Why you should use Multiple Payment Gateways for your business?

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.

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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.

Global Expansion

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.

How to Choose the Right Payment Gateway for your Online Business

Once your e-commerce website is up and running, the next most important decision is integrating a payment gateway to accept payments.

Payment Gateways are a staple for e-commerce businesses. A Secure Payment Gateway ensures customer loyalty and trustworthiness. They help streamline payments and improve your cash flow resulting in overall better cash management.

Imagine this! You are a customer shopping online. After moving all your required products to the shopping cart you proceed to pay but because of some glitch with the payment gateway, you are unable to make the necessary payment. You are bound to get frustrated after several attempts and abandon your cart.

Data shows ‘inconvenience during check-out’ as one of the most common reasons for cart abandonment. No matter how advanced and aesthetically appealing your website is, if your customers experience difficulty trying to pay for a product, you will lose sales. The right payment gateway will ensure low percentage of cart abandonment.

While there are multiple top-rated payment gateway providers, a secure payment gateway that suits your business requirements is what you should look for.

To make a well-informed decision, go through these few points while doing your research for the perfect payment gateway provider for your business:

Pricing – Payment gateways usually either charge a monthly processing or a per-transaction fee. Some may charge only one of the above or sometimes both. Choose a payment gateway that charges reasonably and prefer those with per-transaction fees rather than a monthly amount.

Some processors offer gateway integration with no initial set-up fees but they may also charge higher processing fees.

Study the pricing structures of potential payment gateway providers and choose the one suited most for your business.

Hosted vs. Integrated Payment Gateway – A hosted payment gateway will take your customer to the processor’s website to make the final payment, whereas with an integrated payment gateway the customer does not have to leave your website.

Hosted gateways tend to lengthen the process and in case of any glitch or error the customer may not want to go through it again. In contrast, an integrated gateway ensures a short and smooth process hence it is a preferred choice with businesses.

Secure Payment Gateway – Customers are wary of giving out their card details but a secure payment gateway ensures protection from data security risks and frauds. An important feature of a secure payment gateway is that it should be PCI-DSS compliant.

Also, ensure that your processor has Fraud Prevention Tools in place for security against any financial risk and frauds.

Mobile Payments – Mobile shopping is rampant in this day and age. A good payment processor should work seamlessly no matter the type of device used to make the payment.

Processing Volume – Some processors set an upper limit of monthly transaction processing. Your processing volume will not be a problem if you are a small business with limited monthly transactions. However, if your business processes a large number of transactions, be sure to notify the same to the payment gateway provider.

High Risk Payment Gateway – There are certain industries that are labeled as High risk by payment processors. Industries namely online gaming, Gambling, Online Pharmaceuticals, Credit Repair, Forex, Dating websites, etc. fall under this category.

If you operate one of the above businesses, you will find it difficult to obtain a payment gateway from a regular processor. In this case, look for processors who specialize in High Risk Payment Gateway.

International payment gateway – You may only be selling locally now but if you ever decide to expand your audience, you will need a different payment gateway that is able to process international payments. A local payment processor will work if your audience is local only. But going global will require an International Payment Gateway. This gateway may come with higher fees but also has additional features such as multi-currency support, multiple language interface, alternative payment options, etc.

Customer support – An efficient, 24*7 Customer Support ensures you are not left grappling for answers when the payment gateway experiences any technical glitches. A gateway should always have an account manager assigned who is present to answer your queries and resolve any issues swiftly.

Review the payment process – Go through each and every step of the payment process that a potential secure payment gateway will offer. Experience it as a customer and look for the different features and benefits that it can offer. Also, note down any inconvenience that may occur during the process. This will give you a fair idea of how efficient and effective the payment gateway will be once integrated with your website and will help in making a well-informed decision.

Do your own research as well as ask for recommendations. When you have finally narrowed down your list of potential payment gateway providers, weigh the pros and cons of each processor and make a final decision based on the payment gateway that will suit your business model the best.

How to accept International Payments for your Online Store?

Rapid emergence of online shopping has led to cross-border transactions. With that, arose the need to accept payments globally for a quick and effortless costumer experience.

Consumer survey reveals nearly a quarter of online shoppers worldwide make purchases from outside of their home country.

While it is quite easy for global e-commerce giants to dominate the international market, small businesses often struggle.

If you happen to be one of those small businesses trying to wiggle into the global trade space be it either because of local market saturation or simply to test new markets, set a foot in the right direction by accepting international payments.

That’s right! Local businesses too can get in on the worldwide e-commerce trend with international payment gateway and other payment technologies available.

What is an International Payment Gateway?

An international payment gateway is a typical payment gateway that validates your card transactions. Only in this case, with an international payment gateway, you can process currencies of various countries which enable you to accept worldwide payments.

Before choosing an ideal international payment gateway,

– Understand the difference between a payment gateway and a full service payment gateway provider. Payment gateway simply authorizes your card transactions initiated either online or at a physical store, like PayPal.

Whereas, Payment service providers offer a combination of both merchant account services along with payment gateways. They approve the transaction process as well as manage merchant accounts.

The better alternative would be a full service payment processor because of how easy and quick they are to set-up while also helping manage your merchant account.

– Does my existing payment gateway offer global payment option?

If your business already processes credit cards, be sure to enquire with your current payment gateway provider on whether they accept multi-currency payments, if not, switch to an international payment gateway provider like IBS. A payment gateway with a multi-language user interface adds to customer convenience and comfort.

– Is your payment gateway compatible with local credit cards?

Make sure your payment gateway accepts credit cards beyond the popular ones like VISA, MasterCard, Amex, etc.

– Costs

Get strictly familiar with the provider’s rate structure. Some payment providers charge extra for accepting international payments or even payments from specific countries. For example, a global payment gateway provider IBS guides you on handling fluctuating currency exchange rates and charges low currency conversion fee and no foreign transaction fee.

– Authorization & Settlement

Some payment gateways require you to obtain a merchant account in a specific country. Now, having to maintain multiple bank accounts in multiple countries can be a tedious and sometimes, a never-ending task. Get in contact with a domestic international payment gateway provider like IBS, to authorize and settle cross-border card transactions in your local currency. This will simplify your operations and also lead to higher card approvals. Most importantly, you can avoid any foreign transaction fees.

International Bank Services (IBS) is a payment service provider offering comprehensive online payment solutions.

In a sea of competitors, the one way to stand out is by gaining customer confidence and providing convenience on their terms. Do not give a reason to your customers to abandon their shopping cart right when they reach the check-out point.

By offering shoppers their local currency payment option with their preferred payment method, you create a pleasant shopping experience; the payoff being customer trust and loyalty.

Leave all the technical know-how to us and trust our team of experts to show you the ropes and manage your payments with our full-featured secure international payment gateway solutions.

Call today and partner with us for customized payment processing solutions!