Using multiple payment gateways: the pros and cons explained

If you run an online business, it can be immensely beneficial to integrate multiple payment gateways into your platform. By using multiple gateways, you can accept payments from a wide variety of customers and offer them multiple payment methods. Not only does this make the payment process more streamlined for clients, but it also makes your business more reliable and risk-proof.

This article will explore why it's worth using multiple gateways and how to understand if your business needs to work with multiple or a single main payment gateway⁠. Continue reading to learn if this strategy is worth a shot in your case.

Benefits of multiple payment gateways for your business: why use them?

It could be tricky to rely on a single payment gateway. Unfortunately, no one is immune to outages and downtimes. Only 6% of businesses surveyed⁠ didn’t experience an unplanned outage, and 61% of companies have faced it more than twice yearly. This issue is especially critical for a rapidly growing business, as every minute of downtime incurs financial and reputational losses. Integrating multiple payment gateways helps you avoid it and ensure operational continuity no matter what.

Mitigating the risk of payment gateway crashes and downtimes may be a sufficient reason for many businesses to connect multiple gateways. Still, the main reason to consider this approach goes beyond granting the technical ability for customers to pay you. It’s providing them with the best possible experience on their payment journey.

Using several payment gateways allows you to offer support for multiple payment methods while enabling customers to pay in their preferred currency, giving your business the ability to accept multiple payment methods and gain a competitive advantage by meeting diverse customer preferences. Offering multiple payment methods is a proven strategy to increase conversions and reduce cart abandonment, as customers are more likely to complete purchases when their preferred payment option is available. By integrating various payment methods, your business gains flexibility and can reach more customers across different regions. The more robust your payment stack is, the more local specificities and preferences you can cover. It converts directly into customer satisfaction and later loyalty. There are so many benefits to integrating multiple payment gateways, making it essential to understand these advantages when optimizing your payment infrastructure.

💰Make the best use of multiple payment gateways

Connect multiple payment vendors to a unified system to have complete control over your transactions across different vendors effortlessly and conveniently.

Learn more

How to determine if your business needs multiple payment gateways?

When deciding if your business needs multiple payment gateways, there are specific characteristics you should consider. If your business processes a large volume of payments, is a large enterprise, or operates internationally, it’s more likely to benefit from multiple payment gateway support.

Small merchants that operate locally and process a low volume of payments might not need to set up multiple payment gateways, as having one preferred payment gateway that offers the best service could suffice. However, having multiple payment gateways allows businesses to provide multiple payment options⁠ to customers, making sales easier. Connecting multiple payment processors also gives businesses greater flexibility and efficiency in accepting diverse payment methods, reducing payment failures, and optimizing transaction costs.

For larger merchants, using multiple payment gateways is usually a must. Statistics show businesses with over 500 employees typically have 6-7 payment partners. This is because larger merchants often have international customers and need to be able to accept different payment methods and currencies. Working with multiple payment processors is important to support a wide range of payment methods, reduce costs, and improve transaction flexibility.

Moreover, many large businesses offer subscriptions and recurring payments, which may require specific payment services or features offered by different payment gateways. Selecting a payment service provider that aligns with your business needs is crucial to optimize costs and simplify the payment process.

Using multiple payment gateways allows merchants to streamline the payment process and optimise transaction processing. Furthermore, offering various payment options increases customer satisfaction, resulting in more successful transactions and higher customer retention rates. Therefore, it is worth considering integrating multiple payment gateways to ensure your business has the best chance of success.

Let’s take a closer look at the benefits and pitfalls of connecting multiple payment gateways.

Benefits of multiple payment gateways on board

• Better customer experience. Make the payment process streamlined and frictionless by offering support for the different payment methods and allowing customers to make payments in multiple currencies. A streamlined checkout page that offers multiple payment options improves convenience and reduces friction for online shoppers, leading to higher satisfaction and fewer abandoned carts.

• Facilitated expansion. When expanding your business abroad, you’ll have to provide not only primary global payment methods but also local options, which are loved and trusted in a particular region or country. You can do it with just one payment gateway on board. Still, with multiple gateways, you can ensure the best coverage, fees, and stability while providing a variety of payment options at checkout.

• Increased conversion. Having multiple gateways pays off by boosting your approval rates. Improved authorization rates and optimized gateway performance help reduce declined transactions and enhance the checkout experience for your customers. It helps avoid customers’ frustration when they form orders and proceed to payment to find out there’s no suitable payment option. Moreover, in case of any glitches on the provider’s side, you can reroute the transaction to another vendor instantly and seamlessly. Such flexibility and versatility save your sales.

• Optimised payment flows. [](https://corefy.com/blog/payment-routing-101-the-essentials-you-must-know)Payment routing⁠ can do magic, helping you process transactions at the most appealing fees and the highest acceptance rates. Selecting the most efficient gateway minimizes declines and maximizes revenue, while monitoring gateway performance is crucial for payment processing efficiency. Alongside failover management capabilities, it helps to minimise declines and ensure all transactions are processed optimally.

• Access to alternative payment methods. Multiple payment gateways help you enrich the checkout experience for your customers with a range of different payment methods, such as mobile wallets (an increasingly popular payment option), bank transfers, and cryptocurrency. It’s important to offer popular payment methods and common payment methods, such as credit and debit cards, PayPal, Apple Pay, and Google Pay, to cater to both regional and global preferences. Credit and debit cards remain the most common payment method worldwide, but regional preferences for digital wallets and local payment options should not be overlooked. Online shoppers prefer a quick and seamless checkout process with digital wallets and simplified payment methods, which can significantly reduce cart abandonment and improve conversion rates. According to a 2023 survey by EY, 85% of merchants are planning to accept new alternative payment methods in the next one to three years. That’s because they realise how important it is for businesses to implement them. It helps create a more diverse customer base as customers can complete the checkout process using the payment method they feel most comfortable with.

• Comprehensive functionality. Various vendors offer various conditions and supporting features, so the more payment partners you have, the more of your specific business needs are covered and the more capabilities you have to process payments. A payment platform that integrates multiple providers can reduce transaction declines and improve payment approval times, ensuring smoother operations and better customer experiences.

💸The easiest way to reap these benefits

Discover

Drawbacks of using multiple payment gateways

• −

  Integration hassles. Integrating a single payment gateway can be very complicated, and that complexity is multiplied by the number of payment partners you want to connect. Development and setup can get very resource-draining.

• −

  Cumbersome management. Right after the integration comes administration and management. You'll have to stay in contact with every payment partner to solve issues that occur and make amendments to your partnership.

• −

  Larger processing fees. Different payment gateways charge [](https://corefy.com/blog/what-s-the-actual-cost-of-payment-processing)different fees⁠ to process payments. On average, payment gateways charge merchants 2-3% of the transaction value plus an additional flat fee per transaction. You may have to pay additional fees for integrations. Some payment gateways may also charge additional fees for recurring payments. The more online payment methods you want to offer, the more payment gateways you need to set up, which can get expensive. All in all, the fees associated with different gateways vary significantly, so examine the pricing before getting started.

• −

  Maintenance issues. Aside from paying maintenance fees, there will be cases when development efforts are needed, i.e. for upgrades or to expand functionality. Besides, you'll have to monitor PSPs' health, which is not a piece of cake as standards vary from vendor to vendor.

• −

  Disparate data sources. Having your transactions processed through multiple payment gateways deprives you of a comprehensive view of your performance. It leads to the need for manual systematisation and analysis of all that data and payment information across payment systems.

• −

  Effort- and time-consuming reconciliation. The more gateways and [](https://corefy.com/glossary/payment-gateway-for-multiple-merchant-accounts)merchant accounts⁠ you have, the more manual work and time you'll need for reconciling, and the more errors can be made.

Payment gateway selection

Selecting the right payment gateway is a critical decision for any business aiming to provide a seamless payment experience. The most important factor to consider is the range of payment methods the gateway supports. Today’s customers expect to choose from multiple payment methods, including credit and debit cards, digital wallets, and a variety of alternative payment methods. By offering multiple payment options, businesses can cater to diverse customer preferences, which directly impacts customer satisfaction and loyalty.

A payment gateway that supports a broad spectrum of payment methods allows you to reach more customers and adapt to changing market trends. For example, some customers may prefer using digital wallets like Google Pay, while others might opt for traditional credit or debit cards. Supporting these preferences not only enhances the customer experience but also encourages repeat business and builds customer loyalty.

Another crucial consideration is transaction fees. Gateways vary significantly in their fee structures, especially when it comes to different payment methods. Businesses should compare transaction costs across gateways and select those that offer cost-efficient solutions without compromising on the variety of payment options. By carefully evaluating these factors, businesses can develop a payment strategy that balances customer satisfaction, cost efficiency, and operational flexibility, ensuring they remain competitive in a rapidly evolving payments landscape.

Integrating multiple payment gateways

Integrating multiple payment gateways can seem daunting, but the benefits far outweigh the initial complexity. By connecting multiple gateways, businesses can offer a wider array of payment options, which leads to higher customer satisfaction and loyalty. This approach also provides a safety net—if one gateway experiences downtime or technical issues, transactions can be rerouted through another, ensuring uninterrupted service and more successful transactions.

To streamline the process of integrating multiple payment gateways, many businesses turn to a payment orchestration platform. Such platforms provide a unified interface for managing all payment providers, simplifying integration, and centralizing control over the payment stack. This not only reduces the technical burden but also enables businesses to optimize payment flows, improve transaction success rates, and minimize transaction costs.

By integrating multiple payment gateways, businesses can ensure they are always able to accept payments through their customers’ preferred payment methods, regardless of location or payment provider. This flexibility is essential for scaling operations, entering new markets, and maintaining a robust, resilient payment infrastructure. Ultimately, integrating multiple gateways is a strategic move that enhances the overall payment process and positions businesses for long-term success.

Merchant account considerations

When adopting multiple payment gateways, businesses must also carefully consider their merchant account setup. A merchant account is essential for accepting payments, but how it’s structured can significantly impact financial operations and the overall customer experience. Businesses have the option to use a single merchant account across all gateways or to maintain separate merchant accounts for each payment gateway.

Using a single merchant account can simplify financial operations, making it easier to reconcile payments and manage cash flow. This approach reduces administrative complexity and can streamline the payment process for both the business and its customers. However, opting for separate merchant accounts for each gateway can offer greater flexibility and control, particularly when it comes to negotiating transaction fees and optimizing payment processing for different regions or payment methods.

The choice between a single or multiple merchant accounts should align with the business’s payment strategy, transaction volumes, and operational needs. By carefully evaluating these considerations, businesses can optimize transaction fees, improve the customer experience, and ensure their payment infrastructure supports both current and future growth. Ultimately, the right merchant account setup is a key component of a successful multi-payment gateway strategy.

How to avoid the pitfalls of integrating multiple payment gateways?

Corefy is a payment orchestration platform that helps merchants integrate multiple payment gateways, avoiding most of the drawbacks mentioned above.

We establish connections with APIs of payment providers and acquirers globally and ensure their security, integrity, and stability. A single integration with our platform gets you online with more than 450 providers. We provide you with a scalable technical infrastructure, building connections and maintaining them for you.

To sum up

Leveraging multiple payment gateways and offering a variety of payment methods delivers significant advantages for businesses of all sizes. By providing multiple payment options—ranging from credit and debit cards to digital wallets and alternative payment methods—businesses can boost customer satisfaction, foster loyalty, and achieve higher transaction success rates. Integrating multiple gateways not only reduces transaction costs but also strengthens the payment stack, ensuring operational resilience and flexibility.

As the payments industry continues to evolve, staying ahead means embracing new technologies and trends, such as digital wallets and emerging alternative payment methods. Businesses that proactively adapt their payment strategy and infrastructure will be better positioned to expand into new markets, attract a more diverse customer base, and optimize their financial operations.

Adopting a multi-payment gateway strategy is no longer just a competitive advantage—it’s becoming a necessity for online businesses aiming for sustainable growth. By focusing on customer preferences, cost efficiency, and seamless payment experiences, businesses can ensure more successful transactions, increased revenue, and long-term success in an ever-changing digital landscape.