Businesses operate on profit. And in order to drive revenue, every business needs to grow. Adapting to the changing business environment and offering innovative solutions in the key to achieving both growth and continuous profit generation.
To survive in this competitive market, businesses need to push boundaries and expand. Expansion does not only include geographically but also through the services they offer.
One area of business operations in particular that is of utmost importance for a merchant is – Payments. Merchants have always struggled to find a payment solution that fits just right for their business. Just as customer demands and expectations keep changing, methods of accepting payments keep evolving too. And to capitalize on the change, merchants need to be aware and adapt accordingly.
Flexibility in payment methods leads to customer satisfaction. Imagine a buyer abandoning their shopping cart because they of the tedious payment process or simply because they couldn’t find their preferred method of payment. According to studies, the average shopping cart abandonment rate is 69.57%. And one of the most common reasons for it has been the lack of preferred payment options that customers want.
Having Multiple Payment Gateways can prove to be a good option. With various payment gateways to choose from, customers are happy. But before you go ahead with it, consider if your customers do really need the payment options other than the ones you already offer.
Better Customer Experience
Customer retention is important for any business. And one of the vital parts of providing better user experience is in the way payments are processed and accepted. Declining payments and a lengthy process can turn off customers easily. With multiple payment gateways, customers have variety to choose from which keeps them happy.
Works as a Back-up
There is always a possibility of your payment gateway suddenly crashing and your business coming to a standstill. And a merchant should always be prepared for such scenario. With one gateway down, you have a back-up ready that can continue to provide seamless, uninterrupted service to your customers.
If you are looking to expand your business, especially abroad, you might find the need to integrate multiple payment gateways. The right international payment gateway solution might do the trick, but it may not always be the convenient option since they sometimes come with limitations with regards to the services they offer for that particular country. Each payment solution varies from place to place, so you can get multiple payment gateways that will cater efficiently for the particular region.
Increased conversion rate
Providing multiple gateways builds credibility and customer trust. Different payment gateways offer different features and options, selecting the best one that suits you which in turn will increase your conversion rate.