an online store that offers multiple payment methods? Multiple payment gateways are not only beneficial for customers but can actually be vital for growing online business of merchants. If you are an online merchant wondering whether to use multiple payment gateways, here are some of the most compelling reasons for using more than one.

Convenience

By offering multiple payment gateways, you can give more convenience to your customers and make their lives much simpler and easier. Moreover, this will prevent cart abandonment. Also, in case the primary payment gateway doesn’t accept a certain payment method or a credit card brand, having a secondary payment gateway can be a wise solution to not lose out on those customers.

Flexibility

When you are offering multiple payment gateways, you are giving your customers more options to pay. For instance, multiple payment gateways offer clients the flexibility to shop using their mobile phones.

Professionalism

Customers want to purchase from merchants who are dependable and secure. In fact, the merchants who are established are considered to be safe and secure. It is seen that companies who offer multiple payment methods turn out to be more professional and reliable. Don’t you agree?

Global Expansion

There are some payment gateways that cater only to a specific country and currency. If you want to expand your business globally then you need different payment options that appeal to a global audience and accept multiple currencies. Multiple payment gateways can be used to segment payment processing for different customers. Like for instance, you can have one gateway for international customers while you can use another one for domestic ones.

Customer Retention

We all agree that if a customer is not happy and comfortable with the payment method offered by your online website, he/she can abandon the shopping cart and look for an alternate online store. By providing multiple payment options, it is more likely that the customers will complete the transaction and come back to shop from your website in the future. As a whole, multiple payment gateways can help in increasing the conversion rate of your business.

Data Backup

In case primary gateway is down or underperforming, having a secondary gateway can solve your problems as you can accept payments through it and give your customers a seamless shopping experience. Also, during peak times, you can also handle overflow without losing out on your profits.

There are many customers who like to have options and control over the payment which they use. Limiting them to one option can increase cart abandonment rate. So, if you have an e-commerce store, by offering multiple payment methods, you can expand your online business and increase your conversation rate at the same time.

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