Everyone wants to grow their revenue. But to drive ever faster growth requires constant business and technical innovation. Innovative companies constantly push the boundaries of their infrastructure — including payment gateways — to expand into new geographies, markets, and business lines. Yet, the demands they place on their business are often constrained by the limitations of their technical infrastructures.
The idea of a single payment platform seems smart to many new business owners because it simplifies the process. But having multiple gateways actually offers a ton of advantages that help make your business more profitable.
Here are a few of them.
The need to work with more than one gateway becomes very evident as your business expands, particularly internationally. Selling globally means working with foreign banks, currencies, and languages. Payment gateways vary by region and currencies accepted. Does your gateway support the payment methods and currencies of all your target markets?
The need for more than one gateway is clear when your business expands ‚ As you sell across countries, you’ll notice varying levels of support. Some gateways may cite support for a particular country, but in fact their support may cover only certain payment methods and currencies. Or their ability to process transactions successfully and quickly is less compelling. This can be especially true for domestic versus international payments.
By adding support for multiple payment gateways, an e-commerce service can route transactions to the gateway that provides the best support for a particular region. The result is more successful transactions across multiple markets.
Using multiple gateways and that too the popular ones (such as PayPal payment gateway etc.) makes good business sense even if you aren’t currently or in future, planning to expand on an international scale. This is because of the contract requirements and the related fees and how collaboratively they affect your bottom line. Another one of the primary factors that help improve your conversion rates in general.
At the time we were using PayPal Websites Payment Pro for credit card processing. One day our PayPal account stopped accepting all American Express (AMEX) cards and there was no timeline for fixing it. Within a couple of minutes we opened up a Stripe account through MYFUNDBOX and routed all AMEX cards into the new gateway. After about a month the PayPal/AMEX issue had been resolved.
Do you want to offer multiple payment options to your customers? The best use case for this example is PayPal. As one of the world’s largest Internet payment companies, lots of consumers have PayPal accounts and many of them prefer to use PayPal rather than enter credit card details into yet another website.
At the same time, fast-growth companies succeed by delivering a great customer experience. Customers that return and recommend a service demand more than just an average value. A vital part of that customer experience is the process of accepting payments. Declined transactions and long latency times for approvals can damage goodwill and reduce customers’ lifetime value.
MYFUNDBOX provides more than 15 payment methods which includes Stripe, PayPal, Apple Pay, Google Pay, Amazon Pay etc.
With support for more than one payment gateway, e-commerce services are able to introduce new and dynamic business models. For example, a delivery company aims to bring on thousands of restaurants and corner stores. But each of these merchants has its own payment provider. The delivery company not only can’t integrate with each provider, it would rather provide differentiation by being able to make easy for new merchants to onboard by offering easy connections to whatever gateway the merchant uses.
People like options and control in any situation and the majority of them will cancel their purchases without a second thought if they do not find the payment gateway they fancy. They generally feel comfortable purchasing from an e-commerce site that offers multiple payment solutions. And if you only had one mode of payment to offer, then your chances of maximizing your sales and revenue are going to be affected.
I believe by now, you must be fairly certain why you need more than one payment gateway for your business. The right payment gateway will make it easy for customers to buy your products. It takes time to choose the right one. Hopefully, the information in this article will make the process of selecting a little easier.
If you are looking for trustworthy payment processing partner, feel free to check MYFUNDBOX.