Benefits of Integrating Multiple Payment Gateways to Your eCommerce Store
- Date: 24 Jan, 2020
Every eCommerce brand wants to grow their business not by how many products they have in their store, but by how many they sell, and how much revenue they earn from those sales. The way to sell more products is by driving more traffic which requires more technical and business revolution. These revolutionaries companies continuously adopt new methods to push their boundaries of limitations by providing better infrastructure, user experience, marketing in new geographics, and introducing new lines of business.
One such way to do that is by adopting multiple payment gateways in your eCommerce store. The multiple payment gateways provide flexible infrastructure to solve the payment limitation when entering into a completely new market. Relying on the limited payment gateways will be like limiting the growth of your business.
There are some downsides as well for when you adopt the multiple payment gateways such as multiple contracts, paperwork, integration, and setup, track and pay multiple processing fees, etc. That’s why some digital ninjas only suggest having limited payment methods. But remember that with limited things, you are not going to win over the world.
So, in order to achieve the growth you have dreamt of for your eCommerce business, we have come up with a guide that describes what benefits you could have after you adopt the multiple payment gateways for your eCommerce store. Below are six advantages you should look up to for when implementing the various payment gateways.
1. Provide your customers with great user experience.
Most of the fast-growing companies benefit from having multiple payment methods because their customers have great user experience on their merchant site. Due to that, customers are more likely to return on their website in the future as well.
This will make them demand more than the average user experience. The process of accepting payments plays an essential role in providing a better user experience. Multiple and varied payment methods that include not only credit cards but also payments over the phone, click-to-pay email invoicing, etc. increase customer satisfaction.
Among other factors that most affect the user experience of any customers are failed transactions, not having multiple payment gateways, and long latency time for payment approval.
To improve the user experience, one should take steps to mitigate the reasons for the failed transaction and provide the multiple payment gateways. Because having only limited payment gateways might do more harm than any good to your eCommerce store.
2. Increase the boundary of your store with international coverage.
When you are ready to expand your business internationally, it is evident that you have to provide the multiple payment gateways. They can manage more customers coming from various countries and paying in multiple currencies. There are many countries and currencies which only support certain payment gateways. Different payment gateway’s popularity varies in different countries.
Providing multiple options to accept payments will give you flexibility and freedom to appeal to the greater audience at the international level. And also, you will be dealing with multiple currencies.
When expanding into a completely new market, it is essential to have payment gateways that locals know and trust using. This will be vital to get success in different countries.
3. Provide flexibility when one method fails.
Imagine what will happen if the payment Gateway you provide fails on the very brink of when running a sale on festive days like Cyber Monday, Black Friday, or Christmas day sale. Let me explain what will happen here. You will not have the benefits of the sales that were going to happen. Remember that this is the period where most of the online store owners will generate more than 40% of their revenue of the whole year.
Having multiple payments will come handy at times like these. They provide you the flexibility to accept payment in case one payment method has issues, or you have a high surge of sales. It makes your store safe from failed payment gateways, and that way, you are able to funnel your customers to another payment gateway.
4. Make customers feel safe to provide their data.
The most prior thing is to have the PCI compliant payment gateways because transactional data of your customers are your prime responsibility. And providing security to your customers is a top priority of any payment gateway.
As per one survey done by Baymard showed that 17% of the customers would abandon the cart if they didn’t feel secure to give away their credit card details.
Another survey done by the independent firm YouGov found that 40% of the customers feel secure when buying from websites that had multiple payment gateways rather than those who only have limited payment gateways.
The above surveys indicate that having multiple payment gateways makes shoppers feel secure to provide their data and purchase from those sites who have implemented that in their store. It signals them that you are trustworthy to provide you with their data. If eCommerce stores have their own payment portal for transactions then they also must have to secure their website with the help of the best SSL certificate providers.
5. Provide more analytic data.
Now, let’s talk about what’s in it for you. The advantage of having multiple payment gateways is that you will be able to collect more analytic data of your shoppers. Each payment gateway functions in a different way. For example, one payment method can collect data of your customers based on their currency, geographic location, etc. another payment can gather additional data that might differ then one another.
To effectively manage a large pool of data, you'll need a data governance framework. This will structurize your data and make it more transparent.
This analytical data of your clients will be very helpful when they return on our site to purchase. Also, they give you more insights for making better-informed decisions for your business to grow.
6. Help in recurring sales.
When you are offering top payment options of a specific country to choose from, it improves your conversion rate drastically. When your customers trust you with their precious data, they are more likely to become repeat customers of your store.
These loyal customers will keep coming back to you to use your services because they are very satisfied with you. Payment gateways that offer express checkout, payment without a redirect, and one-click checkout add in value and customer satisfaction. Which eventually will generate more recurring sales and helps your conversion rate to rise.
Over to You
With all of these great benefits, one other advantage is that all payment gateways on your eCommerce store act as a backup to each other. You can also hire an expert for Magento 3rd Party Integration Service to integrate any payment solutions with your store. Having multiple payment gateways are critical for any online store because they tell your customers that you want to take care of them by providing convenience, security, and preference. They are the most essential part of a customer’s journey toward the purchase. The payment gateways do more than just receiving, storing, encoding, and transmitting data of your shopper. They reflect the soul of your site, and therefore no one will buy from the website that does not have trustworthy payment gateways.
Don’t overthink this because if you are running a successful store, you should also think about the future of your business. And to make customers keep coming back to you, give them options to choose from so that you never go out of repeated sales.
Gaurav Jain is a Co-Founder cum Computer Engineer with Extensive Marketing skills who handles all kinds of customer Queries and his Happy & Helping nature makes customer's day Delightful. When he isn’t working, you’ll find Gaurav Reading on Books or Traveling. Also, he is Speaker at Meet Magento India.