What are the pros and cons of having multiple payment gateways on your website?by Sahil Verma SIFIPAY
Payment gateways are the ultimate go-to for both B2B and B2C businesses because they ensure that your company benefits from the online payment collection process. And, as new customers begin to use the services, the use of multiple online payment gateways becomes unavoidable.
However, as we all know, not all payment gateways operate efficiently at the same time.
Customers can choose the best transaction route in the region based on their convenience, thanks to the availability of multiple payment gateways. While adding multiple payment gateways is necessary, it has both advantages and disadvantages.
Before we get into the pros and cons, let's talk about what (multiple) payment gateways are and why you should use them.
What are Multiple Payment Gateways?
A payment gateway is a technology that securely collects and transfers payments from customers to merchants or businesses. Multiple payment gateways denote that a merchant (YOU) provides multiple online payment gateways on a single website. And by integrating them, your company can provide better customer service and collect instant payments.
Why use multiple payment gateways?
Customers can use an alternative payment method if any online payment gateway India has a low success rate or is experiencing downtime! As a result, your company's rate of successful transactions will rise.
As previously stated, integrating multiple gateways has advantages and disadvantages. Let's take a closer look at them! Perhaps, it will help you make a more informed decision for your business.
The Pros of having Multiple Payment Gateways
1. Increases customer satisfaction
Nothing beats achieving customer satisfaction for a business. Furthermore, by providing multiple payment gateways, you can increase the trust factor between your company and its customers.
A customer would not want to enter their bank information on a payment gateway they have never heard of! As a result, when a customer visits the checkout page and has more than one payment gateway to choose from, they will select the most popular payment option in the region. In addition, if you need to reimburse a customer, you can do so in a few clicks using only the recipient's email address and phone number.
2. Boosts sales
As a business, you can make minor adjustments to enter the global market. According to research, 68.63 percent of online shopping carts are abandoned before purchases are completed. However, 63 percent of those can be recovered with the right set of offerings.
One of them is enabling multiple payment gateway options.
Location-based shopping is generally not a problem for popular e-commerce websites. As a result, customers can select their preferred products and have them delivered at any time. However, a single payment gateway is insufficient to process payments from various regions. Merchants on the platform provide a variety of best payment gateways for collecting payments from customers.
3. Helps run payments smoothly
Most aspects of our lives are influenced by technology. As a result, we must have backup business solutions in place to deal with any technical or network issues that may arise, as payment gateways may also experience downtime. Customers can always switch to another payment gateway if it fails to process payments successfully or does not function properly.
4. Administers analytical data
Every payment gateway offers a unique database to the seller. And since the relevant data differs, it serves a different purpose for businesses. It helps merchants make better decisions and improve sales.
The Cons of having multiple payment gateways
1. More payment gateways equal more processes
Integrating multiple payment gateways is better for businesses, but different levels of integration are required. And you know what I'm talking about, don't you? It takes time and can sometimes cause problems after integration. Furthermore, because merchants typically set up payment gateways on their websites, the documentation is quite extensive.
2. It was expensive!
It can be very expensive to set up multiple payment gateways. And the total may rise depending on how much you pay in tracking or processing fees. Businesses frequently attempt to avoid such situations by providing combined payment services. It essentially means that the customer can pay for the
3. Includes extensive analytical data
This is dependent on your availability of resources and bandwidth. To collect payments intelligently as a growing business, you will need to use multiple payment gateways. However, this includes supervising all types of analytical data. It is time-consuming and necessitates a separate reporting system to keep track of them.
4. Requires a collector failover plan
When integrating multiple payment gateways, it is necessary to plan for collector failover. Assume that payment gateway 1 fails to process a payment. What is the next step? The merchant should consider how to redirect the customers. Do businesses direct their customers to payment gateways 2 or 3?
This process will necessitate extensive research because it may have an impact on conversion rates as well. As a result, businesses must carefully consider the best redirection source to reduce the number of failed transactions.
5. Includes more operational challenges & resources
Adding multiple payment gateways to a website may create far too many operational challenges.
One such case is when the amount is debited but the transaction is not completed!
This includes back and forth, which is where businesses require an all-hands-on-deck mentality. Furthermore, more IT development resources will be required to see the operations through. Furthermore, because the gateways have complex integration processes, there may be more failures than usual. Furthermore, businesses are being pushed to hire more people in order to ensure that the gateways function properly.
If you want to make your website more complete by including multiple payment gateways, here are some bonus questions to help you out!
How can multiple payment gateways be integrated into a website?
Whether you sell your products or services through a website or not, you can set up multiple payment gateways at the same time! You can also integrate as many payment gateways as you need but only route them selectively. This allows you to narrow down which payment gateway is most popular and in which region.
Created on Jun 2nd 2022 05:06. Viewed 44 times.