Declined transactions are more than frustrating, they can have a severe effect on your business, losing sales and customer trust, ultimately affecting your bottom line. So, if you’re struggling with your approval rate, have you considered that the payment gateway you’re using isn’t right for your business’s needs?
This is where an acquirer-agnostic payment gateway comes in. It could be the game-changer you need to reduce those declines and keep your cash flow smooth.
What does acquirer-agnostic mean?
Okay, first things first – what does “acquirer-agnostic” even mean? Simply put, it’s all about flexibility. An acquirer-agnostic payment gateway doesn’t tie you down to a specific bank. It connects you with all the major players in the financial world, allowing you to choose the one that suits your business best. There’s no stopping at one either, you can be connected to as many as you need. For example, here at Total Processing, we have access to more than 300 acquiring banks locally and internationally.
The benefits of an acquirer-agnostic payment gateway
Now that we’ve covered the meaning of acquirer-agnostic, let’s talk about why it matters for your business:
1. Reduced declines
No one likes a declined transaction. An acquirer-agnostic gateway ensures that you’re not at the mercy of a single acquiring bank. If one bank does not accept the transaction for whatever reason or there’s a technical issue, you can automatically retry with another one. It’s like having a Plan B that actually works.
2. Global reach
Do you dream of expanding your business globally? An acquirer-agnostic gateway is your passport to international success. It supports multiple currencies and payment methods, giving your customers a seamless, localised experience, no matter where they are. Sourcing a local acquirer doesn’t just improve your acceptance rate, but it can also lower your processing costs.
3. Future-proof your business
The business world moves fast, and so should your payment solutions. An acquirer-agnostic gateway is much more scalable so it won’t restrict your business growth. Whether you want to expand internationally or the amount of daily transactions is increasing, this type of payment gateway will grow with you.
4. Supports high-risk businesses
An acquirer-agnostic payment gateway is especially beneficial for high-risk businesses. Since these types of businesses are more prone to transaction declines, automatic retries with other acquirers can make all the difference in whether they succeed or not.
How to get an acquirer-agnostic gateway
Are you considering making the switch and levelling up your payment game? Getting an acquirer-agnostic gateway is easier than you might think. The most important things to consider before making the switch are compatibility, integration and support.
Compatibility is key to a smooth transition and an easy integration process with the full support of your provider will ensure the process is hassle-free with no interruptions to your processing.
At Total Processing, the best place to start is to contact our payment specialists. They’ll guide you through the whole process and answer any of your questions to ensure we’re the right fit for you.
Our onboarding and integration teams will tackle the rest and get you set up in no time.
So there you have it – the secret sauce to reducing declines and elevating your payment experience. With an acquirer-agnostic gateway, you’re not just processing payments; you’re future-proofing your business. Say goodbye to declines and hello to a smoother, more flexible payment journey.
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