Reasons to Have Multiple Payment Gateways For Ecommerce Business. Having a payment gateway is not merely an option, instead, it is the most important need for all online businesses. No matter if you’ve a small digital store or a full-fledged eCommerce platform, you should have payment gateways incorporated into your sites. They not only make the transaction management easier for the merchants but also helps the customers to make payments in a quick and secure way.
The good thing is, payment gateways are widely adopted by both merchants and consumers. And most of us already know the importance of having a one payment gateway. However, incorporating multiple payment gateways in a business can offer numerous benefits and excellent efficiency.
This article is compiled to provide you with a detailed insight into why having multiple payment gateways is a better idea than having only one:
Below are the advantages of having multiple payment gateways :
1. Offer Multiple Payment Options
The customers tend to have their favourite payment methods already in their mind before even arriving at the checkout pages. Some would like to use their e-wallets, some prefer paying through UPI, while others go for credit or debit card payments. So, when they don’t find their preferred payment option at the checkout page, they abandon their shopping cart.
You’ll be shocked to know that a whopping 20% of buyers abandon their cart without making any purchase due to the unavailability of the desired payment option.
Hence, this is the biggest reason for having a bunch of payment gateways for different types of payment methods. While one payment gateway can handle multiple payment methods, it becomes insufficient for the higher needs. So, when you have multiple payment gateways, they will offer multiple features and methods to help customers make payments in the way they like.
2. Negligible Risk of Payment Failure
Having multiple payment gateways will not only offer a great satisfaction of choice to the customers but will also decrease the risk of payment failure.
In the case of a single payment gateway, it can easily result in downtime because of the heavy flow of transactions. So, by having several different payment gateways, the load will be distributed and payment failures will occur rarely.
3. Target Different Locations
Different payment gateways offer different payment features. So, you can have multiple gateways for targeting different locations. This is especially useful if you’re taking your business at a global level. You can assign suitable payment gateways for your international audience so they can make payments in their own currency.
4. Manage High Volume of Transactions
Large businesses and enterprises that receive a large volume of payments have to deal with a heavy flow of transactions. Hence, it is very important to have multiple options and a variety of payment methods to handle the transaction processing efficiently. Keeping in mind the high-risk nature of businesses and the likelihood of failed transactions, it is always safer to have multiple alternatives ready in hand.
In addition, if your business deals in a unique sector where additional features are required, then you can select your payment gateways according to those features. As we already discussed, each payment gateway comes with its own set of features. So, by having multiple payment gateways, you can enjoy unique features from all of them.
5. Build Trust Among Audience
Adding a good bunch of payment gateways to your business can offer a smooth and frictionless shopping experience to your users. They will shop from your store freely without worrying about the payment methods. This will reduce your cart abandonment rate to a great level, which in turn will lead to higher conversions and higher revenue generation.
Also, payment gateways aren’t merely payment software for merchants and customers. They represent your brand. The better your payment options are, the more impact you’ll be able to make on your customers. This will increase your online reputation and brand value.
6. Easier Transaction Management
Last but definitely not least, by having multiple payment gateways at your disposal, you can manage your transactions in a much better way. This is especially true for large enterprises dealing with huge volumes of data and income. You can assign a separate payment gateway in each segment of your business. For example, you can assign one payment gateway for electronic goods, other for apparel and another for groceries and so on. This will make transaction management a breeze. You can use the dashboard of each payment gateway to monitor the flow of transactions in each sector of your business.
These are some of the biggest advantages of having multiple payment gateways. The best part is, they won’t result in an additional cost. The reason is, most reputed payment gateways in India do not charge additional set up and maintenance fees. Nonetheless, it is important to choose the right services after performing thorough research. Cashfree payment gateway provides all these features & more. You can check out their offerings here – https://www.cashfree.com/payment-gateway-india.