It’s no secret that everyone running a business wants to grow their revenue and Indian businesses have undergone a plethora of changes, especially in the last two decades. This is primarily due to the fact that in today’s digital age, in order to drive faster growth, businesses and merchants require perpetual technological innovation. Hence, to rise to the top of your industry, you must develop a resourceful approach to push the boundaries and break the glass ceilings, and this includes refining the payment experience of your customers.
Wait, why is payment experience so important?
Imagine you have a customer who wants to buy your products but they are unable to pay because of a difference in currency or the payment gateway being down. This would end up in them leaving your site and you have lost a sale.
Sounds frustrating right?
A vital part of customer experience is the process of accepting payments. Declined transactions and long latency times for approvals can damage customer experience which would hence negatively impact your business. Therefore, delivering a great customer experience requires reducing these false declines, cutting latency, and ensuring that buyers can pay as they prefer.
One area of constraint for merchants is regarding the solutions they use to accept payments. It is crucial that you ensure your business has flexibility in payment options. Certain payment solutions may not suit the specific needs of merchants and marketplaces. As a result, the business will either have its ambitions to grow into new markets stalled or delayed.
So you might wonder, how to resolve this issue? Are multiple payment gateways really needed?
The usage of multiple payment gateways allows you to offer support for a variety of payment methods while enabling buyers to pay in their preferred currency. It makes your business flexible and accessible. Moreover, it is also highly advantageous for growing businesses to expand globally. The more robust your payment stack is, the more specificities and preferences you have covered. This converts directly into consumer satisfaction as well as loyalty.
The benefits of multiple payment gateways on board can be summed up in the following points below:
- Improved customer experience: Make the payment process streamlined and seamless via offering support for the payment methods and currencies your customers prefer. This would increase customer satisfaction and overall provide a positive customer experience.
- Enabling global expansion: When growing your business abroad, you’ll have to provide not only the major global payment methods but also local options, which are greatly trusted in a particular region or a nation. Though you can do it with just one gateway onboard, with multiple advanced vendors, you can also ensure the best coverage, fees, and stability.
- Increased conversion: Having multiple payment processors offers a high payoff by increasing your approval rates. It helps to prevent buyer’s frustration when they place an order and proceed to payment, only to find out there’s no suitable payment option for them. Moreover, in case of any glitches on the provider’s side, you can reroute the transaction to another vendor instantly and effortlessly. The flexibility and versatility you provide will protect you from losses and thus lead to higher conversion rates.
- Optimised payment flows: Payment routing is a major boon that would help you process transactions at the most appealing fees and the highest acceptance rates. Payment routing is an essential payment processing feature for businesses working with multiple payment providers. It allows sending each transaction to the optimal payment gateway based on selected parameters. Along with failover management capabilities, it helps to minimize declines and ensure all transactions are processed most optimally.
- All-inclusive functionality: Since various vendors offer a variety of conditions and supporting features, the more payment partners you have, the more of your specific business needs are covered.
Now you might be thinking – this sounds too good to be true. In that case, why don’t all businesses opt for multiple payment gateways?
While multiple payment gateways have their boons, they also have their banes. These are the problems a business might encounter with multiple payment gateways:
- Integration issues: The process of integrating a payment gateway can be very complex, and the complexity intensifies by the number of payment partners you want to connect with. Development and setup can get very resource-draining as well.
- Increased load of management: Right after the integration is the process of administration and management and you will have to stay in contact with every payment partner to solve occurring issues.
- Maintenance Hassles: Aside from paying maintenance fees, there will be instances where development efforts are needed, for example – upgrades or expansion of functionality. Besides, you’ll have to monitor PSP health, which is not a cakewalk due to the difference of standards of each vendor.
- Contrasting data sources: Having transactions processed through multiple payment gateways robs you of a complete view of your performance. It leads to the requirement for manual systematisation and comprehensive analysis of data that is high in bulk.
- Time-consuming: The more gateways and merchant accounts you have, the more manual work and time you’ll need for reconciling, and there is a higher risk for errors as well.
So what is the best solution?
With Indian businesses rapidly developing and looking for extending their operations globally, the ideal solution would be to invest in a payment API. A payment API is an API (application programming interface) that enables e-commerce businesses to seamlessly manage payments.
Is there a company in India that provides this function? Well, you are in luck!
Payomatix is a ground-breaking payment system set to revolutionize your payment functionality. Our smart and digitized payment system permits you to provide over 100 payment methods to your customers through a single integrated API.
Your customers will have a positive payment experience with our personalized payment options which are easy to navigate as well. This would result in minimal payment failures and increase customer satisfaction in no time.
Moreover, as a business owner, you too will have the ability to manage the payment operations with ease via our easy-to-use dashboard.
It is about time Indian business owners and merchants refrain themselves from global advancement and invest in a single integrated API as it’s the ultimate win-win for consumers and businesses alike.
