Do you want to know, why do you need to use multiple payment gateways for WooCommerce? Well, READ ON!
Take, for example, your e-commerce platform maintains a single payment gateway and something doesn’t seem to be working the way it should. Alternatively, too many customers abandon their carts during the checkout process.
There is probably something extremely important that needs to be considered if this is the case. The reason for this phenomenon can be multiple, but we’ll focus on one today.
Business owners want the checkout process to be as convenient as possible when it comes to checking out. When it comes to completing the checkout process, there are two types of payment gateways. The first is a single payment gateway, and the second is a multi-payment gateway.
It may seem easier, or even more intelligent, to use a single payment platform. Multi-payment gateways, however, offer numerous advantages to help you grow and profit from your business.
Let’s have a look at some statistical data:
In general, consumers are likely to abandon a shopping cart if they cannot find their preferred payment gateway.
According to a survey by Bymard Institute, 6% of respondents abandoned the payment process because there weren’t enough payment options. According to the same report, 26% of customers abandon their carts when the checkout process is too complicated.
Furthermore, 19% of customers are dissatisfied with the data they have on their credit cards, according to the Bymard Institute’s survey. On the other hand, they preferred that the e-commerce system provides multiple payment options.
That’s a pretty healthy conversion rate!
E-commerce platforms should support multiple payment gateways for a variety of reasons. WooCommerce, one of the most popular e-commerce applications, facilitates business by connecting to multiple gateways. Listed below are some key reasons why your e-commerce site should utilize multiple payment gateways.
Payment gateways facilitate transaction processing for businesses of all kinds. The best way to accomplish this is by using multiple payment gateways. As a result, you are able to pay more easily and you are perceived as being more professional, trustworthy, and legitimate. The convenience of shopping with multiple gateways is made possible by all these attributes.
The concept is very simple, but the more payment gateways you have, the better your chances are of getting paid. If you only accept one type of payment, you limit your buyers and are more likely to lose them.
By using an example, you can gain a better understanding. Assume you have an online store that only accepts PayPal as a payment method for your products.
Clients who are comfortable using Stripe, WorldPay, or other payment methods may not be able to accept the one-way payment method in this case.
Consequently, you are less likely to earn more money. If you want to appeal to the largest number of customers, you may want to consider more options, even if it increases your responsibilities.
The more you take care of your existing customers, the more you will take care of your future customers. Today, most potential customers prefer digital transactions over traditional methods such as cash, debit cards, bank transfers, etc.
You should also introduce technological advancements in the payment section to grow enough interest in the new generation of customers. The best way to accomplish this is to demonstrate that your company is on top of the latest trends.
As a result, you should provide them with as many options as possible when it comes to transactions. For example, you might want to add Apple Pay or Bitcoin as a payment option.
Remember that people have different tastes throughout the customer journey cycle. In some cases, a single payment method seems more convenient due to the ease of maintenance.
However, there are a lot of millennials who are open to multiple payment methods, which should bring in a lot of new customers.
It is easier to manage existing customers than new ones, so try to retain them to maximize your profits. The cost of handling them is also lower. According to Harvard Business Review, acquiring new customers costs five to twenty-five times more than retaining old customers.
Also, selling to someone who has bought from you previously is easier than selling to someone who hasn’t. A trusting relationship has already been established.
In contrast, the existing customers are already familiar with the payment method you implemented on your site, so you don’t have to spend time educating them the same way a new customer would.
However, this does not guarantee that existing customers will keep purchasing from you if you do not care about their preferences and requirements. They may change for convenience and give up older payment options entirely if they become inconvenient.
As a result, do provide things extra to make them feel at ease while staying with you. Consumers who have purchased from you over many years can be given multiple payment options. Customers are constantly seeking new and fascinating changes.
Adding more payment gateways may charge additional fees. However, you can reduce your total costs by diversifying your payment acceptance to include low-cost free options. This form of diversity has the potential to lower overall costs.
If your site accepts multiple payment methods, you can start separating those that are simply too costly for you. For example, if your site receives a chargeback, Amazon Pay will charge you $20, whereas Stripe will charge you $15. As a result, you will pay less on administrative fees overall.
It’s difficult to limit yourself to one option. Exact same thing holds true for payments. People like to feel and think for themselves, and providing more payment plans may end up making your store more functional with their variety of choices.
Multiple payment gateways broaden the scope of processing payments, making it more appealing to a broader audience. Using a fixed payment system places you at the mercy of a third-party system.
In this case, providing different methods will undermine the dependability of those third-party providers and systems. Furthermore, you will possess the self-sufficiency to elevate your business forward.
If you only use one payment system, you might not be able to flow your money. Depending on the moment and situation, you must use tools that are time-compatible. If you do not follow the demands of time, you may receive an unlikely outcome.
As a result, start making your payment method time and trend consistent. Furthermore, you can include crypto on your website. There are numerous simple ways to accept Bitcoin with WordPress, for example. This can increase your cash flow by providing additional worth to your customers.
It’s obvious that you’ll need far more than one payment if you want to grow your business, especially in various countries around the world. Some online payments could be functional in certain nations.
For example, the Payment gateway is conditional in India and functional in Bangladesh; therefore, if you want to cover those client bases, you must use other payment methods that are consistent with these nations.
Adding multiple payments will undoubtedly propel you to a higher level and maximize geographic reach. This will ensure the most effective support for a specific region. As a result, your transactions will be successful across all regions.
It’s obvious that if you have multiple options to deal with, you’ll have more people to interact with. While your predicted customers have had the option of selecting various payment methods, you are more likely to have their preferred way accessible and they’ll be ready to pay quickly. This will start increasing their overall involvement.
As client involvement grows, you can expect more agents to be paid more and more frequently. Furthermore, providing options will increase involvement, which can play an important role in increasing revenue.
A payment gateway is more than just a method for handling payments; it is also an important part of your customer’s purchasing journey.
Keeping multiple payment gateways may boost your company’s commitments, but the benefits outweigh the disadvantages. Different WordPress plugins, including WooCommerce, enable you to handle online payments for your business.
And, in our viewpoint, WordPress is the best practical choice as it not only works well for e-commerce sites but also provides a plethora of generic payment gateway plugins for any specific purpose. So it has you covered whether you wish to add WorldPay or a basic PayPal checkout.
Finally, if you don’t want your business to fall behind, it could be a great idea to include multiple payment options. It’s an excellent method for reaching a broader audience and possibly increasing overall revenue for your e-commerce.
I hope this article was useful in learning about different payment gateways and why to use them. If you could let me know what topics most interest you, I would greatly appreciate it.
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