Businesses today actively make use of payment gateway systems to collect payments from their customers. This has become a significant share of their revenue, with more and more customers preferring digital modes of payments over traditional pay-on-delivery methods. Considering this, it is worth considering for the businesses to add more than one payment gateway on their website. However, just a single payment gateway may be hindering the transaction success rate for a business.
Using multiple payment gateways for a website
Many businesses consider switching the payment gateway service provider for their website after encountering problems with it. What many businesses do not acknowledge is the power of having dual payment gateways on their website. It can help compare the dynamics of both the payment gateways; it will increase the transaction success rate and offer more payment modes. Integrating two or more payment gateways into the website will ensure that each customer enjoys maximum gratification regardless of their payment preference.
Benefits of Multiple Payment Gateways
Diversity in Payment Choices
Customers like to control their purchase process and want it to be as seamless as possible. Any inconvenience during the checkout can cause the customer to shift to any other online store.
The problem, however, is that not all gateways would support all payment options. Businesses that don’t support diverse payment options may lose out on potential sales. In that case, having multiple gateways to support all the options can lead to better sales and bring together a wider pool of payment modes to choose from. However, among the payment gateways in India, Zaakpay is a leading service that has active support for more than 100 payment options.
Reduce Payment Failures
Payment failures can be a big problem for the business. It makes the customer abandon the transaction after a failed attempt and brings down the business’s credibility. Additionally, tracking the status of failed transactions becomes an added burden. The best solution to minimize payment failures is to have more than one payment gateway. Even if one processor fails to process the payment, the other would be active and cater to customer needs. This would protect the business from losing sales during the downtime because it can take quite some time to check everything and get back the system running.
Distribute Payment Load
Having more than one payment gateway helps distribute the transaction load from one payment gateway to multiple gateways. This is helpful for businesses that accept vast volumes of payments on account of daily bulk sales. If numerous customers attempt to make payments through the same server simultaneously, the server will get overburdened. This can also lead to payment failures or delay in the response time. Having multiple gateways would distribute this load so that all the gateways could function most efficiently.
Enjoy Different Features
Feature-rich gateways are pretty costly. A single gateway might not be equipped with all the features. Having multiple gateways brings the best features from all of them. In essence, a business can enjoy the benefits offered by multiple payment gateways at the same time.
Not all payment gateways in India get this feature right. For example, Zaakpay delivers a true mobile payment experience with its tailor-made SDK. Thus, businesses may opt for Zaakpay’s payment gateway as their partner for mobile payments.
Contrary to popular belief, multiple gateways can help manage business expenditure on online payment solutions. The feature-rich gateways have higher transaction charges. Many of them also charge additional fees above a certain amount or number of monthly transactions. It will just increase the business expenditure if all transactions are directed towards the costly gateway. By distributing the payments across the gateways, businesses can effectively manage the costs.
No customer wants to make a purchase that can compromise the security of the sensitive payment information entered on payment gateways. This is another major reason behind cart abandonment. Customers often place the order but back off when they see the gateway is not as expected. Several secure certifications increase safety, like PCI DSS (Payment Card Industry Data Security Standard) and SSL (Secure Sockets Layer).
Better Geographic Coverage
Customers from different parts of the country might prefer other gateways. They would be at ease with a service that is more popular in a particular geographical area. Having multiple gateways would allow the business to cater to all demographics by supporting nearly all the preferred payment options.
In the era of digital payments, businesses need to have a robust payment solution. Among the payment gateways in India, Zaakpay is one of the leading solutions. It supports all major payment options in a super affordable plan that allows businesses to collect payments faster. Businesses can rely on Zaakpay payment gateway to make their transactions simple, easy, and convenient.