A payment gateway is simply the component of your business that keeps the transaction between two parties smooth. It enables easy and instant online payments for both the customer and the seller. If you are to open an online business website, you must know that cash on delivery is not the wisest option if you are really looking to go global. So, integrating a payment gateway ensures seamless billing on your website, thereby helping you from offline transaction hassles. In addition to this, having just one payment option will not serve the purpose. We have listed out a few reasons why multiple payment gateways are essential for online business.
Peace of Mind Transactions
Customers always want to have their way in everything – be it a product or a payment option. Let us explain this to you through an example.
Global appeal with Multi-Currency Support
More often than not, if you only have one or two payment options available on your website, then chances are you are only getting orders from only your country. If you add multiple payment gateways, you will deal with various currencies. This, in turn, means that it will grow your business as you can now reach a bigger audience. Additionally, only a handful of payment gateways support all currencies across the world. Most customers would prefer a payment gateway that is popular in their country. So, depending on your targeted audience, you should add different payment gateways.
Helps in Tackling Bank Crashing Down
Banks crashing down because of overloading are not a new thing to accept. In fact, banks nowadays regularly shut down their services to upgrade their website and apps. Although, what happens when your customers want to buy at the same time? They probably will leave if they don’t see an alternative, just like Jenny did in the above example. But, if you have options like an e-wallet, this will no longer be a problem you should be concerned about.
Avoiding Latency in the Transactions
Time to a successful transaction is one of the metrics on which payment gateways are judged upon. This is one primary reason why billing engines should have multiple gateways to avoid possible downtime on anyone and not hamper the purchase experience. Moreover, some payment gateways do exceptionally well in domestic transactions, but on a global scale. To avoid any complications, buyers tend to stick to the domestic payment gateway.
Studies suggest that customers tend to cancel their orders which have COD as their payment option. One of the main reasons behind it is that the money has not yet been spent out of their pockets. Customers have this privilege of saying no to the delivery, even at the doorstep. If they pay online, then chances are they will not cancel their order. But, it can only happen if you provide your customers with enough payment gateway.
Having multiple payment gateways is no longer a need, but a necessity, mainly because – A happy customer is a loyal customer. So wait no more and explore how you can add multiple payment gateways to your website. Try the 14-day free trial of Muvi Billing, which allows its users to transact in the currency of their choice with the payment gateway of their choice. Muvi billing believes in nurturing the customers, and so should you.