Advantages Of Having Multiple Payment Gateway Linked To Your Online Store
Once you have your online store set up and configured, the next big decision is choosing the right payment gateway. You should study and compare all the different payment solutions and then choose the one you like the best. This choice is usually made based on the technical and financial merit of the gateway. What is often overlooked is the customer’s perception and experience of the payment process.
The preferred payment channel varies from customer to customer. The wise eCommerce seller puts the choice of the best payment gateway in the customers’ hands, by offering a choice of different payment options. It is a part of building a relationship and trust with the customer.
Given below are some of the reasons why using multiple payment gateways is the best choice:
Customer Convenience And Satisfaction
As mentioned above, the preferred payment gateway for each customer may differ. When the customer finds the payment process quick and familiar, it adds to the comfort of the entire experience. A satisfied customer generates repeat business. You will find that the incidences of frustrated customers abandoning their carts will reduce. Some gateways allow customers to store their card and other payment details to make the process even easier and fast.
Customer Cashback Schemes
Cards, online wallets, and payment gateways have offers by which customers can earn points or cashback credits. By giving the customer a choice of payment methods, you are making them happy and also giving them a chance to earn extra benefits from their choice of payment gateway.
As a seller, you would no doubt choose the payment gateway that has excellent security to protect yourself and your customer. However, your customer might have built a feeling of trust with one payment method over others. This intangible perception of trust on the customer’s part is to your advantage if they can choose the gateway that they perceive to be safer. Also, having the most popular payment methods on your cart legitimizes you in the customer’s eye, simply by the power of association. It adds to your brand value and generates trust and goodwill.
Each country and region in the world has its own popular payment gateway. You are more likely to gain from international business when you can offer payment options that are convenient and familiar for different customers. A customer would be happier transacting in their own currency with a trusted gateway that offers the best support in their part of the world. It would reduce decline and cart abandonment rates.
Safer For The Seller
Payment gateway outages do happen, and most often when there is a sudden slowdown in transaction volumes. If you have multiple payment options, you are protected from any unforeseen problems that would otherwise freeze your entire business. When one gateway fails, you will still be able to make sales and collect payments through the other options.
Using Shopify With Multiple Payment Gateways
Shopify has its own payment gateway that integrates seamlessly with the Shopify cart. However, Shopify does not impose exclusivity. It easily connects with over a hundred gateway options around the world. So, regardless of which region or payment method you prefer, you can still use a Shopify eCommerce solution. Also, you can use the Shopify Payment Gateway with other third party gateway options, giving your customers the best shopping experience.
Paypal, Amazon Pay, and World Pay are some of the most popular third party gateways that are integrated with Shopify. When you link these third-party payment gateway solutions to Shopify, you incur an additional charge. In addition to the fees and subscription that the third party payment company charges, you would also have to pay a fixed charge per transaction to Shopify.
Adding a third-party provider is as easy on Shopify
Paypal is one of the more popular payment methods. While some customers would not like being directed away from the shopping website to their Paypal screen, others prefer using Paypal. Shopify supports Paypal Express Checkout and charges a transaction fee on the sales.
Amazon Pay stores its customer’s payment and shipping data. This makes it a preferred payment gateway for some buyers, as they do not have to re-enter any information.
WorldPay is a popular payment gateway that is available in over 120 countries. They allow eCommerce sellers to choose from two payment models. You can choose to pay them a monthly fee or a percentage of each transaction.
Using the extremely popular Shopify eCommerce platform, integrated with a range of payment gateways, will build your brand value and enhance the relationship with your customer.