#1 on Forbes Middle East Fintech 20 (2019)
September, 2019: PayTabs recognized as #1 on the top 20 Fintech Startups in 2019 by Forbes Middle East.
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Ain’t No Mountain High Enough
Thanks to the fact that the fintech industry is still in its early phase of development in the Middle East, it seems to be a given that the companies that make up the industry are those of modest beginnings and spectacular growth thereafter. Yet, investing in this sector of the economy in the region remains to be a risky proposition for a variety of factors, not least of which is the fact that, relative to other parts of the world, the surrounding infrastructure here requires further development and better integration with the financial markets. It would be understandable, therefore, for investment to gravitate toward other industries. But there’s a catch.
Easier and lower-risk investment opportunities may appear to exist outside of the nascent fintech industry, but such “easy” investment opportunities tend to attract the biggest numbers of attempts, which means that only be so many people who can succeed using the same hackneyed formula. That way, some people — scratch that: lots of people — are bound to find out that their returns are ever diminishing and that their resources are ill spent. To make it in the market, therefore, one must learn to ride the wave of constant change that markets so often experience and must learn to take calculated risks to capitalize on the market’s shifting tides.
If we look at the trends in the markets regionally and globally, one thing is as clear as day: fintech’s tide is ever-rising. The surrounding environment of a fintech startup is arguably just as important as the vision and strategy of the entrepreneur. Today, on the other hand, we find that establishing such an environment is written into the government’s long-term strategy. Consider how Saudi Arabia’s forward-looking Vision 2030 explicitly concerned with creating “incentives to foster use of cashless payment solutions,” for instance. As a result of that vision, the Saudi Arabian Monetary Authority has commissioned the giant financial firm Deloitte to oversee the process of turning Riyadh into a bustling fintech city. Relatedly, the economic vision has also resulted in the creation of a consortium of Saudi fintech startups to national banks to international technology powerhouses, all under the banner of “Saudi fintech.”
Saudi Arabia’s initiative, which was announced roughly a year ago, is now working on jumpstarts the fintech scene in the region’s biggest and most important economy. The rapid change and progress it’s experiencing are making host of advantages available to newcomers of tomorrow – not least of which is the fact that they have allies in the policymakers at the highest echelons of government.
The opportunities are there for the taking.
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Let PayPage Simplify your Business
Let PayPage Simplify your Business
Invoicing is an important yet often neglected function of any business. It may not be as glamorous as marketing, but efficient invoicing not only helps in retaining your clients but may also provide valuable data for analytical purposes. A clear yet concise invoice provides transparency and aids in creating better rapport between the merchant and the client. So, revamp your invoicing style and increase the efficiency of your business with PayPage.
PayPage brings you a host of features which not only optimize your business operations but provide superior services to your clients as well. We can help you overhaul your invoicing operations, saving you time and money, while our detailed reports will offer food for thought when you prepare your future plans. Here are some of the top reasons why you should shake hands with PayPage and take your business to a whole new level.
- Integration: Instead of having an invoice system which is all over the place, PayPage lets you consolidate all your invoicing operations. It offers you a single dashboard which provides you a place to have a bird’s eye view. You can manage all your customers from this dashboard, saving you time, energy and money. The single dashboard also makes it easier for you to track all your invoice related activities and follow them up accordingly.
- Increase in Efficiency: PayPage allows you to simplify your invoicing processes. Whether it is the matter of sending recurring invoices to your customers or sending multiple invoices of the same kind to different clients, PayPage can help you in carrying out these tasks in a much more efficient manner. With us, you can track your payments to exercise better control over your receivables management system. Further, you can also set up recurring invoice process so that you do not have to undergo the hassle of sending repeated invoices.
- Faster Turnaround Time: Receivable management is an important function in an organization as it ensures that you are getting dues paid in a prompt and scheduled manner and that your resources are not unnecessarily tied up. PayPage helps you in receiving your payments faster as now you don’t have to waste your time doing everything manually. It lets you use online payment options which further reduce the float time, helping you realize your payments faster.
- Safer and Secure: In today’s world of spamming and phishing, it is not enough to have a fast payment system; you need to ensure that the system is secure too. It is vital that proper steps are taken so that the sensitive data belonging to your business and your clients is kept away from the prying eyes of hackers. PayPage uses advanced technologies to provide you with a payment system that you can rely upon.
To know more about our services, just get in touch with our representatives who will be happy to design a payment system to best meet your invoicing requirements. Together with PayPage, you can make your business more efficient and your clients more satisfied.
7 Habits of Successful Small Business Owners
Owning a business is a dream come true for a large number of people, but it is an onerous task. As a small business owner, you are not only required to manage various facets of your business but also to ensure that these tasks are accomplished with optimal efficiency. Here are some tips to help you perform the best as a small business owner.
- Focus on Customers: One of the most important factors which distinguish successful small business owners from run-of-the-mill ones is their ability to focus on customers. For the longevity of the business, it is imperative that the market is identified in a definitive manner. Such identification helps in devising business strategies and policies which are most amenable to the needs of the customers. Such focus on the market and customers is helpful in ensuring the long-term survival of the business. With unwavering focus on the clients, the business is able to develop a reliable customer base, which is crucial for the growth and survival of the business.
- Focus on Employees: While focus on customers is vital, it is also important to take good care of the employees. No small business owner may become successful without the aid of diligent team members. By cultivating good leadership traits, a small business owner may motivate their team to give their best. Such practices help the business become more efficient and thus, lucrative. Happy employees are also helpful in making an enterprise more stable. For creating a strong team, a small business owner needs to develop people management skills. They should be able to delegate tasks effectively to ensure the timely achievement of goals in an efficient manner.
- Be Adaptable: A successful small business owner needs to be adaptable so as to pivot the business in response to changes in the surrounding environment. Current business scenario is highly volatile and tends to change frequently. Small business owners may use technology and other tools to remain updated about the latest developments in their industry segment. Small businesses may also collaborate with service providers to ensure that they provide the latest services to their clients. PayTabs can help such enterprises in offering easy-to-use and smooth online payment platforms. The ability to leverage technologies to enhance their business is one of the biggest qualities found in successful entrepreneurs.
- Network: Networking is highly important for small businesses so that they can leverage their resources. Small business owners may look for mentors in their specific fields who can provide them with invaluable advice. Networking also allows the businesses to avail expertise in technical areas. It is important to develop relationship with peers and advisers to fully harness the potential of the business. For this purpose, the entrepreneurs may join industry chambers and other such associations. Various meets and expos are also good venues for meeting peers and networking with them.
- Maintain Work Life Balance: Starting and running a small business can be a lonely journey. Therefore, it is important to ensure that your personal life does not suffer on account of your busy schedule. An entrepreneur needs to wear several hats at work and that may prove to be exhausting. In many cases, such excessive workload may lead to burnout, putting the entire business in jeopardy. The concept of work life balance should also be extended to the employees so that the entire team is able to offer their best to the organization. You may also introduce workout classes or sports sessions at the office so that the team may remain physically fit. Such activities will also provide them with a reprieve from routine tasks.
By inculcating above-mentioned habits, any person can enhance their business acumen. These habits will make the process of running a challenging business more manageable. Apart from developing these traits, small business owners may also avail services of technology partners to run their enterprises in a smoother manner. Incorporating services provided by outfits such as PayTabs is one such example of the collaboration which can bring drastic changes in the online payment system of a small business.
Accepting American Express Cards can help power your businesses
Accepting American Express Cards can help power your businesses
In today’s digital world, it is important for merchants to offer multiple card payment options to their clients. American Express can take merchants in the Kingdom of Saudi Arabia the extra mile with many of their unique service offerings.
Benefits of accepting American Express for merchants:
- Higher Spending Power: American Express cards are targeted at customers with high purchasing power. Globally, the average American Express Cardmember spends up to 4 to 5 times over other Cardholders. This may be important for Saudi Arabian merchants who may generate more revenue by attracting high net worth customers from the region, including corporate cardmembers who are often mandated to use their Corporate card for business expenditure.
- Associated Costs: There are several costs involved in teaming up with card issuing companies. Apart from initial costs, there are also operating costs, which need to be considered when drawing up the agreement. While it is important to minimize such costs, merchants should pay attention to the related benefits. Because American Express Saudi Arabia are renowned for serving premium customers, this may provide a better cost benefit ratio for your business.
- Global Acceptance: American Express gives your business instant access to over 100 million Cardmembers in every corner of the world, including Corporate Cardmembers.
- Customer Loyalty: One reason American Express Cardmembers are extraordinarily loyal to their Cards is because of their award-winning Membership Rewards program which keeps rewarding Cardmembers on their spend. This then allows them to redeem their points across a wide range of travel, Hotels, Charity and Retail products and more.
- Strong Marketing Opportunities: Merchants in Saudi Arabia can use other services provided by American Express for boosting their customer base. American Express can help you grow your business by featuring your business in marketing campaigns such as the Amex Offers. In addition, they offer cardmembers SMS alerts for each transaction, online apps to keep track of their transactions and other safety features which build Cardmember confidence and thus encourage more card usage.
PayTabs collaborates with American Express Saudi Arabia to offer its merchants in the Kingdom of Saudi Arabia the ability to accept American Express cards as another alternate payment method. It further allows them to avail other exclusive services such as client acquisition, process benchmarking and planning tools. Grow your business with American Express Saudi Arabia when you tie up with PayTabs.
