When it comes to online shopping, everything boils down to delivering an outstanding consumer experience. While there are several factors that ensure a good user experience, your choice of payment gateway has a significant impact on whether a consumer will come back to your store.
A shopper is more likely to repeat a purchase if offered a smooth checkout experience. A lag or a glitch while making a payment can quickly erode brand trust. Therefore, startups today integrate multiple payment gateways to provide ease of payment experience and convenience of choice to consumers.
There are several known benefits of having multiple payment gateways. However, its integration can be a cumbersome task for startups and enterprises. From higher costs to operational changes, the complexity of the process can be an issue for online businesses. The only way out of this is to use an efficient routing solution that allows distribution of payments between multiple gateways.
Reducing cost and complexity
Payment routing is essential for scaling businesses having multiple payment gateways to ensure better success rate. The router ensures sending each transaction to the optimal payment gateway on the basis of selected parameters. It can effectively reduce both the transaction cost and complexity by integrating with multiple payment gateways with a single click which usually takes 28 days (as per industry standards).
Different types of routing – explained below – can be used by businesses to distribute transactions on the basis of priorities.
Cost-based routing: Different payment gateways charge varied fees based on the payment method. Through cost-based routing, merchants here can control the various payment options shown to their buyers to optimise the processing charges, thereby minimising costs entailed during payments.
Transaction-based routing: This helps eliminate payment failures by focussing on coordinating between the payment gateways to boost uptime. Different payment gateways often display higher performance for a given payment mode. Businesses can accordingly set up routing in a way that the combinations result in better success rates.
Intelligent routing: It is an automated routing system that ensures that the payment provider is most likely to accept and approve the payment. Intelligent routing is particularly useful in cases where shoppers are based in a different country.
Paytm Super Router: Automating decisions and optimising payments
India’s leading payments gateway company has designed an intelligent tool especially suited to help businesses create a user-friendly experience and reduce transaction costs with the help of routing. Paytm Super Router lets businesses integrate multiple payment gateways without any hassle. It acts as a single point of control for all transactions, refunds as well as settlements.
Further it can help businesses:
Increase in payment gateway uptime: Paytm Super Router’s robust technology leverages billions of transactions across all factors to ensure a 10 percent increase in payment gateway uptime.
Save costs: With no additional cost to manage or maintain the router, Paytm Super Router is easy to integrate with all payment gateways and aggregators. Irrespective of the traffic on the checkout page, the router ensures that there is no transaction failure. Even if a single payment gateway is down, transactions are automatically directed to another one to avoid downtimes.
Provide a seamless checkout experience: When basic glitches are removed, checkouts become faster and customers can experience a seamless exit on your shopping website. This increases the chance of shoppers returning to your store.
Gain better control over payments: With the Paytm Super Router dashboard, businesses have the flexibility to modify routing strategy within minutes and set up new transaction rules.
Super fast integration: It allows you to add new payment providers and bank gateways within 24 hours against the industry average of four weeks.
With Paytm’s intelligent and completely automated Super Router, businesses need not worry about payment failures or checkout glitches and put the focus on taking the business to the next level of growth.
Click here to know more about Paytm Super Router.