Why it is better to connect multiple payment gateways. Tips from UTIP
Everyone is looking to succeed and extend their business. But exponential growth requires constant innovations, both technological and commercial. Pioneer companies push the boundaries of their infrastructure and promote their opportunities on a regular basis, especially when it comes to payment acceptance solutions. This allows them to enter new markets and strengthen business resilience to crises.
My name is Ivan Noskov, and I’m a senior manager of the Partnership Department at UTIP Technologies Ltd. In this article, I will describe how to use multiple payment gateways in the brokerage business and turn your company into a flexible and trusted groundbreaker, with its unique set of tools for shaping the optimal market geography.
Reputation of the Broker
Outstanding customer service is one of the major factors contributing to the company’s growth. Not only does it help to retain the existing client base, but also to attract new customers, even if the product itself does not stand out among its peers.
Payment acceptance is a fundamental facet of customer service for a business. Rejected transactions and delays in payment processing can bring the firm into disrepute. Wasted time and lost credibility isn’t worth the risk.
Therefore, you need to minimize transaction failures, reduce payment delays, and offer the most convenient payment methods to your customers. It is very hard to accomplish with a single payment system.
3 reasons to connect multiple payment processors
Companies connect multiple payment providers to strengthen their infrastructure and avoid potential pitfalls. But there are other primary causes to plug in more than one payment solution.
Reason №1. It is clear that having at least two systems is essential when extending your business, particularly abroad. Support level is totally different when it comes to international operations. Some providers may claim to support an entire country, but in reality only separate payment methods and currencies are taken into account. Or their ability to process payments in the region is less compelling. Thus, multiple systems should be integrated to carry out transactions within the gateway that best supports a specific region. The success rate of completed operations is higher when you keep in mind the mentioned advice.
Reason №2. Another common scenario is technical problems on the acquirer’s side. If the system goes down, you can lose the loyalty of your customers, not to mention profits. In this case, multiple payment solutions allow the client to quickly redirect the transaction to an alternate gateway.
Reason №3. A merchant has huge transaction volumes, for example, by selling currency at the right time. Businesses that have similar “bursts” need alternatives if a gateway can’t handle the load, but their sales should proceed smoothly. This helps to prevent the merchant from incurring losses.
Increased profit and flexibility
By adding support for multiple payment systems, you can avoid dependency on a single provider. Choose the best solutions for your business and offer the most cost-effective payment options, where the benefits are maximized for both you and your clients.
Instead of automatically relying on one payment processor, brokers should analyze the needs of their business. Fast-growing companies are required to assess the flexibility of their business model and the acceptable number of delays and successful transactions. If these metrics are prioritized, a balanced portfolio of multiple payment gateways can boost their profits and strengthen market positions.
Need to know more about connecting to Payment Gateways? Do not hesitate to submit a request to our experts at UTIP Technologies Ltd.
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