Does your online store have a sufficient number of visitors, but your conversion rates leave much to be desired? It means something prevents buyers from completing a purchase on your e-commerce website and increases a shopping cart abandonment rate.
Probably, it is high time to examine the reasons that make online shoppers drop off of your checkout page.
While a slow checkout process is at the top of the list, many entrepreneurs also underestimate the importance of providing a diverse shopping experience, including multiple payment gateways.
Convenience and diversity are aspects that have a positive impact on customer satisfaction and loyalty. As long as you offer your target customers their preferred payment methods, your audience will stay with you. Otherwise, there is a decent chance that your business will lose one or another customer group.
Thus, thinking about improving customer experience, you should take care of your checkout process, and notably payment methods available to your clients. Below I introduce the main benefits multiple payment gateways can bring to your e-commerce business.
Why Should You Consider Multiple Payment Gateways?
- Global expansion. The providers of various payment gateways cover different geographical locations. For instance, PayPal is widely spread in the United States, Australia, and Europe. If you intend to break through internationally and be well-recognized across the world, multiple payment gateways on board is a necessity rather than a choice;
- Coverage of a multigenerational audience. Online buyers prefer one or another payment option according to their location, credit card points, and other personal preferences. Obviously, the more diverse set of payment methods your online store has, the more audience your business will cover. For instance, PayPal is mostly used by millennials, while payments via credit cards are usually received from Generation X;
- Customer trust. When you receive online payments, obviously, you are responsible for clients’ sensitive data your web-store obtains and stores. But it’s not an easy task to earn the trust of newcomers. However, dealing with proven and well-known payment providers helps convince the audience of your business's legitimacy and reliability faster.
Whatever this is, if you run a website on a CMS platform that doesn’t provide easy integration of major payment gateways, you will barely enjoy the benefits mentioned above.
As an e-commerce consultant, I frequently advise our clients to opt for a flexible e-commerce platform, like Magento, which can be seamlessly integrated with any third-party solution, if necessary.
Magento 2 comes with three default payment gateways and can be easily integrated with a wide range of other payment gateways and systems.
Let’s overview some of the best payment solutions for a Magento-based website.
Best Payment Gateways for Magento 2
- PayPal. If you look for a trustworthy payment provider, choosing PayPal will be the right decision. This payment gateway attracts users for different reasons. Firstly, they are able to create PayPal accounts and download the PayPal app for free. Secondly, the PayPal accounts are directly linked to the bank accounts, which allows making purchases with any device and without using credit cards. Additionally, PayPal enables buyers to pay for goods and services in various currencies without any further worries about currency converting.
- Stripe. It is PayPal’s worthy opponent. The payment provider has many benefits for both merchants and buyers, delivering proper payment services all over the world. Staying on a website during the checkout process instead of being redirected to a third-party resource is one of the main Stripe’s peculiarities. Magento store owners frequently focus on Stripe mostly due to its advanced level of payment services, smooth rebill on buyers without storing their personal data, and other advantageous features to win the market competition.
- SagePay. The primary difference of this payment gateway is that data security and fraud prevention are its top priorities. SagePay offers the highest level of payment security — PCI DSS Level 1 compliance, which effectively protects payment transactions from cyberattacks.
Payment gateways are a vital part of any checkout process. The availability of diverse payment options helps online retailers deliver a more exceptional user experience and facilitates conversion rate growth.
However, to make a checkout process more convenient, sellers should ascertain the technical compatibility of their e-commerce software with major payment gateway providers.
Magento employs integration with all leading payment gateways, like PayPal, Stripe, and SagePay, so that retailers can strengthen their e-commerce presence tenfold.