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Celebrating Our Milestone: A Look Back at PayTabs’ Journey

PayTabs Journey
Mohab Global Events 0

PayTabs Journey

As we approach our tenth anniversary this March, we realize it has been an incredible journey marked by milestones. We have overcome hurdles and have become a name to reckon with among Payment Gateways Providers. As we cherish our journey, we look back upon all that we have achieved over the last decade.

What began as a vision of our founder, Abdulaziz Al Jouf, to power every transaction in the region has now transformed into a global enterprise. Today, we not only serve scores of merchants spread across diverse industries but have also emerged as a trusted partner for organizations all over the world. Whether you are a large organization or a start-up making its presence felt in the digital landscape, PayTabs’ customized suite of payment processing solutions will help you expand your base.

PayTabs’ journey began with a 6-member team. Today, our workforce is spread across Saudi Arabia and the GCC region, Jordan, Palestine, Egypt, Turkey, Azerbaijan, and India. As a team, we have crossed hurdles and embraced opportunities to make PayTabs a name synonymous with being a trustworthy partner in the growth of our clients.

PayTabs’ journey is marked with milestones that help us look back at the years gone by with joy.

Some prominent Milestones achieved by PayTabs at a glance:

2014: The story starts in January 2014 when PayTabs was established with a 6-member team, with the founder’s seed investment of 2 million US dollars. Subsequently in March of 2014, PayTabs opened an office and commenced payment processing. In June, the company celebrated the successful processing of its’ first live SME merchant payment transaction of USD25.

2015: By May of 2015, PayTabs had successfully expanded into most GCC markets by signing agreements with national payment service methods of the region. This move solidified PayTabs positioning as a GCC startup.

PayTabs then integrated with Sadad offering it as a payment method to ecommerce merchants in the Saudi kingdom. In June, at the Saudi Arabian Enterprise Agility Awards held with the support of the Riyadh Chamber of Commerce and Industry, PayTabs founder Abdulaziz Al Jouf was awarded the Payment Solutions Innovation award for PayTabs significant contribution to the Saudi ecommerce industry. In November, PayTabs obtained Payment Card Industry (PCI) Standards Certification, giving more confidence to its merchant base to accept payment transactions seamlessly and securely.

2016: The year started off with the thrilling news that PayTabs had been awarded the accolade of most promising Saudi startup by Forbes Middle East. This was huge recognition for a Saudi startup.

2017: Another multi award-winning year for PayTabs. First news that the payment processing company was listed fourth on the top one hundred startups in the Arab World, by Forbes Middle East and in December, Asian Banker awarded PayTabs CEO and founder an Innovation Leadership Award for his visionary approach to payments. In the same month, the team launched a mobile version of the PayTabs payment gateway platform – a mobile app to power the growth of mobile commerce in the region, giving merchants access to monitor their payment transactions on the go.

2018: Next came a host of recognition awards – Best Global Online Payments Solution by the World Payments Congress, Top 20 Fintech Startups in the Middle East as accorded by Forbes Middle East and the CEO was once again recognized as being a top fintech influencer in the region, by Forbes Middle East. Arabian Business gave the company the honour of being the Fintech Company of the year.

2019: Fast forward to 2019 and PayTabs was once again bestowed with multiple awards including one from Finext – Top Company in Payments. In July, PayTabs signed an agreement to enable customers in Saudi Arabia to pay online using STC Pay wallets. In Q3, PayTabs once again made it to the spotlight being recognized as number 1 on the top 20 Fintech Startups in 2019 by Forbes Middle East. But the icing on the cake was in 2019 when the company officially commenced operations by setting up offices in Egypt via a joint venture with EFG Hermes.

2020: When the pandemic hit in early 2020, PayTabs forged an alliance with Zbooni to empower micro business owners to sell from home as the entire world was confined to their homes. In March 2020, PayTabs signed an agreement with a subsidiary of Alinma Bank in KSA to grow our market reach in the Kingdom. Via this association, PayTabs also offered a white-labelled solution of its’ dashboard for the Bank’s Click Pay payment portal and website.

In July, as the pandemic raged, PayTabs revamped their website, making it easier for ecommerce merchants to sign up on the payment platform. The platform itself was enhanced to provide merchants with a better user experience. In early Q4, PayTabs integrated with Valu in Egypt to enable ecommerce merchants to accept payments in installments, in the republic.

2021:  In January PayTabs announced that it had tied up with Union Pay International so that ecommerce businesses in the UAE would now have access to the largest card base in the world. In April, the company announced the launch of its tap to pay soft POS solution to enable merchants to accept contactless payments via their Android smartphone devices. In June, PayTabs commenced operations in Iraq – it was the first international payment service provider to enter the Iraqi market. In August, the PayTabs app was given the honor of being one of the top fintech apps in the Middle East by Forbes Middle East.

Onwards and upwards in the MENA region, in November the Soft POS solution was launched in Jordan, in collaboration with Middle East Payment Services (MEPS). PayTabs also enhanced their payment security by announcing the platform was EMV 3D Secure 2.0 ready. The year ended on a high note with PayTabs being awarded as the most innovative payment solutions provider in KSA. In December, the company announced that it had acquired a 100% stake in Paymes – Turkey’s largest social commerce platform to develop social commerce in the GCC region.

2022:  In early 2022, PayTabs completed their acquisition and integration with India’s OGS PayLab. PayTabs entire business vision has acquired a new dimension by acquiring OGS SwitchOn capabilities. This elevates our payment processing capabilities and positioning in the market. As a Fintech enabler for the region, PayTabs vision is to power every digital transaction across the MENA region.

In May, PayTabs launched social commerce payment solutions for micro merchants and freelancers in Egypt. This quickly followed with PayTabs opening its suite of SaaS solutions to serve the MENA market. In June, PayTabs was awarded Best Fintech Company in Saudi Arabia and two other awards quickly followed in August – Best in Class Payment Orchestration awarded by International Business Magazine and top 25 Fintech companies in 2022 – Forbes Middle East. In September social commerce was launched across GCC markets UAE and KSA.

2023: In March 2023, PayTabs attained mada Payment Gateway Certification from Saudi Payments. The company also received the Business Excellence Award from Westford Awards showcasing its commitment to excellence. April 2023 marked a strategic move as PayTabs acquired OGS PayLab, Chennai, expanding its orchestration capabilities. Forbes Middle East recognized PayTabs as one of the Top Fintech Companies of 2023. The momentum continued in June 2023 when PayTabs became the first to deploy 3D secure payment solutions in KSA, demonstrating its commitment to cutting-edge technology. August 2023 saw PayTabs entering the Palestine market, furthering its footprint in the Levant region. November saw PayTabs being honored as the Best Merchant Solution in the MENA region as the company continued to unveil Card Issuance Solutions and formed a strategic partnership with Tabby, solidifying its innovative approach and collaborative initiatives in the fintech landscape. The year culminated with success as PayTabs was honored as MENA’s Fintech Co of the Year by Entrepreneur Middle East

Whether you have been with us right from the beginning or just started your journey with PayTabs, we look forward to being a part of your continued growth and success.

On our 10th PayTabs Anniversary, we look to the future and the opportunities ahead with renewed excitement. PayTabs’ journey is not just a celebration of our achievements but a story where every client, partner, and each and every team member made significant contributions.

Thank you for being an integral part of our incredible story.

1 year ago
E-Commerce Payment Gateway for Business
Mohab Ecommerce 0

E-Commerce Payment Gateway for Business

The ecommerce landscape across Jordan, Iraq, and Palestine has been growing steadily over the years. An 88% internet penetration has fueled the rise in online transactions in Jordan. On the other hand, internet users in Palestine have been observed to buy a whole host of items online, including furniture, cosmetics, toys, apparel, and shoes. In Iraq, total digital transaction value is expected to reach a staggering worth of USD 20.22 billion by 2028. It is evident that more and more consumers are realizing the convenience of purchasing both necessities and luxuries online. And this means a whole new world of opportunities for you as a merchant.

However, to capitalize on this ecommerce boom, you need the right ecommerce payment gateway. It can enhance the checkout experience for your customers and also make it easy for you to accept payments securely, quickly, and efficiently. So, how to pick a payment gateway that aligns with your business’s needs and goals?

Here are 13 Things to Consider Before Choosing the Perfect Ecommerce Payment Gateway

1. Merchant Acquiring Services

To accept card payments, you need a dedicated merchant account. If you are a small business, opting for an all-in-one service provider can be adequate. You can avail both payment processing and merchant acquiring services this way. Merchant acquirers refer to entities that collect payments based on cards and accepted by retailers. Acquirers send such payments to card issuers.

Now, if you are a large venture, a full-service merchant account is more apt. You get a virtual POS (point of sale) from an acquiring bank, so that it is easy to integrate card payments with your e-store. Moreover, you can also use payment orchestration services, so that every transaction is routed optimally to the right processor.

2. Country-specific Support

When choosing from multiple ecommerce payment solutions, make sure your preferred one works in your specific country and also allows you to accept payments from customers located in other countries. Providers like PayTabs, for instance, help you get paid from any corner of the world. Whether you want to strengthen or kick-start your international presence, your e-store should be equipped for cross-border payments.

3. Payment Methods and Currencies

The modern customer loves flexibility and choice when it comes to making online payments. So, pick from online payment gateways that offer shoppers various payment methods. If you wish to foray into new geographies, the gateway should offer localized payment methods in each country as well. It should also support as many currencies as possible, so that customers feel comfortable and confident about your website. Check if there are any additional fees for currency processing.

4. Product Permission

The payment gateway you select should permit the products you sell without any hassle, whether they are physical or digital in nature. Go through the list of restricted businesses before going ahead. Usually, categories like weapons, animals, illegal drugs, etc. are not supported by most gateways.

5. Hosted or Integrated

Ecommerce payment gateways can be hosted offsite or integrated with your e-store. Consider which one you want before making a choice, as both have distinct pros and cons.

In case of a hosted solution, the gateway handles PCI compliance and data security, which is an advantage. However, the customer gets redirected to a third-party domain, which can hamper conversion and sales. Top payment gateway providers address this issue by showing a payment window on the checkout page itself.

In case of integrated payment gateways, the biggest advantage is that customers don’t need to leave your site for purchase completion. The checkout experience is seamless. However, you need to handle the programming. Leading gateway providers offer development documents to help you do the integration in very little time though.

6. Payment Gateway Integration

Go for a gateway that has a fast and simple process for integration. They should also provide necessary technical support to your developer. The integration should not have a negative impact on the speed of payment processing or lead to suboptimal user experience.

7. Mobile Optimization

Since most customers nowadays use mobile devices instead of desktops to make online purchases, your chosen payment gateway should offer a checkout page that is mobile-optimized. It will improve customer satisfaction and boost conversions.

8. Payment Speed

Want to minimize instances of cart abandonment and offer a smooth experience to shoppers? Ensure that the payment gateway is good on speed. Customers should transition from the shopping cart to the payment confirmation page in the least time possible.

9. Recurring Payments

In case your business offers subscription-based services, opt for a gateway that automatically supports recurring payments. You should also be able to define parameters like billing cycles, subscription name, and prices.

10. Security

Secure payment processing is of paramount importance, whether your business is located in Jordan, Palestine, or Iraq. So, select a payment gateway that complies with the latest security standards like PCI, SCA, 3D Secure 2.0, etc. Keeping your customer’s sensitive data safe is vital for winning their trust.

11. Scalability

Try to gauge if the payment gateway can grow with your business and make global expansion frictionless. It should not only support multiple currencies and a variety of payment methods, but also comply with local regulations and handle increasing transaction volumes efficiently.

12. Support

When it comes to payment gateway selection, choose one that provides adequate and timely support whenever the need arises. Find out if the support team is available round-the-clock or for specific hours. Ask about the support channels, like live chat, email, phone call etc. Can you access resources like FAQs for common issues? Are the support representatives experienced and knowledgeable? Go through online reviews to get an idea about the same from other merchants.

13. Pricing Options

Different gateway providers have different fee structures. While some might charge fixed monthly rates and a setup cost, others can charge you per transaction. However, even a small percentage of the transaction cost can blow out of proportion if you have high-priced products or record large sales volumes. Ideally, opt for a provider that has a dynamic pricing model to help you scale cost-effectively.

Make an Informed Decision

Now that you know about all the things to look for in a payment gateway, get started by researching multiple providers. Go through their offerings, fee structures, and other features to gauge the gateway’s relevance to your business. Shortlist a few, compare them carefully, talk to representatives, and go for demos, before zeroing in on one.

1 year ago
Role of Payment Gateways in Middle East E-Commerce
Mohab Ecommerce 0

Role of Payment Gateways in Middle East E-Commerce
UAE’s ecommerce market is poised to generate sales worth USD 8 billion by 2025, as per the Dubai Chamber of Commerce and Industry. With almost 100% of the country’s population enjoying access to mobile phones and internet, the possibility of reaching this staggering figure hardly comes as a surprise. Online payment solutions are especially fueling this expansion of the ecommerce landscape, as more and more people are realizing the advantages of going cashless and embracing quick and efficient virtual transactions. As far as popular regional payment trends are concerned, mobile or digital wallets have emerged as a favorite among the Gen Z population. Many customers are also warming up to the buy now pay later model. Cards and bank transfer continue to be common modes of digital payment as well.

So, how are Middle East’s payment gateways revolutionizing life for both consumers and merchants? What is their role in the region’s ecommerce boom? Let’s find out.

Reasons Why Payment Gateways are Driving Ecommerce Success

A payment gateway is essentially a technology that merchants can use to accept online payments from customers. It collects the customer’s payment information and sends the same to the merchant’s acquiring bank for processing. The top Middle East ecommerce payment gateways like PayTabs ensure the security of sensitive data while facilitating smooth transactions and improving the customer experience.

The many benefits of such gateways are detailed here:

• Safety

Security is of paramount importance for any online business, and the right payment gateway comes with all the latest measures to protect customer and financial data against frauds and scams. These measures are updated periodically as well to resist new threats. Leading gateways comply with PCI DSS standards for starters. This instils trust and confidence in shoppers and encourages them to make repeat purchases.

• Checkout Simplicity

The best online payment gateways offer customers a glitch-free and fast checkout experience, which means fewer instances of cart abandonment. Every payment request is routed in the most optimal manner to minimize the chances of failure or non-acceptance. This translates to more sales and revenue. Some payment gateway providers might also allow you to personalize the checkout experience based on the nature of your business, target audience, average transaction volume and value, etc.

• Multiple Payment Options

Digital payment platforms like PayTabs enable merchants to offer a variety of payment modes to customers. This means greater flexibility and the freedom of choice. Shoppers don’t have to abandon their carts at the last moment just because they can’t find their preferred payment option. This improves overall satisfaction and also enhances your brand’s image.

• Multi-currency Support

Aided by the right payment gateway, merchants in the Middle East can grow their presence beyond geographical boundaries. Such gateways allow you to accept multiple currencies and take away the hassle of handling exchange rates as well. This helps you to expand your customer base since people in other countries enjoy the flexibility of paying in their local currencies. You end up boosting their shopping experience and win their trust. However, the payments received are converted into your base currency, for your convenience.

• Scalability

The best Middle East payment gateways can scale in line with your business. This means, they are designed to handle varying requirements when there is a change in website traffic or transaction volume. For instance, during festivals or in the beginning of a month, you might witness more demand. Having a gateway that can tackle the extra workload efficiently is a necessity in that case. Moreover, if you wish to foray into new geographies or markets, such gateways can make the expansion easy by complying with local regulations.

• Easy Integration

A big reason why online payment gateways are driving ecommerce growth in the Middle East is because they are easy to integrate with both websites and applications. The merchant onboarding process is simple and there is no need for you to have technical knowledge to get started. Plus, demo and training sessions are offered to kick-start your payment system and familiarize your team with how everything works.

• Smart Analytics

Payment gateway providers in the Middle East realize the importance of data when it comes to decision-making. Hence, they offer cutting-edge dashboards, tools, and report generation options, so that you can obtain useful insights into consumer behavior as a merchant. In-depth data analysis allows you to spot gaps or shortcomings as well as areas that are doing well. You can take informed decisions that are not just based on assumptions or conjectures, thereby improving the customer’s experience further.

• Cost-effectiveness

The competitive pricing structure offered by payment gateway providers in the Middle East is yet another reason why merchants are adopting the same in droves. Usually, you might have to pay a fixed fee or a percentage based on the transaction volume. Since top providers offer customized solutions, you are likely to zero in on a price model that aligns with your business’s current financial state, future growth potential, and budget.
Also Read: How to Fight Ecommerce Fraud with Payment Orchestration

Payment Gateways are the Future of Ecommerce

The popularity of online payment solutions is only expected to grow in the near future in the Middle East. The convenience of shopping from anywhere, with practically any mode of payment, and any currency, will draw more consumers, even from previously-untapped demographics. The safety, speed, and efficiency of payment gateways like PayTabs will boost growth across multiple ecommerce sectors dealing with products as well services. Constant advancements in technology will help merchants to drive more conversions and improve customer loyalty, for a significantly strengthened bottom line.

1 year ago
Three Pillars of Payment Orchestration
Mohab Payment Orchestration 0

Three Pillars of Payment Orchestration
A fuss-free, fast, and safe payment experience is a key part of what makes an online business thrive in the Middle East. After all, when it comes to money, no one wants to take unnecessary risks or put up with a digital experience that causes more friction and trouble than ease. A smooth payment and checkout process helps both merchants and customers by improving flexibility, transparency, trust, and efficiency. However, myriad online payment gateways, processors, service providers, and networks can make it tricky for you to manage and coordinate them all as a business owner. Luckily, payment orchestration can step in here and streamline and optimize the overall payment experience. A well-rounded orchestration platform like PayTabs can boost the acceptance rate for payments, handle multiple payment options and routes easily, ensure complete compliance with regulations, and minimize transaction costs as well.

The right payment orchestration platform can especially help if you are looking to scale fast in the Middle Eastern region or spread your wings in other countries without setting up brick-and-mortar stores. But before you get onboard, it is important for you to know about the three key aspects of payment orchestration – Connect, Manage, and Optimize.

Connect

Globalization has brought different geographies, cultures, and people together like never before. So, there is no doubt that the time is ripe for expanding the customer base and tapping new markets. However, it is essential to tailor your offerings and options based on local customs, trends, or preferences. In other words, if you are doing business in a new country, you would want shoppers to feel comfortable and safe enough while making payments. This will lead to more conversions. Here’s how a robust payment orchestration platform can come to your aid:

  • You can enjoy access to a wide array of payment service providers, and choose based on the services and features they offer as well as their charges. You won’t have to worry about complex payment integration strategies or integrating with every provider you like separately. A large pool of providers will also allow you to negotiate rates better and maintain bigger profit margins on every transaction.
  • You can make the payment experience user-centric by enabling customers to pay in their local currency and pick from methods that are familiar to them. This will build their confidence and encourage them to keep coming back for repeat purchases. If shopping from you is easy, they will recommend your brand to others too.
  • The orchestration platform efficiently prevents frauds and detects suspicious or malicious activities, in line with local regulations. Leading platforms feature the latest security measures, like tokenization, to perfectly encrypt customer data and eliminate the scope of misuse even if a hacker gets their hands on the same. This translates to peace of mind for both merchants like you and shoppers, enhancing your credibility as an international business.

Manage

To achieve payment processing efficiency, it is not enough to have access to the best tools. You also need to manage them well, so that you have better control over the payment and checkout experience. Moreover, since every business has distinct needs and goals, managing various aspects of payment can look different for different entities.

With the right payment orchestration platform, things become simple:

  • You can quickly connect to any payment service provider you want without coding or getting technical. Platforms like PayTabs allow you to manage payouts, subscriptions, refunds and more on a unified dashboard, which saves your energy and helps you focus better on core business areas.
  • There are plenty of filters available too, so you can customize the checkout experience for different kinds of customers. For instance, based on their location, value of sale, preferred or local currency, and other related factors, you can decide which payment service providers a particular shopper will be able to see. If a customer can find the exact payment method they are looking for, you will automatically improve the conversion rate and reduce instances of cart abandonment.
  • One of the key payment orchestration benefits is that you can avail top-quality technical support whenever required. Apart from facilitating seamless merchant onboarding, orchestration platforms offer training sessions for your team and address any technical glitch you might run into later. You won’t need to get in touch with an individual payment service provider’s support center anymore, which will save time and hassle.

Optimize

Optimization is necessary to make the most of a payment system management platform. As your business evolves, the payment experience you offer will need to change or improve too. Top orchestration platforms take care of that by putting you in charge, and constantly devising and suggesting ways to enhance your revenue as well as margin. Here is how they help:

  • Payment orchestration platforms routes every transaction in the most optimal way, so that it gets accepted and processed quickly. For instance, if a certain payment provider declines a payment request, the latter is automatically routed to another provider. This process can happen multiple times in just seconds, until the transaction is approved. The best part is that the customer stays completely unaware of what goes on behind the scenes, which makes it easier to retain them, improve their satisfaction, and score more sales.
  • The best orchestration platforms also enable customers to split their spending across multiple payment service providers, which means more convenience, freedom, and flexibility. This especially holds true in case of big-value purchases. Customers can also opt for buy now pay later or installment payment options. All these features make like easy for even low-income demographics or young shoppers who are on a tight budget or have just started working. Your brand value and reputation also sees an uptick.
  • Payment orchestration platforms also help you to generate detailed data-backed insights and reports with a few clicks, so that you can make informed decisions without burying your head in complicated calculations. You can say goodbye to stressful spreadsheets and instead download and collate as many reports as you want for strategic decision-making.
  • Such platforms also help you to zero in on payment service providers and processors that are apt for your business or a particular scenario. They analyze countless transactions around the world to provide you with industry-specific data. Hence, you get to make choices that increase your sales, revenue, customer loyalty, and bottom line.

Make the Most of Payment Orchestration

Now that you know how payment orchestration platforms help you connect, manage, and optimize payments for an efficient, speedy, and secure experience, get ready to choose one. Research well and compare different platforms in terms of services, features, and cost structures. Check if the team is qualified and experienced enough to handle any problems you might face along the road, depending on your industry, nature and size of the business, challenges, and objectives. Go through reviews and request demos before taking a call.

1 year ago