New Years Resolution’s For The Success Of Subscription Businesses In 2022

Payment gateways play the most critical role in online payment processing. They serve more purposes in processing the recurring payment for the subscription business than any other business.

The payment gateways that support the recurring payments feature are used to process the secure and encrypted payment information to the processor. However, each payment gateway has its own limitations and restrictions.

All the payment gateways are not aligned to support all the payment methods, payment currencies, or regions. Some payment gateways are restricted to certain businesses as well.

As the booming eCommerce is producing more and more opportunities for businesses to attract and cater to customers worldwide. It requires companies to expand their operations and connect more payment service providers with their recurring billing software while aiming to serve bigger markets with better solutions.

For various factors, payments got declined. Some of the common likelihood include:

Payment Method
Card Type
Card Issuing Bank
Cross-Border Trade
Transaction Type
Customer Transactional History
Customer Country
Currency

These are some of the factors that force merchants to integrate multiple payment gateways to their subscription billing software and offer their customers the best checkout experience with the options to support local currencies and customers from all across the regions.

Catering Customers Beyond the Borders

All the payment gateways do not facilitate cross-border transactions or in all currencies. Some do not operate in certain countries.

Even the industry-leading PayPal is not available in several countries where a huge market of customers exists for many US-, UK-, Australia-, Europe-, and other regions-based businesses, including Paraguay, Pakistan, Bangladesh, and other more than 50+ countries. Some of the leading currencies supported by the most payment gateways are:

US Dollar (USD)
British pound (GBP)
Euro (EUR)
Brazilian Real (BRL)
Canadian Dollar (CAD)
Australian Dollar (AUD)
Japanese Yen (JPY)
Russian Ruble (RUB)
Hong Kong Dollar (HKD)
Israeli New Shekel (ILS)

In the B2B and B2C businesses, support to the domestic currency is pertinent else there are more chances of customer loss than customer acquisition. Subscription businesses can broaden their range of payment support with the integration of multiple gateways in their recurring billing system to cover every area where the market exists.

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Staying Up Round the Clock Throughout the Year

It is said that if you fail to plan, you plan to fail. Businesses need to take all the precautionary measures to remove the frictions that may cause revenue or customer loss. One such measure is integrating the payment processing solutions that remain available 24/7/365.

Payment gateways can outage and their performance may fluctuate depends what currency or type of transaction they are processing. There are some other reasons due to which the payment gateways can go down or can hinder the payment processing. It also hurts the customer experience, brand trust, and merchant’s efficiency.

The best solution to avoid these worst service and revenue hassles is using multiple payment gateways. Configuring more than one payment gateway in any recurring billing and payment processing system re-directs the payment transaction to another gateway if the desired processor is an outage.

Accepting Money Through Multiple Payment Methods

Payment gateways support selected payment methods. For instance, Stripe supports American Express, Visa, and MasterCard but do not accept payments from many digital wallets and Buy Now, Pay Later financing payment methods.

Here are some of the major payment methods for the online payment transactions accepted by the major Payment Gateways:

Credit Cards
Digital Wallets
Authenticated Debit Banks
Bank Debits
Bank Credit Transfers
Mobile Pay
Buy Now, Pay Later
Cash-Based Payment Methods

PayPal, Stripe, Authorize.Net, and many others support card payments but some of them do not support direct debits. If your customers are more drawn to a certain mode of payments then integrating two or more payment gateways to ease the transactions of the payment from that source is a great boost to stream more revenue.

Assessing the Payment Decline Ratios and Reasons In Any Demographic

Payment declines are the biggest turn off for any merchant but for the subscription business it is a disaster as they capitalize on recurring billing and payment processing and if the payments are not reflected in the recurring revenue real-time reporting, it can damage the subscription health of a customer and can end up with involuntary churn.

Not only it implies a negative impact on the revenue, customer experience, brand loyalty, it also disturbs the streamlined data-driven workflow in any team or organization.

Integrating multiple payment gateways in a subscription billing and payments software can deal with the above-mentioned aggravations and provide more opportunities for payment success

Removing the Frictions of Dependability

When the business grows, you can’t afford dependability, right? The single payment gateway integration to manage all the customers is not a wise decision. It restricts the merchant’s capacity to earn more and cater to more customers at one time.

When the payment gateway’s performance fluctuates due to high influx of traffic, one payment gateway can become a reason for the payment processing failures or the payment declines. This could influence a customer’s decision to go further with the purchasing decision. Get your platform independent of the dependence on one single payment gateway, use the other when the one you are using is busy.

Avoiding the Higher Transaction Charges and Security Lapses

Payment gateways charge customers for each transaction based on their region, transaction type, currency, customer or business type, account type, and many. Despite supporting a specific payment method, currency, or region, a payment gateway may charge the merchant more transaction fees or any other charges. When your subscription management system is integrated with multiple payment gateways, you may have the option to go with the option that offers fewer charges.

Similarly, there are so many additional payments and rates, security levels, and 3DS support and services which attract vendors or merchants to opt for a specific payment gateway.

Integrating a single payment gateway may not be a solution for each and every business. To find the payment gateways that best scale your recurring payment processing, here is a list of some of the payment gateways that have been using all over the world: