We all know how significant user experience is for e-commerce websites. However, it is important to remember that your customer’s experience not does not end until the transaction is completed.
Research shows that many customers abandon their shopping carts at the payment stage. This happens for many reasons: the checkout process is too long and complicated, customers don’t trust the site with their credit cards, their credit card was declined, or their preferred payment method isn’t available.
These issues can be address by using multiple local payment gateways, instead of one global payment gateway, to process transactions. Using multiple local payment gateways can help minimize cart abandonment and maximize customer experience, which can turn into more revenue for your business.
Using multiple local payment gateways improves customer experience by:
- Using local currency
Using multiple local payment gateways allows customer to see prices in their local currency with up-to-date conversion rates. This makes paying for goods and services straightforward and easy. Not only does accepting local currencies make your customers happier, but it can also save you from paying conversion fees.
- Offering a variety of payment methods
Offering multiple credit card options is not always enough. Payment preferences vary by location, and in some countries, credit cards are not the payment method of choice. Local payment providers know the preferred payment method in their area and are equipped to offer payment methods customers are most comfortable with. They also understand the local business culture better than global payment gateways.
- Decreasing decline rates
When a credit card declines it can be very frustrating to online shoppers and can discourage them from completing their purchase. Reduce decline rates by using multiple payment gateways to intelligently route transaction between providers.
Do not give your customers a reason to abandon their shopping carts. Ensure the transaction process is fast and simple by using multiple local payment gateways in your online store.