We recommend you to read this blog to completely understand the need of having a multiple payment gateways website.
GLOBAL EXPANSION OF BUSINESS
Who doesn’t want to expand their business to the global market? Now, if you are merchant with an e-commerce website then you have great opportunities right intro of you. You can start selling your products all over the globe using your website.
TARGET TOWARDS BETTER REVENUE
Once you have added multiple gateways to your business, you’ll see an increased traffic on your website. This means you will get an increase in conversion rate, which could eventually lead to better revenue.
BACKUP AND FAIL-SAFE PAYMENT SYSTEM
Using the gateways to make a transaction in your business can help you create an elaborate database of the customers. Using this database, you can mark faithful and regular customers, and at the same time blacklist the cardholders with a number of scams.
You can use this information for a successful business that can also help you reduce the number of chargebacks. Furthermore, you can back up this data using the gateway services.
If you have another payment gateway then you can securely copy all this data to another gateway and have all the similar advantages.
ADVANCED SECURITY AND SUPPORT SERVICES
Along with all the great services, the Payment Gateways also offers security and support. This gives relief to not only the merchant but also the customer.
Many of the payment gateways use high-level security systems to track and stop any kind of fraud related to the payment. Furthermore, in case of any query, they offer multiple support facility to the user.
ARE THERE ANY DRAWBACKS OF HAVING MULTIPLE PAYMENT GATEWAYS?
Now that you know about the advantages of multiple Payment Gateways website, let’s also dig into the drawbacks. Everything has its pros and cons. So, Yes, having multiple payment gateways also have some disadvantages. They are:
Management of multiple payment gateways – Having multiple payment gateways means managing multiple vendors, contracts, and relationships that can cost both time and money.
High processing fees and costs – If you add more payment gateways then you have to pay the payment processing fees to each of the gateway providers. Do not result as profitable as it may sound – Many merchants add multiple gateways but the net revenue and the cost of gateways do not always complement one another, which result in a loss.
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