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Selecting the Ideal E-Commerce Payment Gateway for Your Business

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
Payment Orchestration Transaction Processes
Mohab Payment Orchestration 0

Payment Orchestration Transaction Processes
The term payment orchestration has been doing the rounds in Middle East’s ecommerce landscape for some time now. So, what is it? Much like the orchestra you are familiar with, where a large group of musicians come together to play a variety of instruments, led by a conductor. A payment orchestration platform enhances the overall payment experience for your customers while minimizing costs and improving efficiency. It involves the management and coordination of multiple payment methods, services, gateways, service providers, networks, and processors in an automated and systematic manner. This ensures the security and seamlessness of every transaction.

Read on to know more about why modern merchants like you need payment orchestration for transaction processes, how to choose the right platform for your venture, and the things you need to keep in mind while offering orchestration services to customers.

Why Embrace Payment Orchestration?

By next year, Middle East’s ecommerce sector is expected to reach an impressive market volume of USD 50 billion. Most businesses, whether they are established or new, are joining the digital bandwagon to reach a larger base of target audience, especially millennials and Gen Z customers. So, to stay competitive, you not only need an attractive and easy-to-navigate online store as well as quality products, but also a smooth checkout process. The kind of last mile delivery you offer customers can make or break your brand. So, not only do you need to offer customers various payment options, you must make sure that all transactions happen fast and no sensitive data gets compromised.

Payment optimization through orchestration can help you with exactly that and more. It can route every payment request via the best possible channel, so that the chance of failure or non-acceptance is minimal. Moreover, if you intend to foray into new markets or geographies or you are already an international player, payment orchestration can help you align with regional regulations and distinct customer preferences. An orchestration platform can handle large transaction volumes too. So, how to pick one from the myriad options available out there?

How to Select the Ideal Payment Orchestration Platform?

Here is what you need to keep in mind while picking a platform to suit your business’s needs and goals.

• Conduct a Proper Assessment

Before choosing a payment orchestration or transaction management platform, check which payment channels and methods it supports. Channels might include in-store, online, and mobile, while methods might include digital wallets, debit and credit cards, internet banking, and alternative payment modes. Make sure there are plenty of options, to cater to different demographics and regions. The platform should also offer a smooth onboarding process for merchants like you.

• Focus on Security and Scalability

The payment orchestration platform must satisfy the latest security standards and comply with both local and international regulations, depending on where you want to grow your business. It should be able to detect and prevent different kinds of frauds and alert you about the same. The platform should be flexible enough to align with new market trends and scalable as well. Find out if it has ample options for customization and enhancements.

• Check Integration Capabilities

The platform should be easy to integrate with your ecommerce website, mobile application, other software solutions, and point of sale. You should be able to connect with multiple online payment gateways, service providers, processors, and so on. Proper payment integration will help you provide a glitch-free experience to customers anywhere in the world.

• Assess Currency Support

If you plan to expand your business in other countries, find out if the orchestration platform supports payments in multiple currencies. Since customers anywhere prefer to make payments in their local currencies, giving them that option will win you trust and brownie points. There should be an efficient currency exchange system in place too, and the platform should be compliant with local laws.

• Find Out About Analytics Capabilities

While choosing a platform for orchestrated payment processing, check if they offer in-depth analytics reports on your payment ecosystem. Various tools and dashboards should be available to help you review transactions, cash flow, revenue, etc. Using data intelligently can help you obtain valuable insights, spot inefficiencies or gaps in the current payment system, make improvements wherever possible, and take more strategic decisions in the future.

• Look into Reliability and Reputation

Go through reviews and testimonials to understand the dependability and robustness of the orchestration platform. Talk to other businesses that use the platform, if possible. Also enquire about the customer support they provide, if their team is easily reachable during a crisis, and if they offer training sessions.

• Go for a Trial

Before getting onboard with payment orchestration for transaction processes, it is important to examine the features and functionalities of an orchestration platform before taking a decision. So, request for a trial or demo run to see how the platform would perform in the real world. Watch out for downtime, since you might lose potential customers if the platform is not available or operational for long or frequently.

• Consider the Pricing Model

Ask if the platform provider will be charging you a percentage of the total transaction volume or a fixed fee. Keep your business model in mind and how you expect your transaction volume to increase while gauging the aptness of the pricing structure.

• Check Terms and Conditions

Before signing the dotted line on the contract, check the fine print carefully and go through cancellation policies and fees. The contract should also mention what happens in case your business model or goals change or if the provider fails to deliver as promised.

Get Ready to Transform Transaction Processes

Now that you know why a payment orchestration platform is important and how to select one that aligns with your business, get started with some thorough research. Take your time to go through provider websites to understand their offerings, rate structures, benefits, and more. Shortlist and talk to them to discuss your specific needs and objectives. Compare both in terms of services and costs to arrive at an informed decision. The right platform can augment transaction efficiency and take your customer’s experience to a whole new level, thereby boosting your brand value, presence, and bottom line.

1 year ago