Connecting Multiple Payment Processors: Pros and Cons Explained
by
FM
UTIP Technologies experts explained the key reasons to connect multiple payment solutions.
Great customer service may retain clients and reach a new audience even if the product is average. At the same time, the critical point of any service is receiving payments. Rejected transactions, as well as long payment confirmations usually result in time losses for clients. This, in turn, hurts the company’s goodwill.
So, an outstanding customer experience requires reducing transactions denied or delayed, and facilitating convenient payment options for customers. That is not an easy thing to do with a single gateway.
Faced with these issues, companies connect their apps to multiple payment processors. Let’s consider the prime causes for using several payment solutions more closely.
Covering greater geographic areas
The need for multiple gateways is evident when a business expands overseas. While dealing with other countries, you’ll notice a distinction in support levels. Some providers may cite support for a specific country but, in fact, they support only particular payment methods and currencies. Or their capacity to process transactions quickly and lag-free is limited.
By adding support for multiple payment processors, you’ll have the opportunity to route transactions through the gateway that renders the best maintenance for a specific region. The outcome is more efficient transactions for your business.
Providing business flexibility
A more common issue arises when the gateway goes down or becomes unresponsive, along with other technical malfunctions from the acquirer side. Whenever that happens, customer loyalty is lost and profits fall.
With multiple payment processors, the customer may easily re-route transactions through an alternative gateway with minimal time losses.
Having high volume transactions
One more typical scenario involves a merchant possessing great volumes of transactions. A case in study can be the following situation: merchants have analyzed that there is a chance of the currency profitable selling in a specific time period. As determined, a massive influx of transactions comes into play. Companies should provide alternative gateways during these momentary surges. The reason is quite simple: their on-sale has to proceed smoothly.
By using multiple payment processors, you don’t need to sacrifice. There exists an option to choose the most suitable provider from a business perspective. So, the benefit is mutual.
Instead of choosing one gateway, brokers should realize their business needs. Fast-growing companies, in turn, have to estimate their corporate flexibility, along with transactions delayed and successfully conducted. If these are your top priority, then a balanced portfolio of multiple gateways and a secured market position will open ground.
Great customer service may retain clients and reach a new audience even if the product is average. At the same time, the critical point of any service is receiving payments. Rejected transactions, as well as long payment confirmations usually result in time losses for clients. This, in turn, hurts the company’s goodwill.
So, an outstanding customer experience requires reducing transactions denied or delayed, and facilitating convenient payment options for customers. That is not an easy thing to do with a single gateway.
Faced with these issues, companies connect their apps to multiple payment processors. Let’s consider the prime causes for using several payment solutions more closely.
Covering greater geographic areas
The need for multiple gateways is evident when a business expands overseas. While dealing with other countries, you’ll notice a distinction in support levels. Some providers may cite support for a specific country but, in fact, they support only particular payment methods and currencies. Or their capacity to process transactions quickly and lag-free is limited.
By adding support for multiple payment processors, you’ll have the opportunity to route transactions through the gateway that renders the best maintenance for a specific region. The outcome is more efficient transactions for your business.
Providing business flexibility
A more common issue arises when the gateway goes down or becomes unresponsive, along with other technical malfunctions from the acquirer side. Whenever that happens, customer loyalty is lost and profits fall.
With multiple payment processors, the customer may easily re-route transactions through an alternative gateway with minimal time losses.
Having high volume transactions
One more typical scenario involves a merchant possessing great volumes of transactions. A case in study can be the following situation: merchants have analyzed that there is a chance of the currency profitable selling in a specific time period. As determined, a massive influx of transactions comes into play. Companies should provide alternative gateways during these momentary surges. The reason is quite simple: their on-sale has to proceed smoothly.
By using multiple payment processors, you don’t need to sacrifice. There exists an option to choose the most suitable provider from a business perspective. So, the benefit is mutual.
Instead of choosing one gateway, brokers should realize their business needs. Fast-growing companies, in turn, have to estimate their corporate flexibility, along with transactions delayed and successfully conducted. If these are your top priority, then a balanced portfolio of multiple gateways and a secured market position will open ground.
FXIFY Celebrates 1 Year Anniversary: Establishing Itself as an Industry Leader
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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