Is your business staying idle for a long time? Do you feel that something is not working? Are many customers abandoning their carts on your website? If Yes, you might need to switch your payment processor.
According to Baymard Institute, 28% of customers cancel their online purchase because the checkout process is too long or complicated. One of the reasons for canceling the cart is the lack of preferred payment methods.
If you are considering switching payment gateways but are unsure about another solution, it will meet your current requirement; consider having both on your website and compare the results. Then, you can decide if you need them, or you should keep just one. It’s exceptionally viable when you choose solutions with transparent pricing, where you pay as you go. Thus, having a single gateway is good, but sometimes adding a few more payment solutions could provide additional features for your business.
Benefits of adding Multiple Payment Gateway
When you are processing payments through multiple payment gateways, you provide your customers with more payment options. Sounds excellent; this helps you diversify your target audience and their needs for payment methods other than those you currently have on your website. Here are some benefits of having multiple payment gateways:
Enhancing User Experience
When the primary payment gateway doesn’t accept any payment card or method, you can add another provider to route payments into the second gateway.
Adding more payment gateway on your site could be helpful when you want to expand your business globally. Moreover, if your current payment provider does not support the payment methods or currencies, you can get an option to look for another payment solution.
Having multiple payment gateways keeps you calm when a primary gateway is down or is underperforming. You can also handle data overflow during peaks.
When your primary payment provider is down, you can easily accept payments through a second gateway and give your customers an uninterrupted and seamless payment experience. And you can avoid the risk of losing your profits, especially during peaks.
Maximizing Conversion Rate
Different payment gateways specialize in additional features, so it’s good to do proper research and find a provider with solutions to boost your conversion rate. For example, check whether they offer a smooth process with one-click payments or a feature that makes frequent customers pay without remembering their card details.
Observe your business results and listen to your customers’ feedback. They usually provide a convenient solution that will improve their payment experience and meet their needs in the current situation, which can lead to a higher conversion rate in the future.
Avoiding Complex situation
Having more than one payment gateway will provide your business with flexibility for converting complex situations into easy processes. You can then adjust solutions to your business’s specific requirements.
Some gateways may have their costs based on a geographical location, payment methods, or processed currencies. Thus, having more than one payment gateway can become cost-effective. However, keep in mind that some solutions could cover all your business needs, so one reliable payment platform would be enough.
When is a good time to consider multiple payment gateways?
The gateway you’ve selected when you started your business could be a good fit at the point. But, things change when your business grows, and the payment solution might no longer be feasible for your business. So, consider whether its feature is still viable for you, or you might get additional features at a reasonable price.
Processing Fee and Rate
Consider whether your current payment process is viable for your business when it grows, and your sales volumes increase. If your costs are high and renegotiating your existing fees comes with no positive response on your business, then it’s time to make a switch.
Lack of the Features You Need
It’s widespread for companies that have started working with their payment gateway a long time ago. The feature set could be sufficient initially, but with a growing number of customers and with higher sales volumes, you may need a solution that could streamline the entire payment solution.
You might need a better security tool that won’t hurt your conversion and allows you to run cross-sales without focusing on payments. Thus, consider adding a payment solution or even switching to a new provider.
Running a business online provides many opportunities, especially for e-commerce, that can target global consumers. Therefore, having a solution that lets you accept various currencies will make your customers’ lives easier. However, you might need to take more currencies on your site, and your current gateway may not provide this feature. In that case, you need to consider one that accepts multi-currency without having you pay any hidden cost.
With the rapid technological advancement, you need a payment processor with simple integrations features and solutions that save your time and money. In addition, high-level technology and great managing systems will make your business scale at the speed you need, without interruptions and nasty surprises.
One of the reasons often overlooked by merchants is strong support when they seek a payment processor. But imagine what can happen when there will be a problem with payment processing, and you end up getting no response from the provider. Not very professional, huh?
A team of responsive customer support is an essential part of a reliable payment provider. They will come forward each time when something happens with your payment system or when you need some help, and your issues wouldn’t be left unclarified. So, if your current payment processor provides poor support, hurting your business and customers, why not make some changes?
Why CloudBanking Payment Processor?
Based on our user’s experience and client’s feedback, we’ve created a payment platform that satisfies the most demanding needs. The ultimate reason is that we offer a single solution that provides maximum flexibility for creating various payment scenarios and billing models. Here is how CloudBanking integration is a value-added service for your business:
- An all-in-one solution that will make it easy to create any payment scenario.
- Powerful APIs that give you immense flexibility, so you can custom the payment form in your way and control the entire payment process
- Various billing models to use in complex use cases
- Diversified risk because CloudBanking is integrated with more than 150 payment processors so that you can split your online payment transactions between multiple bank accounts
- Set of anti-fraud tools and PCI-DSS certified, which ensures the security of card data.
Multiple payment gateways provide a convenient shopping experience to your customers and give a feasible solution. So, consider it wisely because a payment platform can provide you with all the services you are seeking for your business growth.
Do the calculation before making any decisions, especially when switching to a payment solution with a transparent PYAG fee instead of a fixed cost with a lock-in contract. For example, paying a certain amount of money every month could cost you more in the end than a transparent PYAG fee. It’s a big decision, so evaluate it carefully.
Switching payment gateways doesn’t have to come with a long process. When you choose a technologically advanced solution, you’ll be surprised by how smoothly the integration runs. With an inbuilt multiplexing tool, CloudBanking can seamlessly process with a switching payment gateway.