Why need multiple payment gateways?
As of 2021, there are between 12 million and 24 million e-commerce sites worldwide. The number of resources that provide their services online is growing with the growth of active Internet users. The Internet allows you to provide services to users from different countries and regions. However, to enter new sales markets, it is necessary to meet some requirements. The requirements, that these markets place on new players, are related to obtaining the appropriate licenses and implementing the payment infrastructure. The ability to organize the payment process in a user-friendly way is key to a successful transaction. Payment processors need to be flexible and support not only traditional card payments, but also alternative payment methods. In this article, we will look at how useful it can be for a business to connect multiple payment processors.
Why are many payment processors losing customers?
The choice of a payment gateway is conditioned by certain needs. And if at the initial stage the user has enough of the services that the company offers, then as the business grows, the requirements for payment gateways also grow.
As the business develops and the volume of sales grows, the amount that the merchant pays as a commission for transactions. If you use the services of the company for a long time, they can meet you halfway and reduce the commission percentage. However, it is not always the case. As a result, clients go to those processing companies where it is cheaper.
Lack of required services
At the initial stage of cooperation, the services offered by the processing company are sufficient for merchants. However, with the development of business and its entry into new markets, the need for individual solutions for specific regions also grows.
Having clients from various countries is great, but what if their local currency is not supported? In this case, you should pay attention to payment processors that work with many currencies and have a dynamic currency conversion. It will allow you to convert currency in real-time at the current rate of the issuing bank.
Poor technical support
Many people overlook this, but technical support is crucial. It builds a positive reputation for the company and solves many problems, including those related to chargebacks.
Benefits of multiple payment processors
Benefits for business
The e-commerce market is growing steadily. In the US, according to statistics, the total number of online transactions in 2020 is estimated at $ 374 billion.
Of course, due to the growth in demand, supply will also grow. To reach a certain group of consumers, it is necessary to adapt to their payment habits, and not always one payment gateway can provide the necessary solutions. With the support of more than one payment gateway, e-commerce services can develop new and dynamic business models.
Improve user experience
User experience is a person’s reaction to any product or service, how users perceive the product, and the ease of interaction. Many components create a great user experience. A positive user experience encourages customers to come back. The checkout process, or rather its simplicity, is vital. About 27% of users leave an online store before completing a checkout due to a long and confusing buying process. Failure to provide the required payment method will result in the loss of the customer. Connecting several payment gateways will make the ordering process as comfortable as possible.
Enhanced data security
Payment data security plays a major role in the checkout process and in the economy in general. Therefore, when choosing a payment gateway, you must first focus on how the company protects your payments.
Among the security methods used by payment processors are:
- Address verification system;
- 3D-Secure technology;
- Blacklists of suspicious transactions;
- Biometric verification (fingerprint, face scan);
- Phone authentication, etc.
The bottom line
Having multiple payment gateways provides a competitive advantage for your business. If you are starting an online project or you need an alternative to the existing payment gateway, Paymentop will be happy to help you with this. We are engaged in the selection, integration and support of optimal payment solutions for sites of any size and industry. him carefully. You can use payment gateway ratings or comparisons to find a solution tailored for your business. Just write to us and we will provide a complete payment platform with all the necessary settings.
Sign up for the newsletter
Keep up-to-date with all things payments
Thank you for subscribing to our newsletter