Online shopping is all meant to provide ease to the users. Whether it is finding their favorite things or their favorite payment gateway, a shopper would only make a purchase from your WooCommerce site if you are able to meet with each and every expectation well.
If they could not find their desired payment option there is a high probability for them to leave your site. Baymard Institute research has found that 8% of shoppers abandon a cart just because they could not get their preferred payment method.
Every customer is important, and losing a customer just because you do not have the payment option of their choice is definitely not right. A recent study Forrester estimates that US sales via smartphone are going to grow at the rate of 18% over the next 5 years.
So, considering the present demand and the future possibilities it has become necessary for the WooCommerce sites to integrate multiple payment options. Not only for the revenue collection, but it can also help the businesses in many ways which we are going to highlight below.
6 Benefits of Multiple Payment Gateways for WooCommerce
#1 Makes Shopping Easy: Multiple payment gateways provides with an extended pay-ability to the users. They can select the gateway of their choice in which they have their trust and legitimacy. They can shop for things without any hindrance.
This can be understood with an example. For instance, if there is a WooCommerce site that accepts payment only through Amazon Pay then the user first needs to put money in his Amazon Pay balance and then needs to make a payment.
As a human tendency, many would not appreciate this approach and there are high chances that they would abandon the cart. On the other hand, if they have the payment gateway of their choice then they can make the decision to purchase easily.
#2 Shoppers Can Use Favorite Payment Method: Most of the shoppers prefer their specific payment types. For instance, if their credit card is offering them cashback or loyalty points on every online purchase then there are chances that they would look out for that option in your WooCommerce site.
If you are not open with that choice then might be they can leave your cart or would prefer your site only when there is an emergency.
On the other hand, providing shoppers their favorite payment method would keep them intact with the business. With the multiple payment options, you can customize more payments for more customers.
#3 Provides Sense of Safety to Customers: Cart abandonment is a prime issue with major WooCommerce sites. Apart from many other reasons for this, 19% of customers have abandoned the site because they didn’t trust the site with their credit card information. This means, if the customer would be provided with another payment option which they trust then it can help in business conversion.
Apart from this, another research from YouGov said that 40% of customers prefer to shop from a site that offers them with multiple payment options.
If you provide your customers with different payment options then it automatically generates trust in your customers. Apart from this, using more number of gateways gives them a sense of great professionalism, trust, and legitimacy in your business.
#4 More Ways to Get Paid: If you have multiple payment options at your site then this means you are extending the opportunity to earn extra; the concept is very simple. If you would limit your payment choices then in one way or another you are limiting your users.
But, on the other hand, coming with more payment options means you are opening doors for everyone which would definitely aid your WooCommerce to gain more profit.
For instance, if you have an online flower delivery site and you have limited the payment choice only to PayPal then might be you are losing the prospective client who wishes to buy but does not have a PayPal account.
#5 Easy Customer Retention: According to Havard Business Review, it costs 5 to 25 times more to get a new customer than to retain the old one. As the old customer has trusted over your business, they would go for your product (if they like it) unhesitantly.
But, it is not always necessary that your old customers would be stuck to the previous payment method only. In case they find some difficulty in the last opted payment method then they could search for a new option. You thus have the responsibility to serve them with the payment option they are looking for.
This strategy would help you with retaining old customers. This can be understood with an example, for instance, if Amazon Pay is offering 10% cashback on a transaction of above $400 then your customer would look for the option of Amazon Pay in the payment gateways. If you are able to provide with that choice then you are going to retain your old customer.
#6 Expanding Geographical Coverage: One amongst the greatest benefits of having multiple payment options is that your business would welcome customers from all the geographical locations.
For instance, if your focussed area in the USA then using the payment option of PayPal would be beneficial for you but in case you wish to focus Asian countries like India or Bangladesh then might be you would not get business from potential clients.
This would let customers from different countries make payment at their ease and hence would result in the popularity of your business as well.
The Last Note
In this competitive world, it is very much necessary for every business to come up well in everyone’s expectation and by having multiple payment gateways for your WooCommerce site would help you achieve that. You can attain a higher level of customer satisfaction by integrating many payment gateways in your WooCommerce site.