Managing Multiple Payment Platforms: Stay Organised & Save

Having the ability to take payments from your customers is the most important thing that any retailer can do, and in the modern age, there are a plethora of platforms through which this can be done. But using more than one platform benefits both your business and your customers, so what’s the best way to do this, and how can you do so seamlessly into your business? 

How Can Businesses Benefit from Using Multiple Payment Processors?

Using multiple payment processors can be good for your business. Giving customers more options to pay makes them more able to pay, improving the customer experience and choice. Online retailers may find that offering better payment options will expand their geographical reach, allowing access to markets which would have been beyond them otherwise. You’re also less in hock to one processor; if one processor has technical issues, an alternative will always be at hand. 

The Importance of Payment System Integration

Integrating payment systems into business operations can significantly enhance efficiency, improve coordination between different arms of your operation, and improve your business scalability.

Businesses can consolidate payment processing across various sales channels (e.g., e-commerce, POS systems, or mobile apps), while real-time payment tracking enables better financial planning and improves cash flow management. Automating such processes means less manual intervention, fewer errors, and smoother reconciliation. These workflows speed up payment validation and processing, freeing up resources and time so that you can focus your attention elsewhere.

APIs (Application Programming Interface) are the glue that holds payment processing and integration together. They allow the different platforms involved in moving payments from A to B  (such as banks, payment gateways, or accounting software) to communicate effortlessly with each other. Businesses can also tailor payment flows to meet specific operational needs and scale efficiently.

APIs also support encryption and fraud prevention measures, ensuring secure transactions. Built-in audit trails and reporting features enhance transparency, ensure adherence to financial regulations, and minimise human error in invoicing, payment approvals, and reconciliation.

How to Reduce Payment Processing Fees with Multiple Gateways

Payment Processing Fees in the UK

Businesses using payment processors face several charges. Transaction fees work as a percentage per sale of between 1.5% and 3.5%, and they vary by provider and card type. For international payments, currency conversion fees usually cost between 1% and 3% for international transactions. Chargeback fees, in which a customer requests repayment of an amount they’ve already paid you, can be a headache. They typically cost between £10 and £30 per dispute and potential lost revenue. Some providers charge a flat fee for service access.

Reducing Transaction Costs

You can do things to keep these costs as low as possible. Much of this comes when you’re first negotiating your arrangements with the processors. Large transaction volumes can justify lower rates, while some providers offer tiered pricing based on sales volume, so keep an eye out for that while you’re shopping around. Once everything is set up, you can minimise fees through your daily operations by encouraging payment by direct bank transfers or promoting payment through your lower-fee gateways.

Best Practices for Managing Multiple Payment Platforms

So, how do you stay organised when you manage multiple payment systems? Some providers use an integrated dashboard for monitoring transactions. Accounting tools like Xero and QuickBooks can synchronise payment data for streamlined bookkeeping.  

Clear overpayments and refunds will also help. Standardise refund and chargeback procedures to prevent disputes. Regularly auditing the fees you’re incurring will allow you to assess transaction costs across processors and optimise your cost efficiency.  

Plenty of tools can help you manage your payments more efficiently. Unified dashboards can consolidate multi-channel payments, cross-border payment platforms can reduce currency conversion costs, and fraud prevention solutions can minimise the risk of chargebacks, whether fraudulent or otherwise. 

But the most important thing you can do is choose the right payment processing partners for how you do business. For international payments, select providers with low foreign exchange fees. If you offer subscription services, look for providers which simplify automated recurring billing. For one-off payments, look for providers which provide pay-per-transaction options for simplicity.  

Avoiding Common Pitfalls in Payment Gateway Management

Businesses make common mistakes when it comes to payment integration. Misaligned transaction records across platforms cause reconciliation issues, while failing to meet regulatory standards such as PCI DSS can lead to security vulnerabilities. It's also important to consider scalability. Choosing systems that don’t support future expansion can hinder growth. Will your system grow as your business does? 

Testing before implementation is crucial. It will ensure that APIs interact correctly across payment gateways, catch issues such as failed authorisations or incorrect currency conversions, and validate your fraud detection settings before customer transactions occur. 

How you handle failed transactions and fraud prevention matters. Implement fallback options to reduce payment disruptions, use AI-driven tools to detect suspicious activity, and enforce rigorous customer authentication processes to minimise the risk of fraud.  

Using multiple payment gateways can help your business stay organised and reduce fees. It can also streamline your operations, improve customer satisfaction, and help you grow your business and reduce costs. Take the time to assess your current systems. Offering greater choices will benefit you in more ways than you expected!