Multiple payment gateways on your site — Time to switch?
Picture this: You’ve chosen a payment provider a few years ago, went through a complicated compliance and long, painful integration processes and decided you’ll never do this again. What if I tell you that switching a payment gateway could be the best thing that could happen to your company?
Your business stays still for too long and you feel that something is not working? Too many customers abandon their carts on your website? Or maybe they leave each time the checkout process begins? If your answer was ’Yes’ at least once, you definitely need to change something.
According to Baymard Institute, for 28% of online customers too long or complicated checkout processes are the reasons for canceling their purchase. One of the most common reasons for cart abandonment is also the lack of preferred payment methods customers look for.
If you think about switching payment gateways, but are not sure whether another solution will meet your needs, consider having both of them on your website and compare the results after, say, three months. Then, you can decide whether you need all of them or maybe you should keep just one, which comes with better conversion, user experience, etc. Perhaps the new one will be a good replacement for the current payment gateway you use?
It’s especially viable when you choose solutions with transparent pricing that let you pay per transaction, not ones with weekly or monthly fees. In general, having a single gateway is enough, but sometimes adding a few solutions could bring noticeable business advantages.
Business advantages of having multiple payment gateways
When you process payments through multiple payment gateways, you’re giving customers more ways to pay. Sounds great, but before you decide to implement a few solutions, make sure that your target audience needs payment methods other than ones you currently have on your website.
Enhancing user experience
When the primary payment gateway doesn’t accept a certain card brand or a specific payment method, you can add another solution to route payments into the second gateway. The same if your gateway doesn’t support payment methods and currencies preferred by your target market, especially when you run business globally. There’s no question it will streamline payments on your site.
Having more than one payment gateway on your site could be helpful when you want to expand your business internationally. For instance, you can find solutions that vary by region. Having this in mind, if your payment gateway doesn’t support the payment methods or currencies you need, it’s good to look for another solution.
Backing up data
Having more than one payment gateway keeps you calm when a primary gateway is down or is underperforming. Also, you can simply handle overflow during peaks.
When your primary gateway is down, you can then accept payments through a second gateway to give your customers an uninterrupted and seamless experience. And, you mitigate the risk of losing your profits, especially during peaks, eg. due to seasonality or when your company starts to grow fast.
Improving conversion rate
Various gateways specialize in different features so it’s good to make decent research to find a provider that goes with solutions that boost your conversion rate. Check wisely whether they offer a smooth process with one-click payments or a feature that makes frequent customers pay without having to remember their card details. Also, ask for the possibility to offer extra products right after the initial payments.
Besides observing the business results, listen to your customers. Their feedback will make you offer the solution that will meet their needs, and improve their payment experience which, in general, leads to better conversion.
Creating complex scenarios
More than one payment gateway can give you flexibility for creating more complex use cases with different payment methods. You can then create various scenarios and adjust solutions to your company’s specific needs.
Some gateways have their costs based on a country, payment methods or even processed currencies. This is why having more than one payment gateway could be economically efficient. Consider working with an additional payment provider that offers solutions that perfectly fit your needs. Optimize your payment strategy for maximum success. Keep in mind that there are also solutions that could cover all your business needs, so sometimes one, reliable payment platform would be enough.
Working with a few providers always come with multiple contracts to sign, different sales reps to contact or a few accounts to manage. Of course, it doesn’t have to be the bottleneck if you choose decent and reliable solutions.
Different platforms also mean different integrations. Some of them will be smooth and ready to be made in no time, while others could take time and/or cost money. Everything depends on the solution you’ll choose, so consider all aspects before making the final decision.
Evaluate how contract requirements or fees offered by a new payment platform impact your bottom line. It will be easier to decide whether adding another solution will make a visible change to your business, such as increasing conversion rate.
When to change the payment solution?
The gateway you’ve chosen when you started your online business could be a perfect fit at the time. But, things begin to change when your business grows and the payment solution is no longer what you’ve expected. Consider if it’s viable for you before making any changes.
Fees and processing costs
Consider if using your current solution is still viable for you, especially when your business is growing and your volumes are much higher. If your costs are significant and renegotiating your fees comes with no positive effects on your business, perhaps it’s time to make a switch.
Lack of the features you need
It’s especially common for companies that have started working with their payment gateway a long time ago. In the beginning, the feature set that was offered could be sufficient, but with a growing number of clients and with higher volumes there’s a real need for solutions that streamline the entire payment and management process.
Now you need to create more complex scenarios or need better security tools and 3D Secure that won’t hurt your conversion? Speaking of conversion, you may also look for solutions that let you run cross sales or recurring payments. Sounds great, but your current provider doesn’t provide such features? Again, consider adding an extra payment solution or even switching to a new one.
The need for multi-currency transactions
Running a business online comes with many opportunities, especially for e-commerce that can sell items for global consumers. This is why having a solution that lets you accept various currencies will make both yours and your customers lives easier. If you need to accept more currencies on your site and your current gateway doesn’t provide this feature, find one that has multi-currency acceptance in their offer, without having to pay extra fees.
With the rapid pace of technological advancement, it’s obvious that you need a payment platform that provides simple integrations and solutions that save your time (and costs, of course). High-level technology and great managing systems will make your business scale at the speed you need, without any interruptions and bad surprises.
This is one of these things that are often overlooked by merchants when they seek a payment partner. But imagine what could happen when there will be a problem with payment processing on your site and you’ll get no response from the provider or they will send you a short message after a few days, without doing anything with the issue that occurred. Not cool, huh?
A responsive customer support is an essential part of a reliable payment provider. You need to be sure that each time when something happens with your payment system or when you simply need some help, your questions won’t be left unanswered. So, if your current gateway provides poor support, which is hurting your entire business, why not make some changes?
Why switch to SecurionPay?
Based on our experience and following feedback from our clients, we’ve created a payment platform that hits even the most demanding needs. This is why we offer a single solution that gives you ultimate flexibility for creating various payment scenarios and billing models for complex use cases.
One integration will give you:
- A single solution that will make it easy to create any payment scenario
- Powerful APIs that give you huge flexibility, so you can design the payment form the way you like and have the entire payment process under control
- Various billing models to use in complex use cases
- Diversified risk, because SecurionPay works with a few major banks, so your online payment transactions can be split between multiple bank accounts
- 160 currencies accepted through a Checkout translated into 23 languages
- Features that boost your conversion by double digits
- Set of anti-fraud tools and security solutions based on machine learning, as well as non-invasive 3D Secure that doesn’t interfere with conversion so you can maintain the conversion rate at the same level and decrease the number of chargebacks at the same time
- Sandbox environment so you can always test your payment configuration before going live
Up to you
Having multiple payment gateways provides more convenience to your customers but, as you can guess, it needs to be viable for you. Consider it wisely, because perhaps there’s a payment platform that can give you all the things you seek to answer your business needs.
Do the math before making any decisions, especially when you think of switching to a payment solution with a monthly fee, instead of a percentage of the transactional fee. Paying a huge amount of money every month could cost you more in the end than a certain percentage of each transaction. It’s a big decision, so evaluate it carefully.
Switching payment gateways doesn’t have to come with a long process. When you choose a technologically advanced solution, you’ll be surprised how smoothly the integration runs.
Have anything to add? Share your thoughts in the comments below.
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