6 Reasons Why Your Business Needs Multiple Payment Gateways

Payment for goods and services is a basic requirement of every business, but many companies struggle to effectively manage this process. Some business owners choose to go with one payment gateway, a single vendor through which payments are accepted, processed and dispersed. While this streamlined approach may work for some companies, there are six reasons why you should use multiple payment gateways for your business.

1. Guarantee Cash Flow. Under a one payment gateway system, if there is a problem with your account or the system itself, you have lost your ability to sell products until the problem is resolved. With multiple payment gateways, you can seamlessly shift to another payment gateway without waiting for account approvals and other administrative processes to be completed. You customers can continue to purchase products without interruption and your cash flow is protected.
2. Maximize Customer Service. How people pay for goods and services is evolving, and once they become comfortable with a new payment method they want to use it everywhere. By offering several payment gateways you satisfy the consumer’s preferences, which is a key component to customer satisfaction. The happier they are with your goods and various benefits the greater their loyalty.
3. Establish Backup and Overflow Support. Using additional gateway systems allows you to securely house copies of your customer’s credit and debit card data in a second location. It also gives you the ability to handle overflow from seasonal sales or growth. Multiple payment gateways keep customers on your site where they belong, rather than drifting over to your competition.
4. Experience Better Value. Each payment gateway has its own fees and contract requirements, and when you use several of these gateways, you can compare which ones gives you the best rates on specific payment types. One gateway may process Visa cards at a great rate but a different one offers a better rate on American Express. By blending your gateways, you can pay lower fees, which means more money in your pocket.
5. Increase Conversion Rates. A recent survey found that 50% of regular online shoppers would cancel their purchase if their preferred payment method was not available. In addition, offering at least the top three payment methods in a market increases your conversion rate by 30%. Multiple payment gateways keeps people on your site and boosts conversion rates, which increases your cash flow.
6. Support Globalization. With today’s global economy even the smallest business may receive orders from other countries. Since payment gateways vary by currency and regions of service they support, you may need several to truly become a global business.

Multiple payment gateways are necessary to retain current customers and grow your business to new levels, but the process doesn’t have to be complicated. Let the experts at ChargeOver show you how easy it is to establish and manage multiple payment gateways so you can maintain your cash flow and meet consumer expectations.