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What are the benefits of working with a payment processor?

What are the benefits of working with a payment processor?
Mohab Growth Hacks 0

What are the benefits of working with a payment processor?

Reliable and foolproof payment processing is of utmost importance for any online business. While an online business can choose to have its own payment processing system installed, it is generally advisable to collaborate with a specialized payment processing service providers. Such collaboration brings several benefits such as dedicated services and access to latest technologies. So here are some of the pointers to let you decide whether you should go on your own or should work with a payment processor.

What is Payment Gateway or Processor?

First off, you need to be clear about the comprehensive definition of payment gateway or payment processor. These are the service providers which enable businesses and organizations to process online transactions made through debit or credit cards. Payment processors are able to support the payments made using website or apps. While choosing a pp service provider, you should ensure that they accept wide range of cards to let you expand your business without any hassle.

Payment processors may provide additional services such as carrying out validity checks and encryption of transaction details. These service providers may further ensure that the payments are sent to the correction destination and the responses are appropriately decrypted.

Why Work with a Payment Processor

Security: Since online payments require transfer of highly sensitive data, it is important that the security of such data is ensured. In the absence of any such securities, the clients may not be willing to share their details, leading to revenue loss for the business. Payment processors are dedicated service providers and hence invest in providing state of the art technological solutions to ensure the safety and security of the data. Overall, collaborating with payment processors can help you make your business more user friendly and secure.

Wider Payment Options: with the help of a pp, you can offer larger number of payment options to your customer, which will then lead to higher potential revenue for your business. Typically, payment processors support payments made through online banking, debit cards and credit cards. They may also extend their services to the use of online wallets. Through this service, a business may design a payment mix to ensure that it is able to provide different options to its clients. A business can widen its customer base by letting the clients make the payments the way they are most comfortable.

Flexibility: Collaborating with a pp lets you scale your business in an efficient manner. As payment options are changing rapidly, it is important that your business is able to change itself accordingly. Dedicated payment processors are in a position to provide latest services and technologies to aid the process of online payment.  With the help of these service providers, a business can offer cutting-edge payment solutions to its clients without incurring formidable transformation costs. While some processors may be directed towards certain specific business forms such as startups, still they are able to grow their services in a prompt manner.

Payment System Integration: Business organizations employ a large number of systems for their smooth operations. It is important that these systems are properly aggregated to ensure that there is smooth flow of information throughout the organization. Similar is the case of a payment system where it is optimal to integrate with other systems running in the organization. Payment processors offer integration services so that their clients are able to draw synergies in their operations and are able to economize.

Better Analytics: Working with a pp offers a business access to larger amount of data, which in turn helps in better analysis. Such collaborations are highly conducive for analytics purposes. Payment processors also tend to provide state of the art tools designed for analytics. With the help of these tools, businesses can analyze big data and determine trends to better forecast the future. Such analytics are helpful in several ways including for the purpose of planning and controlling. Analytics also aid the process of innovation by providing useful information.

Overall, it can be concluded that working with a pp is an ideal option for small and medium scale businesses. Large business may have enough internal resources to set up their own online payment system, however, even such businesses may be better served with collaboration.

5 years ago
7 Ecommerce Tips for New Entrepreneurs
Mohab Growth Hacks 0

7 Ecommerce Tips for New Entrepreneurs

E-commerce occupies a primary position in today’s economy. Every new business is now required to have online presence to ensure its overall growth and survival. E-commerce landscape is highly dynamic and is continuously evolving. In order to make your business more efficient and productive, here are some tips for a new entrepreneur regarding eCommerce.

  • Deliberate Before Going Live: one of the biggest mistakes committed by new entrepreneurs is to launch half-baked products and services. While online business world follows the practice Minimum Viable Product, it is still advisable for new businesses to endeavor to perfect their products before launching them online. Such precautions should be undertaken with regard to the product as well as with regard to the infrastructure required for online launch. Before making your website live, you should ensure that your domain name, outbound links and SEO are all in the right place.
  • Integrate your Marketing Efforts: as eCommerce is fast evolving, the marketing tools are also changing at a fast pace. In such environment, it is therefore important that the marketing mix is designed in such a way that frequent changes may be incorporated seamlessly. E-commerce generally uses email blasts, newsletters and social media. It is imperative that these promotional media are used in an intertwined fashion. New entrepreneur can use these media to cross target their markets and draw synergies.
  • Use Funnel Approach: in simple words, funnel approach implies that you need to be aware of the path taken by your target customers to eventually buy your product or service. The various facets involved in the process of funnel approach is to retain customers and upselling. Further, entrepreneurs may also use subscription based models and cross selling approaches under this framework. There are various tools available for this purpose such as plugins which may be easily integrated with your website to achieve desired results.
  • Keep Your Systems Flexible: it is important that the infrastructure used for running your eCommerce venture is flexible and is able to accommodate your growing business. The backend system should be designed in such a way that it expands with your endeavor. While selecting various elements such as server capacity, you should keep in mind not only the present requirements but also future potential. In case of eCommerce, later upgrades in the system may prove to be prohibitively expensive and tedious. Therefore, it is advisable to anticipate the future requirements and incorporate them into the infrastructure in the beginning stage, thus minimizing the need for later additions.
  • Go Social, Go Mobile: proper use of social media can work wonders for your online business. With a number of platforms available, it is important to ensure that your social media mix offers you synergies, without causing any duplication of efforts and resources. The use of social media not only allows you to provide latest information to your clients but also to keep track of their changing preferences. Further, one of the most important trends is to use mobile access. More and more people are using eCommerce through their phones and tablets. In order to fully harness the power of mobile eCommerce, it is important that you optimize the mobile rendering of your website. Alternatively, you can opt for designing a dedicated app for mobile devices. In order to future proof your eCommerce venture, it is essential that you pay proper attention to mobile segment.
  • Pay Attention to Analytics: as eCommerce changes at a fast pace, the businesses are required to keep pace with them. This can be done by using various analytical tools which are helpful in gathering data. Such data is then analyzed to find trends and predict future patterns. The important data required for such purpose is the number of visitors to the website, the conversion rate and loading time. Such data is then analyzed and the strategies are designed accordingly. In order to design robust marketing and other plans, the use of analytics cannot be overemphasized.

The above given pointers offer simple and fast way to optimize your eCommerce business. It is essential that an entrepreneur ensures that they are constantly evolving to keep their eCommerce ventures relevant and effective.

5 years ago
Payment security lingo: What’s point-to-point Encryption
Mohab Growth Hacks 0

Payment security lingo: What’s point-to-point Encryption

One of the biggest threats to online security comes from data breaches. Such breaches have now become mainstream and it is now very important for the companies to save their data from such infringement. There are several new technologies and tools available for securing the data belonging to the business and its clients.   One such important tool is Point to Point encryption or P2P encryption, as it is popularly known. It is especially important for businesses which accept online payments through different modes including debit cards and credit cards.

What is P2P encryption?

P2P encryption refers to a standard established by the PCI Security Standards Council. The main aim of this standard is to ensure that confidential data pertaining to debit and credit cards are instantaneously into unbreakable codes. Such coding is important to ensure that the data is protected against fraud and hacking. The standard is designed to provide optimal security of payment process and data for online card transactions.

The P2P encryption Standard enumerates the requirements to be fulfilled by an online payment solution to qualify as a PCI validated P2PE solution. These requirements pertain to a complete set of software, hardware, decryption, gateway and device handling etc. The final decision in this regard rests with P2PE Qualified Security Assessors, who are independent third party entities with requisite qualifications to make such assessment. It is important to note that only ‘solutions’ may be validated and not individual units of hardware. If a payment solution does not meet the requirements for being validated as P2PE solution but offers similar type of encryption then it may be accredited at End to End Encryption Solution.

How Does it Work?

P2P encryption works using a number of secure applications, devices and other related processes. Whenever a business swipes a debit or a credit card, it initiates an interconnected series of actions. The point of interaction device, which is used for swiping the card, encrypts the information immediately. If the device is PCI validates then it uses an algorithm for the purpose of encryption. These encrypted codes are then sent to the payment processor or payment gateway, which decode the information. The main requirements for setting up a PCI P2P encryption system include the secure management of encryption devices as well as decryption devices and the proper upkeep of decryption environment.

It should be noted that coding and decoding keys are not provided to the merchants. They are given a unique token number to identify particular transactions so that they can keep proper records and issue refunds as and when required. However, merchants stand to gain a lot from this process. They are assured of the safety and security of their transactions. Their business is protected against card frauds, which in many cases lead to heavy financial loss. The merchants are also able to improve their turnover by assuring the customers about the safety of their data and payments.

P2P Encryption vs. End to End Encryption

For P2P encryption, there are certain features which are unique to this protocol. The solution offers hardware to hardware coding and decoding where POI device comes with Secure Reading and Exchange of Data function. The solution is also required to be validated for the PCI P2PE Standard. For this purpose, the solution should fulfill the requirements such as temper evident packaging, shipping and installation. Such solutions also come with instructional manual to guide merchants about device use and storage.

End to End encryption, on the other hand, does not unencrypt the card details between the two terminals. It secures the data provided the endpoints are offered by PCI accredited organizations.

The Benefits

P2P encryption is important for the development of ecommerce and online businesses. Many customers are not inclined to make online transactions due to the fear of data breach and financial losses. By providing P2P encryption, the businesses can assure their clients that their financial data will be secure. This can help in increasing the revenue for the business, adding to the bottom line. All leading payment processors now offer P2P encryption to ensure smooth and safe transactions.

5 years ago
PayTabs Collaborates with UrbanPiper for seamless online restaurant operations
Mohab Partners & Partnerships 0

PayTabs Collaborates with UrbanPiper for seamless online restaurant operations

PayTabs is a leading payment processing company in the Gulf region. The service provider constantly endeavors to fortify its service suite to provide best in class solutions to its clients. Its collaboration with Bangalore-based UrbanPiper is another step in this direction.

The Tie-up

The tie-up between PayTabs and UrbanPiper aims to help clients automate the online operations of their restaurant. Through this collaboration, PayTabs will empower online restaurants to facilitate seamless payments from customers. The partnership will ensure that casual restaurants, cafes, fast food outlets and fine dining restaurants are able to unlock their full potential by making their menus and services available for online ordering and payment. The tools provided by UrbanPiper and PayTabs will ensure that restaurants will be able to benefit from safe and secure payments, track payment history and enable the convenience of multiple alternative methods for customers.

About Urban Piper

The features provided by UrbanPiper ensure that you diversify your business using different aggregators but maintain proper control over them from one location. Another unique feature of UrbanPiper is its centralized catalogue management service. With this feature, you can avoid the hassle of visiting each partner portal for updating your stock and offerings. The integration layer provided by UrbanPiper ensures that you can carry out this task with just one click. The service suite also offers Introspect which is a data analytics tool. This feature is designed to let users carry out their reconciliation in an easy and efficient manner. The centralized tool ensures that you get a comprehensive view of your entire online business, thus achieving the efficiency and speed you need.

If your restaurant business is in upswing and you feel the need to run your own portal then UrbanPiper comes to your rescue. The service suite allows you to set up your own shop easily and you are not required to have any coding expertise for this purpose. With the help of this tool, your customers can place direct orders using your website or app, without requiring the assistance of any third party. There are also many ERP solutions integrated in the suite to let you run your business seamlessly.

Urban Piper can help in increasing the reach of your restaurant business. It has over 7,500 active locations in India and the Middle East. Some of the top brands associated with UrbanPiper are Papa Murphy, McDonalds, Tablez and Americana. Its HUB tool lets the businesses collaborate with their aggregators in a smooth manner. Whether you are working with Zomato or with Swiggy or any other 3rd party channel, you can integrate them in your restaurant Point of Sales system with the help of UrbanPiper tools. It can help you economize as your employees now are not required to manage multiple systems.

UrbanPiper offers an efficient operating system which ensures that you do not miss any order or manual pushing. This system can also help you in efficiently handling multiple tabs. You can also improve your efficiency by broadcasting timely updates. The inventory control feature of the suite allows you to improve your operations by minimizing the possibility of cancellations by better managing the inventory.

The use of UrbanPiper lets you enhance customer value by better managing your menu. You can publish different categories in your menu to make it more user friendly. Further, you can also add taxes, items and charges separately so that your customers can exactly know what they are going to pay. The service suite also lets you carry out quick deployment as UrbanPiper has exclusive tie-ups with several top aggregators such as UberEats, Foodpanda and Swiggy. The suite provides regular updates about new features added to the system so that your business can use these services in a timely manner.

Apart from these features, UrbanPiper also has a robust infrastructure. The service provides 99.95% uptime, so that your business remains online and does not suffer outages. Even in the case of very rare outage, UrbanPiper ensures that you are constantly informed about the progress with regard to the recovery.

About PayTabs

PayTabs is an award-winning, B2B payments solution provider. Having processed the first live payment gateway transaction in June 2014, today the company processes transactions in 168 currencies, safely and securely. Using a tool known as API plugins, PayTabs facilitates seamless integration for merchants across 49 industries to ‘plug and play’ features on to their websites. PayTabs prides itself on offering electronic invoicing services for entrepreneurs and businesses enabling them to save time and enjoy added convenience with paperless invoicing. PayTabs’ vision is to be global in outlook but next door in service, whereby payment products can be customized via different business models to suit start-ups, small and medium organizations, and enterprise needs. PayTabs has dedicated offices in the GCC, especially the UAE & Saudi Arabia and presence in many other locales including Egypt, India & the Philippines.

5 years ago
Powering payments and optimizing delivery solutions for better eCommerce
Mohab Partners & Partnerships 0

Powering payments and optimizing delivery solutions for better eCommerce

PayTabs and Jungleworks collaborate to integrate payment solutions and delivery management services to provide online businesses with a seamless checkout experience

The Tie Up

As part of the strategic collaboration, businesses will be able to integrate the Tookan app with PayTabs to make mobile and online payments effectively and efficiently in 168 currencies. Online stores that have benefited from Jungleworks’ Tookan app and enjoyed services such as automated dispatch and delivery, will now also be able to benefit from seamless global payment processing with PayTabs. The Tookan app benefits web stores and merchants as they can have their pickups and deliveries auto assigned to their nearest delivery agents as soon as the order is ready for dispatch and these merchants will now also be offered a one-stop shop to manage their online payments safely and securely. PayTabs will also offer merchants a complimentary business manager dashboard to help manage transaction data and history. These advantages will thus make it seamless for e-tailers and online stores to manage both the payment and delivery expectations of their end consumers thus providing them a smooth and hassle-free service.

About Tookan

Tookan is a leading logistics service provider and offers its services to a large variety of businesses. It provides automated dispatch and delivery system, where the pickups and deliveries are auto assigned to the nearest delivery agents. Such auto allocation of resources is done as soon as the order is prepared, offering efficiency to the business operations. Its portfolio of tracking and route optimization services allows you to monitor your workforce in real time by using its delivery tracking system. You can also plan ahead for your upcoming delivery requirements with the help of delivery services management tools.

Tookan boasts of a comprehensive portfolio of delivery related services. Its tool kit features  centralized dispatch dashboard, allowing you to keep a watch over all the functions from one single place. With the help of its automation tools, you can assign task and schedules as per your requirements. Further, the process of dispatching and managing the orders may also be automated, leading to conservation of resources.

However, the execution of tasks and management of resources is only half the story. Tookan further ups the ante by offering robust analytics services. Its various tools allow you to analyze data and prepare reports for control purpose. The analysis may be carried out for finding trends and deviations from set standards. Further, these reports are also useful optimizing performance of drivers and their vehicles.

Tookan provides a service app which may be used by field agents to render their services in the most efficient manner. The task notification feature on the app can be customized to provide operational alerts, so that field agents are always aware of the task lineup. It also lets agents communicate directly with dispatch, managers and customers. The service is especially helpful to offer complete check over the quality of service.

Tookan helps businesses by letting them design optimal navigation systems for serving multiple destinations. The customers are assured of the best services as Tookan enables delivery agents to scan barcodes and add notes. They can also add images and digital signatures as proof of delivery. Give better peace of mind to your clients by ensuring that the goods are delivered to right people and the right place. Tookan also offers several extensions to let you customize the app mix to best suit your requirements.

About PayTabs

PayTabs is an award-winning, B2B payments solution provider. Having processed the first live payment gateway transaction in June 2014, today the company processes transactions in 168 currencies, safely and securely. Using a tool known as API plugins, PayTabs facilitates seamless integration for merchants across 49 industries to ‘plug and play’ features on to their websites. PayTabs prides itself on offering electronic invoicing services for entrepreneurs and businesses enabling them to save time and enjoy added convenience with paperless invoicing. PayTabs’ vision is to be global in outlook but next door in service, whereby payment products can be customized via different business models to suit start-ups, small and medium organizations, and enterprise needs. PayTabs has dedicated offices in the GCC, especially the UAE & Saudi Arabia and presence in many other locales including Egypt, India & the Philippines.

5 years ago