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Payment Processing for Freelancers: A Complete Guide

Payment Processing for Freelancers
Mohab Social Commerce 0

Payment Processing for Freelancers

Rapid digitalization and growing acceptance of remote work are among the key reasons why the Middle East has been witnessing a sharp rise in the number of freelancers or gig workers recently. In fact, in Saudi Arabia, the number of registered freelancers increased by a staggering 157% from 2020 to 2023. The gig economy is also expected to flourish in other Middle Eastern countries like Qatar, Jordan, and UAE. So, if you are planning to become your own boss, land new clients with your own mettle, set your preferred hours and fees, and scale your freelance business just the way you want, now is the time. However, remember that payment processing for freelancers can get tricky unless you have a proper system in place.

A tech-powered solution is essential for you to receive timely payments, maintain a healthy cash flow, plan finances smartly, and offer clients a frictionless experience. Payment leaders like PayTabs can also facilitate easy financial management in one place, protect sensitive information, and help you work with clients from different countries seamlessly, even if you are new to the gig landscape. Let’s learn more about the effectiveness of freelance payment gateway solutions and how you can do your part to receive payments without any hassle.

Get the Basics Right

Foraying into freelancing means you have to watch out for yourself unlike a regular employee who usually has the employer taking care of all formalities and legalities. While the gig economy is growing fast, be wary of clients who try to avoid or delay payments by citing quality issues or complaining that they never received the deliverables. They might mention problems with a particular mode of payment as well. You might also have a tough time tracking and handling payments from clients situated in different parts of the world, owing to different local currencies.

So, consider the following to get started on the right foot, maintain professionalism, ensure transparency, prevent conflicts, minimize errors, focus on core tasks, and attract repeat business:

1. Know Your Client

Apart from checking the client’s website thoroughly, go through the reviews and testimonials left by past freelancers or independent contractors to get an idea about their reliability and timeliness when it comes to payments. Check their social media pages to gauge the company’s reputation and make sure they actually exist.

2. Draft a Contract

Before starting work, put together an agreement that is legally binding, so that both you and the client can stick to the necessary terms and conditions. It should cover your services, the hourly rates or lump sum amount you will charge, work delivery timelines, the payment schedule, and ownership rights. The contract should include the consequences in case either you or the client fails to oblige with the terms as well as any upfront payment required. If you intend to bill per hour, include the tool you will use to track the time spent on different activities, so that the client has complete visibility into the process.

3. Choose a Robust Payment Solution

The best payment gateways for independent contractors simplify life for both you and the client by offering multiple payment modes, accepting payments in multiple currencies, and processing them quickly, safely, and efficiently. In fact, advanced gateways enable clients to pay easily even without a bank account or credit card. Top payment solutions help you organize and manage everything from proposals and contracts to invoices and payments on a single platform for a streamlined experience.

Things to Look for in Freelance Payment Solutions

Picking a payment solution or gateway that aligns with your freelance business model might seem daunting, given the many options available today. So, to make an informed selection, consider the following:

1. Ease

It should be easy to get started with the gateway or integrate it with your website. Request the provider for a demo before taking a call and find out what kind of technical support they offer in case of glitches or confusions down the line.

2. Safety

The best payment methods for freelancers use advanced encryption technologies and comply with PCI-DSS to keep cyberattacks at bay. So, choose a gateway that protects data related to both your and the client’s accounts as well as transactions.

3. Automation

Pick a payment solution that automatically sends invoices and payment reminders to clients when a job is done or when a due date gets close. This way, you won’t have to stress about outstanding payments or get into awkward conversations in case of delays. You will also be notified when a payment comes in.

4. Flexibility

Freelance payment solutions that accept multiple currencies eliminate your hassle of tracking exchange rates and committing calculation errors. Plus, you receive the payment in your base or home currency. Such gateways also allow clients to pay via credit or debit cards, electronic transfer, digital wallet, QR code, etc. So, not only do you get to grow your venture beyond geographical boundaries, but clients also enjoy flexibility and freedom.

5. Visibility

The payment solution should provide complete visibility into all the transactions, along with dates, client details, etc. This will help when you are calculating your total earnings, checking sources, doing your taxes, or applying for a loan and providing proof of your financial stability. If you outsource certain jobs to other vendors, you can track your outflow and profit as well.

Taste Success with Smart Payment Processing

To wrap up, automating and simplifying payment processing for freelancers is the key to earning client trust, making a good impression, and getting paid on time without running into security or efficiency issues. It is the key to thriving in an increasingly competitive gig economy and tackling your personal bills, scaling confidently, and improving client experience. Choosing reputed payment gateway providers like PayTabs also means low fees and reduced overall transaction cost. Through financial automation, you can save precious time and effort and channel the same towards your actual tasks for enhanced client satisfaction.

1 year ago
Multi-Currency Payment Gateway
Mohab Ecommerce 0

Multi-Currency Payment Gateway

In another couple of years, the ecommerce market in the Middle East is likely to reach an impressive worth of $50 billion. as per a recent report from Deloitte. This sharp growth is being driven by the increasing penetration of mobile devices, a noticeable spike in the number of tech-savvy, mostly millennial shoppers, and the convenience of buying anything from anywhere. Digital revolution is also helping online businesses to expand beyond geographical boundaries, reach customers in the remotest of places, and boost sales and revenue in an unprecedented way. However, multi-currency payment gateway integration is essential if you want international transactions to go smoothly and without any security bumps.

What you need is a gateway that helps you navigate currency-related intricacies and rules in various countries, so that customers can enjoy a seamless experience and you can receive payments on time. Multi-currency support in payment gateways makes life easy for customers who prefer to use their own currencies for payment and avoid the hassle of conversions. As a business, you benefit too, since you can streamline, track, and manage transactions with better efficiency and in less time, whether you are receiving payments from shoppers or paying international vendors. Now, let’s find out more about the processing of a multi-currency payment, some common roadblocks involved, and the how a payment gateway powered by advanced technology is changing the game.

Multi-Currency Payment Processing – What Really Happens?

Ensuring currency diversity for online businesses can arm global shoppers with much-needed flexibility and expand the base of customers significantly. However, you first need to know how the process works. Here is a quick overlook:

  • Order placement and currency exchange – When a shopper places an order in their chosen currency, your processor automatically converts the amount into the currency you use. This conversion occurs at the exchange rate.
  • Transparency – The total payment amount then pops up in front of the customer in their local currency, so they can complete the purchase without worrying about transparency, fluctuations in the exchange rate, and unexpected conversions fees.
  • Multi-currency transactions – Your payment processor then facilitates seamless multi-currency transactions by employing tools for managing the exchange rate. It enables you to set an exchange rate margin too.
  • Protection against exchange rate fluctuation – A fee is charged over and above the existing market exchange rate to protect you against fluctuating exchange rates and handle the cost of currency conversion.
  • Settlement of funds – Once currency conversion is complete, fund settlement happens in your base currency.

Executing a Multi-Currency Payment Step-By-Step

Growing your business with multi-currency capabilities requires you to understand every step involved in the payment process. This will give you a clear idea about the customer’s checkout experience and help you choose the ideal gateway for fast and glitch-free transactions. The steps outlined below also hold true if you are paying foreign suppliers, in which case, you will be the customer.

  1. Customer makes a purchase decision – The cycle is triggered when a customer decides to buy a particular product or service and checks if your site supports multi-currency payments.
  2. Customer selects a currency – They then peruse the different currency options on the payment page and select an international currency or their local one.
  3. Gateway shows the payment amount – Once the customer picks a currency, your gateway converts the product’s price into the said currency and displays it. The amount is determined by the existing exchange rate and includes fees charged by you or the payment processor.
  4. Customer checks payment breakdown – The shopper reviews the displayed amount and checks the fees levied for international transaction, currency conversion, etc.
  5. Customer selects payment mode – Post review, the customer chooses a payment method, be it wire transfer, credit card, digital wallet, etc.
  6. Customer provides financial details – In this step, the customer supplies all payment-related information, such as name on the card, billing address, card or account number, phone number, and so on.
  7. Gateway processes payment – Next, the multi-currency payment gateway integration accepts the data entered and processes the transaction in the currency chosen by the customer. The payment is approved and completed after your processor communicates with relevant card networks and financial institutions.
  8. Customer account is debited & merchant account is credited – After payment authorization, the customer gets a message that shows the transaction is complete. The necessary amount is deducted from the shopper’s account in their local currency and credited to your account after conversion to your base currency.
  9. Fund settlement happens – You can retain the received amount in the base currency or get it converted to your local currency. Remember that the time required for fund settlement depends on the amount in question and where the money is supposed to go.
  10. Payment confirmation reaches the client – Lastly, the customer receives a payment confirmation from your end, covering the transaction ID, details, and payment amount.

Challenges Facing Global Payments

Whether you accept payments in multiple currencies, make payments to globally situated suppliers, or have subsidiaries in diverse geographies, managing foreign exchange and currency can be time-consuming, tedious, and expensive. While overcoming challenges in global payment processing is possible with an automated and tech-powered gateway, you need to be aware of the key problems first:

  • Unpredictable conversion costs (currency conversion fees, bank charges, fluctuations in exchange rate)
  • Complicated operations (accounting adjustments, currency conversion, reconciliations) increase administrative effort and risk of mistakes
  • Currency-related risk for both customers and merchants (currency fluctuations and volatile exchange rates negatively affect cash flow)
  • Risk of cyberattacks due to gaps in the payment processor
  • Complex relationship with foreign banks (language barriers, difficult communication, time differences)
  • Slow processing speed due to greater scrutiny by multiple intermediaries along the payment chain
  • Limited number of currencies supported by some gateways
  • Varying international payment regulations in different regions
  • Difficulty in tracking international payments and poor visibility into the process

Benefits of Multi-Currency Payment Gateways

Payment Gateways powered by technological revolutions like artificial intelligence and machine learning can help you accept and make multi-currency payments efficiently, affordably, and with precision. You won’t need to maintain relationships with multiple banks in different countries. Instead, you can leverage automation to make the global payment system more streamlined, lower the risk of currency fluctuations, and obtain insights to improve your business’s profitability strategically. It can save you time, energy, and free up more resources for core business operations and ideation. Some of the other key advantages are detailed here:

  • Smooth Foreign Exchange Activities – You can rest assured that payments will be processed at the latest exchange rates and the risk of volatility will be managed effectively. In case you are paying foreign suppliers, you won’t need to worry about having enough money in your local bank account or rushing to purchase foreign currency if you want to place a large order suddenly. Leading payment gateways can fund a virtual account in your chosen currency, convert to the local currency, and carry out payments in an automated way. This way, you can maintain a healthy relationship with vendors and suppliers.
  • Automatic Invoicing – In case you sell subscription-based services in different currencies, an advanced payment gateway will create and send invoices in the currencies required, based on preset rules. This will save time and eliminate human errors related to currency conversion. Moreover, you won’t need to remember to send invoices on time or worry about customers forgetting to make recurring payments every month, quarter, or year.
  • Exchange Rate Locking – Some gateways allow customers to lock in a rate for a certain period of time, so any change can be prevented before the payment is done. This can build goodwill over time and encourage customers to make repeat purchases.
  • Currency Risk Management – The best-automated payment processors protect you against fluctuations in the exchange rate through special tools and hedge strategies. This way, you can maintain a positive cash flow even if currencies move unfavorably.
  • Easy Reconciliation – To simplify accounting and reconciliation, top payment gateways convert funds received in multiple currencies into the local currency you use as a merchant. This happens automatically and reduces manual effort.
  • Compliance – Regulations associated with international payments are different across geographies. Luckily though, payment gateways backed by automation can ensure compliance at every stage without manual intervention. They can alert you in case of any fraudulent activity, verify transaction details, and even generate insightful reports.
  • Hassle-free Integration – The best multi-currency gateways are easy to integrate with e-commerce platforms and enterprise resource planning systems. This makes it easy for foreign customers to execute payments in their local currencies without getting diverted from your site. It inspires confidence in shoppers and earns their trust.
  • Smart Tracking – Automated payment processors can track all transactions in real-time, providing updates to both merchants like you as well as customers. This speeds up the entire process and troubleshoots issues before they magnify. You can also identify ways to improve the checkout experience further and introduce more security measures if required.

In a Nutshell

So, now that you realize the many benefits of multi-currency payment gateway integration and how the process works in reality, are you ready to choose the right gateway for your online venture? Take out time to research the various options available, compare the services and charges of different providers, and go through testimonials of their past clients before taking a decision. Assess your business’s distinct needs and consider its size and type as well while making the choice. To scale internationally and thrive despite unpredictable currency movements and exchange rate volatilities, you need a powerful payment gateway like PayTabs that is fast, efficient, and absolutely secure. It will help you gain more control over transactions, comply with regulations in different countries, minimize or eliminate human errors, and take decisions driven by real data – everything that you need for a better bottom line.

1 year ago
the importance of e-commerce
Mohab Ecommerce 0

the importance of e-commerce

Who does not want to run a successful business without breaking the bank? And if this can be achieved by making the most of digital revolution, then there is nothing like it! That is probably the main reason why ecommerce continues to soar globally and why even large companies are opening their doors to this business model. The importance of ecommerce in the Middle East is probably evident in the fact that by 2025, the market is likely to be worth $50 billion. Supportive government initiatives, avant-garde technologies, and a rise in disposable earnings are some factors driving this growth.

According to forecasts done by Emarketer, the significance of ecommerce also lies in the fact that sales is all set to grow by leaps and bounds and possibly touch $2.5 trillion by the end of 2018. And that’s not all. A study conducted by Credit Suisse Research Institute, earlier in 2015, had predicted that total annual online retail sales could reach upto 3.5 trillion USD. With such positive outlook surrounding this business model, we decided to deep dive into the reasons why starting an ecommerce business makes so much sense.

Importance of Ecommerce for Better Business Growth

For starters e-commerce businesses can sell tangible and intangible products or services, and reach out to millions like never before. They can not only sell more this way, but also diversify more, enhance their brand image, widen the customer base, and take risks and cut losses.

  • Unlimited Reach: The global internet audience continues to grow (3.5 billion as per Plunkett Research) and thanks to the vast base of high speed internet, it’s much easier to offer your audience a range of products and services. And that makes ecommerce a natural winner. Whether you are planning to create a new company or expand an existing one, ecommerce can open up a world of opportunity. The significance of ecommerce in blurring geographical boundaries, earning in international currencies, and scaling without investing in physical stores, cannot be overlooked.
  • Location Indifferent: Unlike physical stores, ecommerce stores don’t require prime locations to be visible to their audience. The swanky high street corner spot does not matter anymore. All you need is a smart domain name, good product photos, and a selling platform to get up and running – and the world can be your audience. You can do better if you don’t underestimate the power of physical advertisement in places like subways or parks. Just employ advanced technology whenever possible. For instance, capitalize on social media platforms to forge deeper connections with your target audience, especially if they include millennials or Gen Z people. Connect through popular communication channels such as instant messaging apps and SMS while subtly pushing products and promotions.
  • Go with your Favourite: With e-commerce, you offer a wide array of options to customers, be it clothes, cookware or electronics. Naturally, the buyer feels more motivated to make a purchase, as he or she can surf different categories or items for hours and read reviews or research. You can even profit by catering to very specific kinds of customers or those with unique preferences and sell say diabetic baked goods, bird houses and feeders, 3D printed items, pet health trackers, or sci-fi equipment.
  • Don’t have to Break the Bank:The importance of ecommerce from a financial standpoint is that you don’t have to go bankrupt to start a business. Not a lot of investment is needed to set up ecommerce sites, more so if you are in the know about SEO tools and the concept of marketing automation. Once you master the art of ranking high on search engines and maintaining an engaging site, you will see website traffic rolling in easily. Just build good relationships with distributors, so that you can procure quality products.
  • Easy to Build Loyal User Base: It has been found that around 80% of the web population purchase from ecommerce sites now and then. There’s no reason for you to not make use of this staggering figure! An easily navigable and aesthetic website, great informative content and ample privacy and security measures can encourage customers to trust you. Understand the buyer journey and what kind of motivation is required at every stage, from awareness to consideration. Experiment with multiple content formats to generate awareness, build interest, drive conversion, and encourage shoppers to keep coming back for more. Keep making improvements to build a large loyal base.
  • Retargeting Customers Easier than in Physical Stores: Ecommerce businesses sure have more advantages than physical stores. For instance, the problem of abandoned carts can be addressed smartly with retargeting tools when you have an ecommerce site. Valuable, engaging and original content is yet another way to lure customers and inform about discounts or promotions. You also get to tap into social media platforms like Facebook or Twitter, by integrating your ecommerce site with them. Interesting and useful posts, offers and fun competitions can boost your social media image and enhance the traffic for your online store.
  • Ecommerce Offers a Personalized Experience: By setting up an ecommerce site, you can offer a more personal experience to shoppers than brick and mortar stores. Advanced technology, including AI and deep learning tools, can help you read and analyze customer behavior quickly and easily. This way, you will know what to offer whom. Potential buyers will get to enjoy benefits like prompt customer service, tracking of orders, rewards, personalized recommendations, newsletters and more.
  • Offers Ease of Shopping to Customers: Remember that the more convenient you make the shopping experience for your customers; the higher will be your sales. And what better way to do it than with ecommerce sites? On such sites, shoppers can place orders on busy weekdays, weekends, early mornings, late nights and holidays too. So, the importance of ecommerce also lies in the fact that the model offers tons of freedom and flexibility to shoppers, whether they are stuck at home, travelling, suffering from a disability, or too busy at work.

Time to Appreciate the Need and Importance of Ecommerce

Apart from all the benefits listed above, starting an ecommerce store can let you manage your time and resources as you wish, and build your brand in a more affordable way than the traditional route. Plus, trusted online payment gateway services like PayTabs can help you with hassle-free payment receipt, enable mobile payment, send invoices to customers, and make fund transfer a cakewalk. You will be able to monitor all transactions in one place, detect problem areas on time, identify opportunities, and take smarter decisions for improved profitability. So, what are you waiting for? Take your business online and see the difference!

FAQs

• What is the Importance of E-commerce Business?

The need and importance of ecommerce cannot be emphasized enough in today’s fast-paced world, as it helps businesses to expand the customer base fast, build better relationships by offering more flexibility and options to shoppers, earn from any part of the world, and grow even without setting up physical stores. Through ecommerce, businesses can also offer a customized experience to buyers, gain trust, drive more conversions, and draw them for repeat purchases.

• What Economic Factors Contribute to the Significance of Starting an Ecommerce Business in Today’s Market?

It is considerably cheaper to start an ecommerce business compared to a traditional brick-and-mortar venture, as you will just need a website and have to learn organic marketing tricks. Even paid social media marketing will cost you less than physical advertising. Moreover, millennials with higher disposable incomes are increasingly buying from e-stores these days. The cost of digital communication and transactions is also significantly less than in a physical setup. Storing and managing important data is cheaper in case of ecommerce too.

1 year ago
Payment Gateway APIs Integration
Mohab Growth Hacks 0

Payment Gateway APIs

Almost every organization has an online presence today, and payment gateways have become an essential part of online transactions. Payment gateways enable businesses to receive payments from their customers through various modes, including debit cards, credit cards, net banking, and mobile wallets. In other words, an API for payment gateway simplifies life for both merchants and shoppers by saving time and eliminating the hassle of carrying or handling cash, thereby minimizing inaccuracies and inefficiencies. As a developer, knowing about the top payment gateway APIs available to integrate into your web or mobile applications is crucial. In this article, we’ll discuss the top 5 payment gateway APIs that every developer must know.

What is Payment Gateway API?

Payment Gateway APIs are software interfaces that allow businesses and developers to accept online payments securely and efficiently. A payment gateway is a service that processes online payments and authorizes transactions between merchants and customers. Payment gateway APIs provide a set of protocols, tools, and guidelines that enable developers to integrate payment gateway services into their applications.

What Happens After Payment Gateway API Integration?

When a customer makes a payment through a payment gateway, the payment gateway API communicates with the payment processor to verify the payment details, authenticate the payment card, and approve or decline the transaction. The payment processor then sends a response back to the payment gateway, which is, in turn, communicated to the merchant or application. Seamless payment gateway integration with API ensures that all of these steps happen in just seconds, so that checkout is quick and the customer experience is as smooth as possible.

Importance of API Payment Gateways

Payment gateway APIs are essential for businesses that want to accept payments online as they provide a secure and efficient way to process payments. Payment gateway APIs typically offer features like fraud detection, recurring billing, invoicing, and dispute resolution to ensure that transactions are processed smoothly and securely.

Payment Gateway APIs also support various payment methods like credit and debit cards and alternative payment methods such as e-wallets, mobile payments, and bank transfers. This offers ample flexibility to shoppers, enhancing their overall journey, earning their confidence, and motivating them to make repeat purchases in the future. Using API for payment gateways also enables businesses to accept payments in multiple currencies from customers worldwide. This promotes growth beyond borders, strengthens the brand image and value, augments the customer base, and boosts sales and revenue.

Top 5 Payment Gateway APIs

PayTabs API

PayTabs is a popular online payment gateway in the Middle East, North Africa, and Southeast Asia. PayTabs API enables developers to accept payments through various modes like debit and credit cards, as well as alternative payment methods like Apple Pay, Google Pay, and Samsung Pay. It also provides features like recurring payments, invoicing, fraud detection, and dispute resolution.

PayTabs API is available in various programming languages like PHP, Ruby, Python, and .NET, making it easy for developers to integrate into their web and mobile applications. It also provides SDKs for Android and iOS platforms, making it easier for developers to integrate PayTabs into their mobile applications.

PayTabs is an API payment gateway that offers various payment options, including Visa, Mastercard, American Express, and Discover. It also supports local payment options in multiple countries, like Mada in Saudi Arabia, Qiwi in Russia, and FPX in Malaysia. It provides a user-friendly dashboard to manage payments, refunds, chargebacks, and transactions. The dashboard also provides detailed analytics and reports, so you can closely monitor your business’s payment activity, detect any gaps or lapses, identify areas of opportunities, and take informed decisions to improve the bottom line.

PayPal API

PayPal is one of the most popular payment gateways globally, with over 300 million active users. PayPal API enables developers to accept payments globally through various payment modes, including debit/credit cards and PayPal balances. It offers additional features like fraud management, dispute resolution, and recurring payments. This promotes greater transparency between the merchant and customers and provides essential support to businesses that operate subscription-based models. Developers can integrate PayPal API with web and mobile applications using various programming languages like Java, .NET, and PHP.

Stripe API

This popular payment gateway is used by many companies globally. Stripe API enables developers to accept payments through various modes like debit cards, credit cards, and mobile wallets. It also provides features like subscription management, recurring payments, and fraud detection. Developers can integrate Stripe API with web and mobile applications using various programming languages like Ruby, Python, and PHP.

Braintree API

This is a popular payment gateway acquired by PayPal. Braintree API for payment gateway enables developers to accept payments globally through various payment modes, including e-wallets and debit or credit cards. Braintree also provides features like recurring payments, fraud detection, and dispute resolution. Developers can integrate it with both mobile and web applications using different programming languages like PHP, Ruby, and Python.

Amazon Pay API

Amazon Pay is an API payment gateway used by businesses globally. Amazon Pay API enables one to accept payments via debit cards, credit cards, Amazon Pay balance, and other options. It facilitates secure and glitch-free transactions through features like fraud detection and dispute resolution. This way, customers know that their hard-earned money and sensitive financial information will stay safe, while merchants know they will receive their dues on time. Developers can integrate it with both web and mobile applications using programming languages such as Java, PHP, and .NET.

Conclusion

Payment Gateway APIs provide an essential service that enables businesses to securely and efficiently process online payments. Payment gateway APIs offer a wide range of features and support for various payment methods, making it easy for companies to accept payments from customers around the world and scale beyond geographical borders.

PayTabs is a leading payment gateway API that provides businesses in the Middle East, Southeast Asia, and North Africa with a user-friendly and secure platform to accept online payments. With features like recurring billing, invoicing, and fraud detection, PayTabs API enables businesses to streamline their payment processes and improve their customers’ payment experience. By leveraging PayTabs API, developers can easily integrate payment gateway services into their applications and offer a seamless payment experience to their customers in these regions. At the same time, business owners can track all transactions and business performance on a single dashboard and strategize better for a more profitable future.

FAQs

• How does a Payment Gateway API work?

An API payment gateway facilitates the process of online purchase on a mobile application or website. It connects your business’s checkout system with the payment gateway. In other words, the payment gateway API captures details like card number, amount to be paid, mode of payment, currency being used, etc. to authorize money movement from the customer to you. Next, the API sends the payment request to the relevant processor. Once the transaction is successfully completed, you will be intimated by the payment gateway and the customer will receive an order confirmation.

• How can Businesses Integrate Payment Gateway APIs into their Websites?

The integration process requires businesses to incorporate the relevant software development kit (SDK) and code / protocol and then configure the API settings. After onboarding merchants, top payment gateways offer detailed tutorial and documentation on authentication methods, endpoints, and other details, along with sample codes, so that developers can go about the task of integration easily. Technical support and troubleshooting services are provided later as well to ensure a smooth transition and seamless everyday operation for the business.

1 year ago
PayTabs Collaborates with Tabby
Mohab Partners & Partnerships 0

PayTabs Collaborates with Tabby

The Middle East has been witnessing a sharp growth in its ecommerce space recently, owing to multiple factors. For one, smartphone penetration, which was pegged at 97% in 2019 as per a Deloitte survey, has only improved with time. Moreover, millennials are increasingly going online to shop for everything from groceries and gadgets to clothes and jewelry. In fact, sectors like fashion, appliances, furniture, and electronics are doing exceptionally well in the world of ecommerce. The recent health crisis also turned the spotlight on the convenience and flexibility of digital transactions. So, it really doesn’t come as a surprise that by this year’s end, UAE’s total ecommerce revenue is expected to cross $10 billion. In fact, globally, UAE is the 27th largest ecommerce market today, closely followed by Saudi Arabia at the 28th position.

And now, to further disrupt the ecommerce space and introduce both merchants and customers to exciting possibilities, fintech leaders like PayTabs and Tabby have joined hands. The intent is to enhance the shopping experience while helping businesses grow, expand, and reap more profits. So, let’s decode what’s in store.

A Closer Look at the Fintech Giants

Tabby

Since its inception in 2019, Tabby has quickly emerged as the go-to app for financial services and shopping in the MENA region. Its key aim is to help customers buy what they want without compromising their financial stability, and in fact, saving wherever possible.

  • Till date, over 30,000 businesses, both big and small, have leveraged the app to offer shoppers flexible payment options online and in stores.
  • Top brands such as IKEA, Adidas, H&M, SHEIN, and Bloomingdale’s have managed to boost sales and improve customer loyalty through Tabby.
  • Across Saudi Arabia, UAE, Kuwait, Bahrain, and Qatar, more than 10 million registered shoppers are making the most of this app.
  • Tabby is valued at $660 million currently, based on the most recent round of funding received from Sequoia Capital, PayPal Ventures, Endeavor Catalyst, Arbor Ventures, and others.

PayTabs

PayTabs is an award-winning provider of innovative financial services. As a business owner, if you want to create or strengthen your digital identity and stay competitive, capitalize on PayTabs’ payment solutions.

  • You can receive payments safely and efficiently from any part of the world and on time. You can reach out to new geographies and accept multiple currencies as well.
  • PayTabs’ unified payment processing orchestration system has been helping industries like hospitality, travel, education, and government, to revolutionize transactions.
  • You can choose from a wide array of solutions, including point-of-sale management, 3D secure payments, social media payments, prepaid card management, B2B payments, and more.
  • With PayTabs, you get a powerful payment gateway and can easily handle dashboards, integrations, digital invoicing, QR codes, recurrent billing, etc.
  • The payments leader has carved a special niche not only in Saudi Arabia and UAE, but also Jordan, Egypt, and Turkey.

The Partnership Will Benefit Merchants Immensely

The PayTabs and Tabby collaboration will allow online businesses in UAE and Saudi Arabia to offer more flexibility and choice to customers. Tabby already has a split payment solution in place that allows shoppers to enjoy a Buy Now Pay Later (BNPL) model. Customers can divide the entire bill into four components and pay them off one by one over a comfortable period of time. So, when merchants who are already using PayTabs get started with Tabby, the latter will show up as one of the payment options when it’s time for a shopper to check out.

By embracing Tabby, businesses can attract more traffic to their site and encourage even casual visitors to convert into paying customers. Total purchase value will also increase for most customers as they won’t feel pressured to pay for it all in one go. By integrating the PayTabs gateway with Tabby, merchants can also reach out to those who are usually on a tight budget yet aspire to own top-quality or branded products. This will boost revenue and improve the bottom line. Payment flexibility will also enhance the brand’s image, earn the customer’s confidence, and build loyalty in the long run.

Customer Experience Will Improve Too

Since Tabby’s split payment system doesn’t require customers to bear any extra interest or fee on the installments, they have the freedom to shop without stress. It will be easier for customers to manage their monthly budget and control one-time expenses too. Another key advantage of using Tabby while checking out is that even shoppers with modest incomes can purchase premium or limited-edition items without draining their savings or compromising on essential expenses.

The Ecommerce Future Looks Bright

PayTabs and Tabby’s partnership brings good news to both online merchants and customers in UAE and Saudi Arabia. Businesses can build or improve their reputation, forge better bonds with customers, get more orders, and expand their customer base. On the other hand, shoppers can enjoy more flexibility, freedom, and even financial security. Middle East’s ecommerce landscape awaits a future full of potential.

1 year ago