As an e-commerce platform owner, you may have noticed that customers are leaving during the checkout process or that your single payment gateway is not working as it should. This is a common problem, but there is a solution – multiple payment gateways.
Studies show that customers are more likely to abandon their shopping carts if they cannot find their preferred payment method or if the checkout process is too complicated. By offering multiple payment gateways, you can make shopping easier for your customers and increase your chances of getting paid.
Here are ten reasons why you should consider using multiple payment gateways on your e-commerce site:
1. Make Shopping Easier For Your Customers
Multiple payment gateways provide extended pay-ability and a high level of perceived professionalism, trust, and legitimacy. This makes for a convenient shopping experience for your customers.
2. More Ways to Get Paid = More Earnings
Offering multiple payment methods increases your chances of getting paid. Using a single payment method limits your buyers and increases the chances of losing customers.
3. Retain Customers
Existing customers are easier and cheaper to manage than new ones. By offering multiple payment methods, you can retain existing customers and make it easier to sell to them in the future.
4. Create Interest for New Customers
By introducing the latest technological advancements in the payment section, such as Apple Pay or Bitcoin, you can appeal to new customers and show that your company is up to date with current trends.
5. Increase Your Scope of Payment
Offering more payment options makes your store more compatible with customers’ array of choices and increases the scope of payment processing, appealing to a wider audience.
6. Reduce Overhead Costs
Diversifying your payment acceptance to include low cost or free options can reduce overall costs.
7. Increase Total Sales
Creating a user-friendly cart system with multiple payment options can help increase total sales by ensuring a convenient checkout process for clients.
8. Raising Cash Flow
By adopting tools that are compatible with the time and trend, such as adding cryptocurrency on your site, you can raise your cash flow by adding extra value to your users.
9. Increasing Clientele and Audience
Offering multiple payment options increases involvement and can play a great role in having a great turnover.
10. Expanding Geographical Coverage
Adding multiple payments ensures the best support for a particular region and can capture maximum geographical coverage.
Maintaining multiple payment gateways may increase responsibilities for your store, but it offers more benefits than drawbacks. With WooCommerce and various WordPress plugins, you can process online transactions for your business conveniently.
In conclusion, adding multiple payment options is a great way to appeal to a wider customer base and potentially increase overall revenue for your e-commerce business. By offering more payment methods, you can make shopping easier for your customers, increase your chances of getting paid, retain existing customers, create interest for new customers, increase your scope of payment, reduce overhead costs, increase total sales, raise cash flow, increase clientele and audience, and expand geographical coverage.