Any online business would need to have the payment gateway option on their website or mobile application through which they can accept the online payments. Payment Gateway is an ideal option because of its security aspects and the fact that it provides multiple payment options and features in one checkout process. There are various payment gateways in India, choosing the right one for your business is important.
Well, one can understand the importance of integrating and using one payment gateway, however, how more than one payment gateway would be an ideal move for you and your business needs to be understood too.
This article provides an insight about the benefits of using multiple payment gateways of India:
- Cost-Effectiveness
Basically, you can select the payment gateways keeping the cost aspect in consideration. There are various payment gateways in India that provide their services at the lowest rates. Whereas there are others which have more facilities and features but they would cost you high. So, there can be customizations made on the basis of the payment methods and features and. It can help you cut down the cost of the overall fee to a large extent if you choose from the ideal payment gateways of India.
- Multiple Payment Option Choices
The buyers tend to have their preferred payment method already in mind with which they would make the payment. Some would have the UPI as preference and some may be comfortable making a credit card payment, while some always have the habit of using the wallet.
23% of the online customers abandon the Shopping cart because of the lack of payment methods and as they could not trust the site with their credit card information. The other 4% would abandon as the Credit Card was declined at the checkout, as per the Abandonment Rate Statistics. In the words of the Vouchercloud study of eCommerce Psychology, 59% of interested customers purchasing the product will abandon the transaction if their preferred payment method is not there. According to the data of the Statista survey, 20% abandoned due to the preferred payment method not available.
So having a good bunch of all trending payment methods available at the checkout is highly recommended and a smart online business way. This can be done with one payment gateway but it might be possible that it does not have a few options which are available with the other one. Having all the possible options and features builds a customer rapport in an efficient way.
- A decrease in Payment Failure
Multiple payment method options would not only act as the satisfaction of the choice of the customer but would also be a choice when there is a downtime in it. So in that scenario, the customer can switch to their next preferred option and you can make sure that they would pay. So a ready alternative is always available for the customer to make the payment.
- Targeted Locations
Different payment gateways provide different types of services. Some may be smooth in domestic and some might be supporting international services too. It is essential to have information about the currencies and the countries supported by them.
So as per your targeted locations and their buyers you may do some research and choose multiple payment gateways. You should not forget the fees charged by them in accordance. Also, one should keep in mind the popularity aspect of the payment gateway in that particular region. Payment gateway with the auto-conversion of the currencies would be convenient for the buyers in the checkout process. Thus, all aspects like the region, types of payment methods and the currencies supported the need to be considered which might require more than one payment gateway.
- Types of businesses
Large Enterprises with a high volume of transactions would be having a heavy flow of transaction attempts and so it is necessary that they have various alternatives and readily available online payment methods to keep up with the pace. Considering the nature of the high-risk business and due to the heavy failed transactions in those business models, it is always better to keep the options available too.
Further, if your business nature is such that a few extra features are essential and required to be added, then accordingly the payment gateways can be chosen and integrated. For example, one payment gateway provides the lowest transaction rates in the most commonly used payment methods compared to the other payment gateway but it does not have the Payout feature, in that case, you may also have that other payment gateway integrated to use that extra feature.
- Good Customer Impact
Adding multiple payment gateways can provide a smooth shopping experience overall. After all the searching, selection and finalizing the product it is the last stage when the customer would pay. And, you need to make sure that they pay and do not abandon the cart. It also affects the revisit of the customers. Make sure that you have provided all the features the customer requires.
Also, payment gateways are not just the payment gateway they act as your payment partner, they also act as the face for your business. Good payment gateways of India like PayKun provide customer service to both the merchant and their customers alike. This has an impact on the reputation of the business and also strengthens the build of the reliability, boosting the customer’s confidence and further improves the conversion rate.
- Saving you during Downtime and filling each others gap
You need to make sure that you are providing the alternatives in the payment gateways to cover the deficiency of each other, which means that the gap of what one payment gateway does not have can be fulfilled by the other one. It would be highly beneficial in the situation of the downtime in one payment gateway, in that scenario you would not be able to continue the business for a temporary period unless you have the other payment gateway option available at the checkout.
All in all –
Multiple payment gateways would not cost you any extra. This is because there are options available in the market of payment gateways in India which do not charge the setup or maintenance fees and also charge the lowest TDR. However, it is essential that you choose them wisely after proper research.
