How Having Multiple Payment Methods Can Be a Boon for Your Ecommerce Business?

Digital currency is taking over cash payments and in the next few years, the world will be all digitalized. As we are already started to adopt bitcoins and cryptocurrency, the foreseeable future holds a lot more digitalization in already existing payment methods and payment gateways.

In the e-commerce market, if you want to make your business scale and grow, there is a requirement of having multiple payment methods and payment gateways to offer to your customers. Even if you have a brick-and-mortar business, the need for various options is always a sigh of relief for the customers. Hence, we can say that multiple payment options can be a boon for your eCommerce business growth and success.

This article will put light on the importance of multiple payment methods and gateways from the perspective of both customer stand merchants. Let’s look into it.

Benefits for retailers

Having multiple payment gateways and payment methods for your business can help you in achieving the following benefits that will root for the growth of your business.

Competitive Advantage And Low Cart Abandonment Rate

There is already a lot of competition going on and in the upcoming years, it is expected to rise. With the research on cart abandonment and eCommerce, 50% of the customers abandon their cart for different reasons, and one of them is the lack of payment methods or payment gateway that a user can easily use.

If you only have one payment method or payment gateway then it is likely that your competition with more than fewer options will be the one to grab the deal. Therefore, having multiple payment methods like e-wallets, methods for ACH payments and much more must the part of your billing and payment management.

So, gain a competitive advantage by providing more value and ease to your customers so that they can purchase as much as you want to!

Access New Markets with Localised Payment Methods

Local markets are always the convenient method for payment transactions and this is one of the unknown facts to many merchants.

Other than adding the standard and globally known payment gateways or payment methods you can add the local payment methods of the country. Adding local payment methods of the state where you have an abundance of purchasers will significantly increase your sales leading to the growth in potential revenue.

For example, if you globally deal with the eLearning platform then there are chances that the students of the customers will be from different countries or states. Not everyone has PayPal, and as compensation for that, you can integrate their local payment methods or payment gateway which will help them recline back on your business more than anyone.

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Payment Reliance On Different Platforms Rather Than One Payment Service

No one should put all their eggs in one basket!

Payment reliance on one system only will make your business suffer in the longer run. With this being said, you must analyze your business if it needs more payment options. To make your business stand across the globe and get customers, your eCommerce business needs to have multiple payment methods.

Having multiple payment methods will help your customer build trust. Not only this, but it will also help you in having more than multiple payment platforms to rely on.

Having multiple payment service providers also help in payment routing. With payment routing, the rate of declined payments or failed payments is significantly reduced which is also helpful for a lesser churn rate.

This was for merchants, now let’s look at the ways it will be beneficial for the customers.

Benefits for Customers

Having multiple payment gateways and payment methods for your customers can help you in achieving the following benefits that will pave the way to success.

Mobile Convenience

Prioritizing the convenience of the customer brings you revenue from the customer. Furthermore, looking at the trends of mobile usability and mobile eCommerce, it is clear that mobile convenience is another factor that depends on the success of any business.

Integrate the payment gateways and methods that are readily available for mobiles such as apps. As many customers visit websites and shop online using mobile, it is better to offer mobile convenience so that customers can pay right through mobile even if they do not have any card at the time of purchase.

Access to unaffordable payments

Access to unaffordable products lets your customers buy the product but pay later. This payment model is not for everyone – at least for startups.

To make this payment model accessible, introduce new payment gateways to your system so that the customer base can be increased and your customers have more access to the products.

Convenient, Reliable, Trustworthy, & Secure

Last but not least, the most important demand from the customers of any online business is to provide reliable and trustworthy services around which the customers can feel secure with their information.

Offer your customers payment gateway integrations that are PCI Compliant and keep the frauds or any theft acts at bay. With subscription management software like SubscriptionFlow, you can get multiple third-party integrations and payment gateways that are PCI Compliant and provides payment routing for your business.

Schedule a Demo!

Integrate multiple payment gateways and multiple payment methods to your eCommerce platform using SubscriptionFlow.

We provide multiple payment methods such as PayPal, Stripe, Braintree, and many others. Not only this but our system will enable your business to receive payments with different methods that will not halt your revenue.

schedule a demo with us to get the walkthrough of our software. We have surely much that awaits you.