BTX SHOW 2019 – CEO Excellence Award
April, 2019: Conferred on CEO Abdulaziz Al Jouf at the BTX show held at Al Faisaliah Hotel in Riyadh on 23 April 2019.
How to retrieve your money from a not-so friendly fraud
A friendly fraud is probably a misnomer. In reality, it can be a harrowing experience for the merchant, who completed the transaction. Friendly fraud occurs when a cardholder files a chargeback instead of requesting a refund from the merchant for a legitimate purchase. It can be filed by mistake by the customer or even intentionally in some cases. While such incidents of disputed transactions are on the rise with the predominance of digital transactions, the following are the ways in which the merchant can mitigate the risks:
- Switch to a fool proof secure payment solution: It would be prudent to adopt a secure payment processor, which offers a comprehensive, multi-level risk protection to detect any fraud incidents or outliers and red flags the issue in a timely manner. Incorporation of verification tools like fingerprint, facial or retina recognition to work on mobile applications would also go a long way to prevent fraud risks.
- Adopt a 3D Secure authentication: Under this online payment platform, the customer’s card is promptly validated by the issuing bank, prior to the transaction. Thus, it’s extremely difficult for the customer to later claim any unauthorized charges. Some merchants are reluctant to adopt this approach owing to the fear of reduced sales conversion or cancellation of the transaction due to the customer being kept waiting for the bank confirmation.
- Keep the communication channels open: It is advisable to offer 24*7 support to customers for post sales services. A good business rapport would help clear any potential differences or misunderstanding with the customer. The merchant could also negotiate a lower chargeback charge or its cancellation by the customer and reduce potential monetary losses. One should also regularly apprise the customer before charging for recurring payments.
- Establish a solid return policy and delivery tracking mechanism: It is a good practice to make the customer aware in prior of the return, cancellation and refund policies. This would reduce the chances of chargeback filed by mistake. The merchant could also have a software to track the delivery status of the product, with a signed customer confirmation upon receipt of the product by customer at the shipping address.
- Maintain adequate data trail: Documentary evidence is key when it comes to validation of online transactions. This should ideally capture details of product description, agreed pricing and the date of transaction. This is vital as in many cases the chargeback is claimed on frivolous or false grounds like non-delivery of the products, delivery of counterfeit or wrong items, non-cancellation of recurring charges by the merchant inspite of customer requests and the original transaction was unauthorized in the first place. Hence the need for retention of sufficient papers to support the online transaction.
- Distinguish between accidental and intentional fraud: This identification is crucial. While the former can be settled by talks with the customer, the latter, being malicious in intent is a different ball game. The merchant is not in a very advantageous position as far as the law goes with limited power to get the chargeback reversed. Similar to a ‘guilty until proven innocent’ situation. This is because in most cases, it is likely that the bank would side with the customer than the merchant.
To conclude, in case one does land in the soup and has to face monetary losses from chargeback charges, loss of shipping costs and transaction processing fees, it is best to hold one’s ground. In case, the quantum of money is huge, it is best to get professional, legal advice. Further, repeat transactions with such errant customers should be absolutely avoided as the adage goes “once bitten, twice shy.”
Women entrepreneurs making big strides in UAE
UAE presents a big business opportunity for women looking to launch their business. Women comprise a dominant 70% of the graduates that pass out of universities and 44% share of the workforce. Further, the gender gap in early stage entrepreneurship is already narrowing, with 7.6% women founders as against 11.8% men founders.
Leveraging the PayTabs advantage
PayTabs has always been in the forefront of embracing changes – be they technological innovations on the digital payments front or changing socio-economic equations of empowering women wanting to take the entrepreneurial plunge. Reinforcing this strategy, PayTabs is participating as a featured exhibitor in the Women Entrepreneurship Summit (WES) MENA, scheduled to be held on 22 April, 2019 in Dubai, UAE.
What is the significance of this event?
This invitation-only strategic summit aims to bring together established and aspiring women entrepreneurs across MENA region. It works on the profile sharing concept. It provides a platform to encourage and facilitate female-led entrepreneurship by enabling knowledge sharing and interaction between business women from women-centric organizations and SMEs. Despite the success of women-run businesses, there is still a lot of ground to cover. Women entrepreneurs face several challenges like access to finance, coaching and mentorship channels, networking opportunities and knowledge about the various aspects of running a business, like the changing regulatory regime and digital payment solutions, etc. While the former constraints would be deliberated upon in brainstorming sessions by the participants, PayTabs would effectively tackle the last with its innovative online payment solutions.
The PayTabs’ boost to female entrepreneurship in UAE
The shift from an oil-driven economy to a tech-enabled ecosystem is encouraging women entrepreneurs in diverse sectors. As per a recent survey, women in the GCC manage $385 bn worth of assets in SME businesses. Thus, women entrepreneurs ranging from cup cake owners, florists, financial service providers to fashion consultants, film makers, designers, etc are gradually making a name in the SME space. Being technology driven, these start-ups need digital access to global markets and the capability to accept online payments. This needs to be achieved without necessitating a physical presence in every geography to enable receipt of customer payments. This is where the adoption of PayTabs can prove to be a game changer for lady entrepreneurs. PayTabs, an award-winning digital payments company with strong roots in the MENA region boasts multi-integrated payment options via Visa, MasterCard, American Express, SADAD, Mada and more, using a single API. The PayTabs sales team would be ready and willing to answer all queries related to digital payments and how a payment gateway can be seamlessly integrated into the existing web portal.
PayTabs offers a suite of online payment solutions suited to the unique needs of SMEs and start-ups, supporting over 168 currencies. Further, with PCI-DSS certified, 3D secure authentication, 24*7 customer support and a dual-layer fraud protection system, PayTabs ensures that transactions are 100% safe and secure. Thus, business women can completely focus on running the business, and leave the worries about the payment processing and digital receipts to PayTabs.
If you are a female and entrepreneurship is your calling, UAE is the place to be in the MENA region. With PayTabs unlocking whole new possibilities in digital payments, a lady entrepreneur can conveniently accept online payments from across the globe. PayTabs can be a reliable partner in your entrepreneurial journey. Think cashless, think PayTabs! Save the date.
How Technology Has Made The Online Shopping Experience More Enjoyable?
If shopping without walking a few miles has become possible, it is because of technology. Over the last few years, the e-commerce industry has reached a whole new level and it is growing consistently. Undoubtedly, if the technology had not advanced, the easy online shopping experience you see nowadays wouldn’t have been possible.
Thanks to a variety of avant-garde software and applications, online businesses are being able to reach customers globally and boost their sales. Similarly, shoppers are benefiting by saving their time and energy which they would have otherwise wasted on visiting physical stores. Plus, technology has made online payments smooth, simple and safe, thereby encouraging more businesses and customers to go online.
How is technology benefiting online shoppers?
- Chatbots to guide you
Technology has made it possible for businesses to handle their online customers easily. This means, customers get proper assistance and guidance when they are browsing products or deciding to buy one.
For example, with the help of advanced technology, an e-commerce store can get customers’ queries resolved and can accept payments online, free. So, if you are an online shopper, chatbots can clear your doubts, provide information about the product you have in mind or help you navigate to the right website page etc.
Moving forward, let’s dive into the points which genuinely explain how technology has leveled up the game of online shopping experience.
- Mobile-friendliness is a big plus
Do you find it annoying to get on the laptop for every single detail? Well, this is where the invention of mobile phones comes into the picture. Most online shoppers find it convenient to browse on their phones and actually spend their time to search for the products they are planning to buy. This has actually made the procedure of buying good products very easy. Also, with the help of secure online payment systems for mobile phones, the online shopping experience has become very convenient.
- Hey Siri – What Is the Role of Technology?
With the help of technology, buying clothes, footwear, food and anything you want has become much easier. And now, if you don’t even feel like scrolling on your phone, just say “Hey, Siri!” or “Hey, Google!”, and your virtual assistant is going to solve all your queries.
It’s up to you whether you want to appreciate technology for making life much easier or blame it for making you lazier? You decide!
- Secure payment is a reality
Online shoppers can now rest assured about the safety of their online transactions. Modern payment gateways adopted by trusted websites have many anti-fraud measures in place so that your sensitive information doesn’t get stolen or compromised. Moreover, with such gateways, you will be able to pay using various modes like card, net banking or mobile wallet. So, essentially, technology is making it possible for you to pay for your order in the most convenient way.
- Express checkout
You might be aware of how frustrating it feels when it takes a lot of time to get your payment processed at the checkout. Good news is that improvement in online payment technology has made express checkout possible, where shoppers won’t be redirected to a different page when they are paying for an order. The payment gets processed very quickly, whether you are shopping from your laptop or mobile.
Conclusion:
No doubt, technology plays a very important role in easing the online shopping experience. Whether it’s about a mobile-friendly interface, secure online payment mechanism, or helpful chatbots, shoppers can now make the most of technological advancements to make their shopping experience enjoyable and smooth.
4 Secret Ingredients of a Successful Online Business
An online business today definitely has a clear edge over the pure brick and mortar models of yesterday. These benefits are evident by its wider customer reach, savings in overhead costs, 24*7 customer availability and efficient inventory management. Now there are certain measures that can help an online business become successful. Experts list out the following ones:
- Website: This is given in today’s digital age. A website symbolizes an online, professional presence of the business. Lack of a virtual presence translates into a huge revenue loss. An online platform helps customers connect better with the product brand and make an informed purchase decision. Further, it also reinforces customers’ trust in the brand because as the proverb goes ‘Seeing is believing’. An updated website with detailed information about the product categories, pricing and promotional offers would help achieve higher return sales. The customer would be able to compare with other online portals and zero in on the best deal.Some important components of a website are:
- Separate pages: A well-categorized website with a landing page or home page, headings like contact us, about us, features and benefits, customer testimonials, etc. would be more appealing
- Design: Attractive images, logos and tickers would help increase web traffic
- Security aspects: The webpage should be enabled with highest security frameworks and encryption standards
- Knowledge centre or blog: This section has undergone a dramatic transformation in today’s information age. A blog should not be mistaken as trivia. The blog contains educational and informative pointers to help educate the reader about the latest trends in product categories, the unique selling proposition of the product offering, details of product launches, interviews by subject matter experts and any other topic of interest to a potential or existing customer to make an informed choice. Blogs are a very effective way to communicate with the customers and showcase the online business in a positive light. It also contributes towards enhanced website search-ability and piques the interest of readers on search engines. A very powerful tool in this regard is search engine optimization (SEO) which helps push websites with relevant content to the top as per the search request.
- Social media: Social media platforms like Facebook, Instagram, YouTube, and Twitter help bring together a community of people with similar interests. It serves as a useful marketing channel. Thus, one can attract potential customers by uploading informative posts, videos, polls and other relevant material to engage readers and attract their attention to the business’s products and services. Besides providing good networking opportunities, this medium can be leveraged for business promotion. Some common details comprise:
- Company logo, description, navigation to the address via maps
- Description of products
- Link to website
- Hashtags and tags
- Eye-catching content, images, videos, and gifs
- Link to the payment gateway: This is an obvious inclusion as the business is mainly interested in the sales conversion ratio. Integration of a payment gateway process to enhance the buyers’ experience will go a long way in higher sales realisation. A customer can conveniently pay for the products anywhere and anytime. This reduces chances of cart abandonment or rethinking a potential purchase. However, the most critical aspect of this feature is the security aspect. The payment gateway should be a widely accepted, secure mode of payment and should have varied options like credit cards, debit cards, internet banking, and wallets. Further, in case of a failed transaction, debit of money from the customer account without acknowledgement, or network error, there must be provision for immediate customer support. Some customers also prefer to save their card details on secure websites to enable recurring transactions with the same vendor.
A frog in the well approach would not work in today’s highly interconnected, digital age. Business enterprises would do well to adopt the above digital marketing tools to effectively and efficiently grow their online business.
