Contrary to what most business owners think, having a single payment gateway is not always the most advantageous for the company. Although, it may seem like a foolproof and hassle-free solution, opting for more than one payment gateway in UAE and at other locations is often the best way forward for the company.
It is crucial to understand how having more than one payment gateway can help the business. For a start-up, this can be difficult, as multiple payment gateways will incur higher fees for multiple sources. That is undesirable for a new business trying to save costs. However, there are many advantages as well that new businesses can capitalize on.
Benefits of multiple payment gateways
One of the most prudent aspects that come to mind with multiple payment gateways is the convenience to the customers. Customers have the option of using the one that inspires the most confidence, and also one which is best suited to their preferred method for online payments. More than eight percent of customers have stated to abandon their shopping cart when they discovered limited methods of payments, which can be avoided with multiple payment gateways for the business.
Whether it is a first-time customer or a regular visitor to the website, customization of the payments enable the customer to feel at ease and transact without hassle. For instance, it can be that the customer is using a certain credit card frequently to build cashback points or have other types of benefits with various methods of payments, like bank transfers. The bottom line is that the customer has the option to choose the best one for his or her benefit, making it a pleasurable and memorable experience for them.
Encrypting customers’ data to provide a streamlined experience is what most businesses strive for. This can be easily achieved by having multiple PCI compliant payment gateways that customers can use without the worry of data leakages. Customers will frequently abandon their carts if they feel unsafe, or if the payment page does not inspire confidence for releasing sensitive financial information for the purchase of the service or products.
Multiple payment gateways can help increase the profitability of the business internationally; payment gateway regulations will vary according to the country, industry, and nation. That is why having a multicurrency option for multiple payment gateways is highly desirable for an established business.
It is not unheard of, but there can be system glitches or gateway crashes that can happen with a high volume of digital footfall or other technical issues that can hamper the business earning for that time. It can be for a few hours to a day, depending on the situation, which is why is it prudent to have multiple gateways that can act as a backup for the business.
There are drawbacks to having multiple payment gateways for the business. The most obvious one is the higher costs and required integration, which will also take up a lot of time to set up and is expensive to maintain.
However, the advantages of having more than one payment gateway in UAE or any other location outnumber the disadvantages greatly for improved business.