You may wonder whether different payment gateways are supported by your WooCommerce store. The reply is yes! Multiple payment gateways can be configured and enabled on your WooCommerce business.
There are many reasons why having numerous payment channels may be advantageous. If one of your payment processors goes down, you need a backup option. Setting up numerous payment channels on your WooCommerce site, regardless of your motivation, is relatively straightforward.
WooCommerce Payment Gateways: What are they?
Choosing the proper payment gateway or payment process is vital for a WooCommerce business. Let’s take a closer look at the WooCommerce payment solution, how it works, and what considerations you should consider before selecting a payment gateway plugin for your WooCommerce business.
These are WordPress plugins that extend your online store’s payment capabilities. Customers must provide payment information (credit card &debit card details, PayPal credentials, bank details, etc.) These are your online cash registers.
Some sites redirect the customer to a separate website for the transaction process. Others let them pay directly on your WooCommerce store. A seller wishing to utilize a payment gateway must create a merchant account with the provider before anything else.
Multiple WooCommerce payment gateways: are they advantageous?
Accepting different sorts of payments, such as PayPal and credit cards, is facilitated by WooCommerce’s support for numerous payment gateways. Then, having distinct payment gateways for various sections of your website might be advantageous. For instance, you may have a payment gateway for your products, a payment gateway for your blog, and a payment gateway for your website’s checkout procedure. Thus, it guarantees that your consumers have the greatest possible experience while paying you. Moreover, having multiple payment gateways for multiple countries might be advantageous. It ensures that your customers can pay you in the currency they prefer.
What are the reasons for using multiple payment gateways?
There are several advantages to integrating different payment channels into your e-commerce platform. Popular e-commerce platforms like WooCommerce link apps to various payment gateways to ease your business. WPExplorer has already explored the most effective WooCommerce payment gateway plugins. Here are some important reasons to consider using multiple payment gateways on your WooCommerce website/store.
1. Facilitate Shopping For Your Customers
A payment gateway’s primary function is to handle transactions for any business. Multiple payment gateways are the best solution in this case. It offers prolonged payment terms and high reliability, trust, and validity. These characteristics of various entry points are certain to facilitate a comfortable shopping experience.
2. Having more ways to pay means earning more
Multiple payment gateways boost your probability of being paid, which is a rather basic notion. Using a single payment option restricts your clients and raises the chances of losing them.
An example may facilitate a better understanding. Suppose you sell your stuff online; PayPal is the sole checkout option. The one-way payment method may not work for customers who are used to utilizing Stripe, WorldPay, or other payment methods. This also reduces the opportunity to earn more. Multiple payment gateways are wise if you want to appeal to the greatest number of customers.
3. Keeping clients happy
Existing clients are simpler to handle than new ones. Therefore, you should constantly strive to keep them to optimize profits. Additionally, they are relatively inexpensive to manage. According to Harvard Business Review, the cost of acquiring a new client is five to twenty-five times that of retaining an existing one. It is also simpler to sell to customers who have already bought from you. You will not need to spend time training existing customers on the new payment option you’ve added.
Clients may not continue to purchase from you if you disregard their requirements and preferences. They may switch according to their convenience and forsake earlier payment methods if they become inconvenient.
Therefore, provide something extra to make their stay more pleasant. You may provide multiple payment gateways to customers who have purchased from you for years. Customers can notice changes and something novel as well as engaging.
4. Get new clients’ attention
If you care for your current clients, you are already caring for your future clients. However, elderly customers prefer conventional payment methods such as debit cards, cash, and bank transfers.
To attract the next generation of clients, you must also use the most recent technical innovations in the payment department. One of the easiest ways to do this is to demonstrate that your organization is current with the latest trends. In this regard, you should provide customers with the most feasible transaction alternatives. This may include enabling Apple Pay or Bitcoin transactions.
Client journeys often involve individuals with varying preferences. Some will choose a single payment method since it seems simpler to manage. On the other side, a huge number of millennials are open to various transaction methods, so ideally, your business will attract new clients.
5. Increase Your Payment Scope
The decision to stick with one option can be difficult. In the case of payment processing, the same applies. People like feeling and thinking independently. Thus giving multiple options of payment methods can make your WooCommerce store/shop more suitable for their diverse preferences.
Multiple payment gateways expand the range of payment processing, hence attracting a larger audience. When you rely solely on one payment method, you are at the mercy of third parties. And in this instance, giving several options will avoid reliance on these third-party and system-based entities. Furthermore, you will have the independence necessary for your business to be successful.
6. Expense reduction
Expanding to multiple payment gateways may incur extra costs. Nevertheless, you may minimize your bottom line by accepting various low-cost or no-cost payment methods. This form of diversification will minimize total expenses.
If you use numerous payment methods on your website, you may begin to distinguish the more costly ones. For instance, if your website receives a chargeback, Amazon Pay will apply a $20 cost, but Stripe will assess a $15 fee. As a consequence, you will pay less overall on processing costs.
7. Boost Total Sales
Increasing overall sales is the goal of every business owner! To do this, you may begin with WooCommerce marketing strategies. Creating a user-friendly cart system (that facilitates the checkout process for customers) also be beneficial.
Customers who reach the checkout procedure to make a purchase should not be disappointed. Frequently, the unavailability of preferred payment options is a primary cause of such dissatisfaction. You lose the transaction and, more significantly, future sales.
8. Enhanced Cash Flow
You cannot maintain a steady cash flow if you only accept one type of payment gateway. Using the most appropriate tools depends on the time and circumstances. If you do not adhere to time constraints, you will likely get an unexpected outcome in return.
Update your payment method according to time and trends. Additionally, you may add cryptocurrencies to your website. A WordPress website, for instance, can accept Bitcoin in several simple ways. Providing more value to consumers may increase your cash flow.
9. Gaining more clients and audiences
Undoubtedly, you will interact with more people if you have different options for dealing with people. When your anticipated consumers can pick from various WooCommerce payment gateways, you will likely have their chosen way accessible, and they will be eager to pay without difficulty. Ultimately, this will boost their involvement as a whole. As customer engagement rises, more agents will receive payments more frequently.
In conclusion, you should always choose your WooCommerce payment gateway carefully. The explanation is straightforward. Money is money, and neither you nor your business wants to get involved in fraudulent activity.
Long story short, WooCommerce supports multiple payment gateways, but each gateway has associated fees. Each payment gateway assesses a percentage-based transaction fee and a flat fee per sale. These costs and expenses will determine the amount of revenue you retain.
In addition, transaction costs vary depending on whether the sale occurs in the United States or overseas. Consequently, the costs will vary depending on your location. You should limit your transaction fees if you are selling expensive products. Choose a payment gateway that balances your business strategy to achieve maximum success.