When it comes to a subscription business, you will understand the importance of payment gateways only when you think of automatic payment processing as an experience for your customers. You need to make sure that the checkout for your customers is seamless and quick. Today, every touchpoint of the customer with your business is considered a part of the customer experience.
To ensure that your customer gets the best customer experience (CX), you will need multiple payment gateways. Following are some of the major reasons that will show why do you need multiple payment gateways to run your subscription-based business smoothly.
5 Reasons To Have Multiple Payment Gateways For Subscription Business
Many subscription companies target international customers. And to cater to the needs and requirements of international customers, multiple payment gateways are needed because gateways ensure customer data security. Also, sometimes a specific customer base in a specific region prefers a certain payment gateway. Here you cannot help but opt for the payment gateway that your customers prefer so that you can serve customers beyond borders.
Improvement in Payment Experience
Consider the scenario that your recurring payment platform is integrated with one payment gateway. the payment gateway that you are using goes down. What will happen? Customers who will try to pay at the time when the gateways are down will get their payments failed. And some recurring payment platforms do not provide another chance to try to repay. So, when the date to pay subscription charges passes, the customer who got his payment failed simply gets subscription cancelled—involuntary churn, just because your subscription management system does not allow to retry to pay.
Multiple Payment Methods
Multiple payment methods increase the chances of offering different payment methods. When it comes to demographic considerations to offer subscriptions, you will have to offer multiple payment methods. For instance, Gen Z customers prefer e-wallets or even cryptocurrency to pay subscription charges. on the other hand, aged customers, especially millennials etc. prefer to pay subscription charges through their credit cards. So, with respect to demographics, there is a diverse customer base that you need to serve. And having multiple payment gateways will enable you to offer multiple payment methods to your recurring customers across the world.
Customer Data Security
To understand that payment gateways ensure data security, you need to understand what does a payment gateway does in online payment processing. Payment gateways basically encrypt the sensitive credit card information that recurring customers have to provide to the retailers. This information has to be kept secure so as to make recurring transactions. And subscription management system integrated with multiple payment gateways ensure that you offer maximum data security, get payments in time, and satisfy your customers that you keep their credentials secure.
Improvement in Lead Conversion
The lead conversion rate is one of the most important metrics for subscription businesses. It shows how well your sales and marketing teams are performing. However, leas conversion also depends on another factor which is payment gateway integrations. As has been mentioned, sometimes businesses enter a new market where customers prefer a certain payment gateway. You cannot help but opt for adopting the payment gateway that your customer base prefers. So, if you have multiple payment gateways already integrated with your subscription management system, the chances are high to cater to the new customer base.
Experts say that the subscription business market is getting saturated with time. There are more and more businesses entering the market every day. If you want to compete or if you are an entrepreneur finding the entry point, then it is important to find the factor that can help you get maximum customers. One of these factors is the system integration with multiple payment gateways.
if you have integrated your subscription management system with multiple payment gateways, chances are high to compete better in the market and reach out to potential leads before your competitors. If you are looking for a subscription management software that can offer multiple payment gateways integrations, then you need to consult with SubscriptionFlow consultants. They offer not only the best billing and payment solution but also the integration with a number of payment gateways.