It is always important to acknowledge the change that happens in society to grow. This implies businesses as well who want to grow and reach a wider audience. Now, to expand a business, one has to make multiple changes, but the most essential thing in all these steps is to keep in mind customer convenience and satisfaction. When a business’s customer reach increases and becomes diverse, it is important to acknowledge the change and the fact that these customers will want different things. We are sure you already know how to tackle these customers with respect to your products and services. We are here to tell you that when you have a diverse customer range, then you should provide them with diverse billing solutions, also known as multiple payment gateways. You might be thinking about why multiple payment gateways are important? Read this blog till the end to learn more.
Importance of Multiple Payment Gateway
According to a survey conducted by Getwave, 38 percent of customers have faced the issue of not finding their preferred payment gateway while shopping online. As a result, they couldn’t buy what they wanted and had to shift to a different website. No business will want their customers to shift to another website just because of this, right? This is why it is vital to give the option of multiple payment gateways to your customers. Through this, businesses can reach customers across the globe as well. How? By integrating billing platforms that provide different payment gateways such as Muvi Billing.
Increase in Customer Trust
It is common that any individual will prefer a known name or brand over something they might be hearing for the first time. Especially in the case of money, people are more cautious. So, if your business understands every country’s market or the ones on your radar, you can integrate that particular payment gateway with your business; the customer will only get happy, and seeing a known face will help increase their trust in your business.
As we all know, online payment gateways cannot be trusted all the time. There will be instances where a particular payment gateway will be down for many reasons, including bank down, server down, or some glitch. In this scenario, a prepared business should not rely on only one payment gateway but should offer multiple. So, when one payment gateway is down, the customer can go to the other and pay the bill. So this way, multiple payment gateways act as backup.
When a customer sees multiple payment gateways on a website, they are right away assured that they won’t be facing any issues while paying the total bill? Why? Because they know they can choose a different payment gateway if one fails. This way, customers can search freely what they want to on your website and then do hassle-free transactions. This also increases customer satisfaction.
It is safe to say that if a business wants to go global, then it is important to have multiple payment gateways. There are two ways to achieve this – by buying or building a payment gateway. But, deciding between the two is difficult and requires a lot of thinking. Read this blog – Buy or Build: The ultimate SaaS Subscription Billing Checklist to make your decision fast and in an easier manner.