When your electricity goes out, do you have a back-up plan? Do you have a generator or solar panels? How much power will you need? Can you live on just battery-powered devices? As we are focused on the world-wide pandemic of COVID-19, we should also think of the “power” of having a back-up plan for other situations. Having a plan will help you be proactive rather than reactive.
What is your back-up plan if your payment gateway goes down? Gateways experience outages and will continue to in the future. What happens to your customers when they experience issues when checking out of your online e-commerce store? They can’t complete their transactions. As a merchant, you want your customers to have a seamless shopping experience. You may have a streamlined shopping experience on your website that offers a quick and easy way to shop. You may have a subscription service for those who want to have a monthly product bundle automatically shipped to their home. But whatever your setup, you want new customers and existing customers to complete their transactions.
Now consider your gateway again. If it goes down, what is the back-up plan? You need multiple gateways. With Nexio, you can add additional gateways to your merchant account, and when one experiences downtime, Nexio automatically routes your transactions to the back-up gateway. No need to have an employee monitoring every transaction. The failover happens automatically. Now, not only do you have continuous website traffic for purchases, you will have happy customers, and that means a happy CFO!
You may be wondering about credit card tokens and how they transfer to different gateways. All data associated with a credit card is converted into a token that is transmitted electronically, so private and personal data remains confidential. The cool thing about Nexio is that our tokens are neutral and can move from one gateway to another. No new tokenization required. Nexio offers a seamless gateway experience with automatic failover.
So what are some additional benefits to having multiple gateways? Here are a few:
Data and Analytics:
Having a variety of payment gateways helps you analyze and collect shopper data. You can set up your gateways so that payments from one country will be routed to a specific gateway. And you could have one type of payment sent to another gateway. Shoppers have routines and preferences, and you can use your gateways to analyze those patterns and create a better-optimized shopping experience.
As mentioned above, you can set up a gateway to accept payments from a different country. That is a fantastic way to grow your business. Unlike limits with a brick and mortar store, you can expand your customer base to multiple countries with additional gateways. You have plenty of international gateway options, and Nexio will connect you to the gateways that are best for your business.
With Nexio, we have fraud prevention tools in place that will apply to your gateways. We have integrated with premier partners for preventing fraudulent transactions before they occur. The transactions are validated before they are processed. If fraud is suspected, you can choose to either decline the transaction or set the transaction to review so that a member of your team can assess it.
Using multiple gateways is an opportunity to enable business transactions without downtime. Multiple gateways act as a back-up for each transaction. E-commerce websites that have multiple payment gateways have a higher rate for repeat customers. Your customers want to feel secure when they are shopping on your site, and you can reassure them that your site is safe. You want the best for your business, so start using multiple gateways.