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9 Things to Look For In a Payment Gateway

9 Things to Look For In a Payment Gateway
Mohab Growth Hacks 0

9 Things to Look For In a Payment Gateway

If you are setting up an e-commerce store, one of the most important things you will be looking for is a payment partner who is going to help you enable the whole payments process.

With the right payment partner, your customers will be able to pay you easily and is more likely to come back to your website. There is just one small problem – how do you choose the right payment gateway?

With the market cluttered with several payment gateway options, it might be hard to choose the right one. In order to choose the right processor, you should do some homework and consider some points that are relevant to your business needs.

So in this article, we are going to explain 9 important things to be considered before you choose your payment partner.

  1. Look into location and incorporation details

Most of the times, the ideal payment gateway for you should be the gateway that is from the same location/country, your business is incorporated in. The corollary is also true.  For example, if you want a European payment gateway for your business, you need to incorporate in Europe itself.

  1. What’s the pricing and the providers’ fees?

It is extremely important to know the fee structure of your payment processor, if your business model is extremely price sensitive. Most of the fintech companies fall into this group and a slight variation in prices can alter their profits and may even turn it into loss.  Don’t get carried away by the advertisements that announce lowest fees or discounts, as it just might act as a catch to attract clients. Find a payment gateway provider that offers transparent fee structure without any surprises afterwards.

  1. What’s the technology

The bottom line is that you should choose a payment gateway that is supported by robust technology. This should not only offer simple, user-friendly solutions but also protect all financial transactions against fraud.  Also, your payment gateway should be secure enough to protect all your customer’s data and also have lower processing costs.

  1. How good is the support

Operating in a global market involves many unexpected and occasional incidents that can be bad for your business. That’s why support is considered to be a crucial factor to instantly fix the problems you face. Support should be simple and hassle free and ticketing system should be robust and fast.

  1. Does the operator offer international payments?

Check whether your payment gateway accepts international payments. If you are a growing business which is looking for selling to the global customer in the future, you might want to go with payment gateway which accept international currencies and offers alternative payment options. While local payment providers might be cheaper in certain cases, global payment gateways like PayTabs come with extremely attractive features like multi-currency payments, acceptance of a variety of cards, settlements and alternative payment arrangements. The latter is probably the better option if you are looking for revenue from around the world.

  1. What are the safety and security features

It is extremely important to ensure the safety and security of your customers, while they purchase online.  Maximum frauds happen while your customers try to make payments online.  There are different ways of protection that a processor can implement such as 3D secure payments, verified by Visa, and token system etc. Your gateway should always follow the guidelines of PCI to minimize the chances of frauds.

  1. Regular payments

If your business model requires short-term payments and settlements, it is ideal to go for a processor that doesn’t expect you to wait too long. Check the cost of the transfer and make sure that the fees are not too high. Always check what your payment gateway is charging for wire transfer. Some gateways charge a low fee and some might ask you to pay a higher fee.

Make sure that the rolling reserves are kept to a minimum. Rolling reserves is a kind of money that a payment processor or a bank can keep with themselves for a period of three to six months as security money against possible charge-backs.

  1. Does it allow invoicing

It might make sense to go with a payment gateway which offers built-in invoicing services. This not only makes it easier for you to raise instant invoices for the customer but also eliminates the need to move to another platform for invoicing.

  1. Reporting features

Another important thing to check is whether your payment partner is offering detailed reporting services. Once your business starts, you will want to review the transactions, review chargebacks in any, or do an analysis of any extra charges that you might have incurred while using the gateway. Try to go with a gateway that offers a better user experience.

There might not be a “perfect payment gateway” that fits the needs of every business. But its worth going the extra mile in order to find your right payment partner since a bad choice will not only cost you money but also your customers. The one thing to probably always keep in mind is the security aspect. The right partner will help you provide all the necessary tools for helping your business grow.

7 years ago
Forging the Future of Payments – The Emerging Trends
Mohab Growth Hacks 0

Forging the Future of Payments – The Emerging Trends

With the rapid pace at which the payment industry is gathering momentum, the global payment environment will go through a sea change in near future. There are many factors responsible for an ongoing shift in the payment industry.

We are going to discuss these trends in the light of the 5 major factors that are as follows:

  1. Increasing regulations and compliance post global recession of 2009
  2. Entry of new players in the market and increasing competition
  3. Economic growth in emerging markets and a resultant boom in payment flow across new regions
  4. Innovation and unprecedented growth in technology

Technological innovation is paving the way for increased accessibility, efficiency, velocity and reach, as far as payment transfers are concerned. It is responsible for a complete shift as to where, when and how payments are initiated and transferred.

Banks need to be cautious and monitor the situation carefully as to how developments are taking place in the payment industry and what opportunities and threats it is posing for the banks. In order to thrive, they need to be alert and ready to capitalize on the emerging possibilities.

  1. The impact of regulation

Increasing regulations is the biggest factor that is going to impact this industry in future. With an unprecedented growth in the volumes of cross-border payment transactions, the volume of these transfers has doubled from US$10 billion in 2012 to US$18billion in 2018.  Such a huge volume of international transactions warrants strict monitoring and control.

Banks need to keep an eye on the complexities involved with local and international regulatory framework. The other influencing factors are current practices, currencies and payment formats.

Changes in regulatory compliance can lead to enormous innovation, where it becomes necessary to reevaluate both internal and pan-industry practices.  It will open a whole new world of opportunities for banks and corporate sector.

To simplify and harmonize payment practices across Europe, EU has introduced the Single European Payments Area (SEPA). Fixing regulatory and compliance issues, SEPA has harmonized and standardized the payment market and eased local transfers. Such integration activities are likely to take place in other regions as well.

  1. Entry of new players

Many new players are likely to enter the payment industry and those can be online payments providers, virtual marketplaces and large technology and social media companies such as Google, WhatsApp, Amazon, and Apple, etc.  A thriving fin-tech ecosystem will boost the market.

The factors that are responsible for attracting new players in this market are the current secure payment propositions. The industry as a whole is gravitating towards new payment methods that are not constrained by banking regulations and offer convenient and innovative methods to the customers.

  1. Economic growth in emerging markets

Shifting economic landscape and changing global demographics across the planet will also shape how future payment flows will take place.

A soaring middle-class population and changing economic landscape is creating global opportunities in this industry. In the year 2000, the US and Western Europe together controlled 70% of global financial assets, but by 2020, it is estimated to fall to 45%. China, on the other hand, is flexing its economic muscles and it has seen a 600% growth in global financial assets since then.

  1. Rapid growth in technology

With the rapid pace of change in financial technology, many regions such as Latin America have experienced unprecedented growth in smartphone penetration. Nearly half of the adult population in this region doesn’t have a bank account. So, there is huge potential for payment processors and mobile banking.  Technology allows you to not only transfer the funds instantly but also to track it in real time.

Payment processors like PayTabs have a real advantage here because they have future-proof strategies in place that include customer-centric approach, convenience, flexibility and multi-currency support.

7 years ago
Tips To Choose the Right Payment Integration Method for Your Ecommerce Site
Mohab Ecommerce 0

Tips To Choose the Right Payment Integration Method for Your Ecommerce Site

Advancement in technology is gradually making payment integration easier and simpler. However, as new entrants to the world of eCommerce, you may find it a little difficult to choose the right integration method for your eCommerce business. At present, there are three popular integration methods and in this article, we are going to discuss these options in order to help you choose the right option for your business.

  1. Hosted checkout pages

As a matter of fact, this option can be used by any type of merchant, whether small or big.

There are many reasons why small merchants should choose this as their checkout solution. First of all, there is no need to hire a software developer when you integrate it with your website. It also works well when your website is not PCI compliant.

Hosted checkout pages are also beneficial for medium to large-sized merchants, who have already designed and created their checkout pages. This is the quickest way to supplement your alternative payment method. Almost 60% of the shopping cart abandonment incidents take place because people are not able to use their preferred mode of payment. It is more prevalent in the countries where cards are not used frequently.

The benefit of hosted checkout pages for merchants:

It has the following benefits for the merchants:

  • PCI compliance is not complicated
  • No need to store card information
  • Ideal for quick global outreach
  • Supports all major credit cards and major currencies
  • Supports local payment options
  • Offers easy integration

  2. Payment API

If you are among the perfectionists who would like to exercise extreme control as far as design and user experience of checkout pages is concerned, a payment API is the right solution for you.

For card processing, payment API is the ideal solution whereas if you need both card processing and value added services such as coupons and catalogs, currencies and subscription billing, Payment Plus API should be tried.

It doesn’t require customers to leave the site in order to check out and makes checkout a simple process with minimum steps to complete.

The benefit of payment API for merchants:

It has the following benefits for the merchants:

  • The XML based API doesn’t require any specific programming language
  • A native mobile checkout flow can easily be developed
  • Easier PCI compliance through client-side encryption
  • Tokenization enables the sellers to save the card information of the shoppers so that the returning shoppers need not repeat the process all over again

Payment API makes the checkout safe and secure.

 3. Shopping Cart

If you are using any shopping cart such as Magenta or Prestashop, the “shopping cart” is the ideal integration method for you. It offers users almost the same benefits as they get in hosted pages. It is comparatively easier and simpler to setup and it doesn’t require you to make any payment.

Choosing a payment processor

Your selection of the integration method is very important to offer better user experience and it decides your future success in the eCommerce space.  But, there are other factors as well that are no less important. Make sure that the payment processor you choose meets all your business needs and completely fits into your business model.

Make sure your payment processor is able to upgrade their technology and services to match your needs when you grow.  Make sure they offer the functionalities you require at present and might require in future.

When you come to PayTabs, we sincerely listen to your needs and answer your queries.  We have imbibed a culture of striving to meet your business requirements. We are also determined to resolve the issues you face during your journey to become a successful eCommerce entrepreneur.

Get in touch with PayTabs today and talk to a consultant to discuss your business needs and how to achieve higher conversion.

7 years ago
PayTabs is taking payments to a new level at Seamless Middle East, Dubai
Mohab Global Events 0

PayTabs is taking payments to a new level at Seamless Middle East, Dubai

With businesses and companies getting increasingly digitized, the spotlight on online payments are shining brighter. And PayTabs as a leading payment gateway provider is making the lives of many virtual merchants convenient. To spread the word, it will appear on the Seamless Middle East, Dubai platform from 15-16 April at the Dubai Exhibition and Convention Center.

Payments Everywhere, PayTabs Everyware!

Though most businesses are aware of the benefits of a trustworthy payment gateway solution, there are others who are yet to join the bandwagon. As e-stores continue to mushroom in the Middle East every day, merchants undoubtedly need to ensure they receive their payments safely and quickly. And this is exactly what PayTabs promises and intended to showcase at the Seamless Middle East.

PayTabs will have the opportunity to connect with over 10,000 ecommerce companies, retailers and key providers and vendors from the payment industry. This is thanks to PayTabs state of the art 64sqm exhibition booth at the exhibition, which will showcase the firm’s innovative new products and services.

As a proud gold sponsor of the Seamless Middle East event, PayTabs plans to elaborate on topics like ecommerce, online retail payments and the retail ecosystem. This event is the perfect platform to share innovative ideas and the latest in technology and industry trends. On 15th April 2018, the Chief Digital Officer of PayTabs, will deliver a session on how online payments can be married to customer loyalty for greater customer experience and impact.

PayTabs will showcase its cutting-edge products including Ninja, FarahPay, Vera Pay and Juman.co as well. These programs are ideal for online merchants in varying industries who wish to embrace a simple and trusted payment gateway and open their business to the rest of the world. Interested retailers will receive live demos on how to utilize PayTabs services in the best manner through these programs, learn to manage transactions and invoices, and how to handle recurring payments. Moreover, some programs like Ninja will allow freelancers to refer PayTabs to other businesses and earn an income through the referrals.

Why PayTabs is the future of online retail?

As an intelligently developed online payment gateway, PayTabs lets e-stores receive payments from anywhere in the world in a very secure and hassle-free manner. It allows you to accept 168 currencies, manage your business digitally through a smart dashboard and its services are priced very reasonably too. The checkout process is simple, seamless and hence keeps your customers hooked till they make the final payment.

PayTabs is also easy to integrate with your platform and mobile apps, and it is PCI-DSS certified as well. Their dual layer fraud protection and 3D secure authentication systems are extremely robust and customer information is well-protected. Setting up an account on PayTabs is super easy too and a sales representative will get in touch with you to familiarize you with the gateway and its functioning.

Visit PayTabs at Seamless Middle East from 15-16 April 2016 and soon, you will be able to manage your business online keep track of payments and even receive financial progress reports that indicate how well your business is doing and what you can do to take it a notch higher with PayTabs!

7 years ago
5 Tips to Protect Your Business When Dealing With Payments
Mohab Growth Hacks 0

5 Tips to Protect Your Business When Dealing With Payments

Most of the credit card frauds that took place earlier were related to “card-present” cases. These days with adequate security procedures like EMV (Europay, MasterCard and Visa) chips to make transactions secure, something sinister is happening.

A new type of card fraud is emerging with “card-not-present” type of transactions. In such type of card payments, you are not physically swiping the card, but are using it on online platforms to perform E-Commerce transactions.

In order to deal with such type of card or identity theft, users are requested to get back to their credit card provider or the issuing bank for the reversal of the fraudulent charges. In the normal E-Commerce environment, where a buyer and a seller are involved, merchant is held liable for any fraudulent charges and they are supposed to reverse these charges.

These days, a new type of e-Commerce environment is emerging, where different buyers and merchants come together on a single platform. In this case, the platform-merchant relationship decides as to who is to be held responsible for frauds.

Recently, a trend is emerging where a swindler masks as a merchant and then they manipulate the platform to commit fraud before disappearing from it. In such cases also, the platform is held responsible for the fraud.

Now we’ll discuss what a platform owner can do to protect itself and its buyers against such frauds. Here are 5 tips to prevent such incidents and minimize the losses due to fraudulent cases.

Educate yourself on credit card fraud
There is no fixed modus operandi for credit card and other types of payment frauds because they are constantly evolving. Criminals in cyberspace use innovative techniques and latest technology to commit such acts. So what is recommended today may not be relevant in the future.

Constantly update yourself and keep on exploring newest fraud tactics. Employ latest technology and find the best ways to deal with the current threats efficiently. There are different types of frauds prevalent in the online marketplace today and these include buyer identity fraud, merchant identity fraud and merchant credit risk. Scammers can mask themselves as legitimate buyers and sometimes merchants as well.

Implement simple protection
To start with, employ the proven tools and techniques to avert fraud. For example, user data should be validated first with database companies like Equifax, Lexis-Nexis and Experian. You can also perform a history and credit check about the user, so as to make sure that he is a legitimate buyer or seller.

Do some social data mining
Entering into advanced fraud protection measures, social data verification can supplement our efforts to protect customers from fraud. We can perform data-mining from platforms like Facebook and LinkedIn. We can pull these social insights to validate user identity through them. Scammers can create fake social media IDs, but it doesn’t take much to find if it is their regular ID or if it is designed in a hurry in order to commit a fraud.

Use your instincts
If something sounds too good to be true, stay away from it. If someone offers a deal that they are going to pay for the project in advance and it sounds too good to be true, there is high probability that it can be fraudulent.

Don’t do dilly dallying
Frauds are inconsistent and unpredictable in nature. Sometimes, frauds do not take place for a long time and suddenly you observe a surge in fraudulent activities. So, regularly monitor these activities with the help of latest tools even if no fraudulent activity is detected on your platform. Always stay alert as fraudulent activities can come as surprise and hamper normal business activities. They can also affect your profits and employee morale negatively.

7 years ago