Whether you're an established brand or just starting out, if you offer online shopping to your customers, you've got to stay ahead of the curve. Providing your clients and customers with a no-nonsense experience each time they shop with you is paramount. Buying products or services from you should be easy and convenient. One of the ways you can enhance your shoppers' experiences is by offering multiple payment gateways. This allows the customer to pay in whatever fashion they choose. It also boosts consumer confidence in your brand.
But is having multiple payment gateways beneficial for you and your company?
First, it's important to understand differences in terminology. The terms payment gateway and payment processor are often used interchangeably – but there is quite a difference in the roles these two services play.
A payment gateway acts as the connection between your online store and the payment processor by sending a transaction request to the processor.
A payment processor receives, processes, and executes the request by accepting the money from your customer and depositing it in your merchant or bank account.
Sometimes, it can be advantageous to integrate multiple payment gateways on your site. Let's take a look at the pros.
Multiple payment gateways:
While there are a lot of reasons multiple payment gateway integration is a good thing, there are also a few aspects you should carefully consider.
So, yes, there are both pros and cons to integrating multiple payment gateways – but there's also a solution: implementing a single platform that manages all payment gateways and processors. This type of platform can manage several gateways at once and quickly, as well as track your transactions, and handle any issues as they occur. This type of organization is a huge benefit overall.
Whether you simply sell products or services one at a time or if you have monthly subscribers, using multiple payment gateways is not only possible, but optimal. Your customers are your lifeblood – it's in your brand's best interests to offer as many options for payment as possible. However the biggest challenge will be in managing all the different technologies within your payment stack. Best way to handle this is with a system that can seamlessly integrate all the different providers under a single platform like GBL Pay.