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How to Choose the Right Payment Gateway in Saudi Arabia

Category: Growth Hacks

How to Choose the Right Payment Gateway in Saudi Arabia
Mohab Growth Hacks 0

How to Choose the Right Payment Gateway in Saudi Arabia

E-commerce growth in Saudi Arabia over the last one decade has been phenomenal. There are over 12.94 e-commerce users in the country which is almost half the country’s population.  According to BMI Research, online sales in Saudi Arabia will surge to $13.9 billion by 2021. The country has become the next frontier for businesses looking for new markets due to the strength of the economy and the youngest Internet-connected population in the world. If you have plans to set up a business here, you have to strategize on providing the best user experience at your store. One easy way of doing this is to take payments online by using the best payment gateway.

With so many payment gateways available for e-commerce stores in Saudi Arabia, choosing the best becomes a daunting task. In this article, you will learn the benefits of picking a reliable payment gateway and how to choose one in the country.

Picking the Right Payment Gateway in Saudi Arabia

If you want to compete in this highly competitive e-commerce market, you need to create an edge over the competition.  One easy way of doing this is through a seamless checkout process. You should accept payments through multiple modes and offer a quick and secure payment process.

This reduces bounce rates for your store, increases sales conversion and improves customer retention rates. All this is possible if you have an idea about how to get a payment gateway in the country. The best payment gateways verify each customer’s billing information and then approve requests. It is the only way to guarantee fast and secure payments at your e-store.

Below are some of the factors that will prove helpful in choosing the right payment system provider for your e-store in Saudi Arabia.

  1. Application Process and Time Frame for Execution

When shopping for a good payment system for your e-store, make sure you consider how long it will take to integrate the system into your store. In a fast-paced market like Saudi Arabia, you don’t want to lose any time because potential customers will move on to the competition. Look for a payment system that won’t take long to implement.

  1. Consider Your Business Needs

Most payment system providers will not tell you this but you have to evaluate your business needs when it comes to payments. Some providers will sell features which you don’t need for your startup in Saudi Arabia and these will eat into your revenues.  Talk to your team and create a checklist of the things you need in a payment system.

  1. Fees

Consider all the fees included in the software and check whether they will fit into your budget. The fee structure provided by the payment system provider should suit your business needs and the budget you have set. Compare the rates to other providers in the market to identify the best deal.

  1. Security

This is the most crucial aspect of payment gateways that you have to consider. Look for PCI-compliance, SSL encryption 128-Bit encryption, digital signature, Dynamic IPs and other security features and guarantee on the network. Never compromise on the security of the payment network you wish to use because this can ruin your business.

  1. Customer Experience

One of the most crucial aspects of a good payment system is the quality of customer experience provided. Make sure that the payment process is seamless and convenient for customers and also accepts multiple payment options. More importantly, go for mobile-optimized gateways to give a seamless user experience to mobile users at your store.

As the e-commerce industry in Saudi Arabia continues its relentless forward march, you have to strategize how to position your business to tap into the limitless opportunities available. Using the right gateway for your payment processing is a smart way of boosting customer acquisition and customer retention, increasing sales conversion, enhancing customer loyalty and much more.

6 years ago
5 Factors to Consider while Selecting a Payment Gateway in UAE
Mohab Growth Hacks 0

5 Factors to Consider while Selecting a Payment Gateway in UAE

The success of e-commerce depends on various factors, the choice of payment gateway being one of them. The payment service on your e-commerce portal influences user experience. And if a user finds it convenient to shop on your online store, you can expect recurring sales in the future.

While selecting a payment gateway in the UAE, you must keep certain factors in mind. Although payment gateways function in a similar way, irrespective of the country, there may be slight variances in the selection procedure here. We have outlined five factors that you should consider while selecting a suitable payment gateway for your online store.

Transaction Charges

The cost of installing a payment gateway is the foremost consideration for every online retailer. In addition to the setup fee, the payment gateway provider charges a fee on per transaction basis. Some of the providers in the UAE may not ask for a setup fee. In this case, the transaction fee may be high.

Talking about the transaction fee, it may be a fixed amount or a percentage of the transactional amount or a combination of both. The transaction fee may vary according to the types of products and services, the number of transactions, and other parameters.

Payment Method Options

There was a time when online payments were processed using credit and debit cards. But now there are multiple modes of payment such as digital wallets, internet banking, EMIs, and others. Depending on the acceptable modes of payment in the UAE, the ideal payment gateway should be integrated with all the needed payment options. Some of the online businesses work on the recurring payment model. Discuss the recurring payment feature with the service provider before finalizing the payment gateway.

When you offer diverse payment options to the user, the probability of a conversion increases. If you are into import and export, currency conversion facility is a necessity for you. Before finalizing a payment gateway, ensure it accepts payment modes that provide seamless currency exchange facility.

Security Parameters

Secure online payment systems ensure that customer’s financial information is secured against theft and misuse. Most of the payment gateways adopt the latest security standards, such as 256-bit AES and two-factor authentication (2FA). Also, the payment service providers must work in strict accordance with the regulatory framework issued by the Central Bank of the UAE.

In addition to security, seamless connectivity is necessary to reduce the transaction failure rate. Check out the payment gateway’s transaction success rate to determine its technical prowess and reliability.

Hosted or Shared

The hosted payment gateway redirects your customer to another link for payment. The transaction doesn’t happen on your website, and therefore, you don’t have to obtain a merchant ID. No confidential information is being shared on your website. The hosted payment gateways cost you more as they handle security risks as well.

The shared payment gateway processes payments on your website. The customer shares financial information with the payment gateway integrated into your website. To enable shared payment gateway, you have to integrate an API. For this purpose, the payment service provider must ensure reliable backend support. Also, you must ensure that your online trading platform is PCI-DSS compliant.

Compatibility & Support

It is crucial to determine whether the payment gateway works seamlessly on your website or not. Besides processing payments using different payment methods, test the payment gateway for mobile payments as well. Nowadays, users are biased towards mobile payment as it is convenient and secure. Also, check out the payment gateway’s cross-platform compatibility.

Access to prompt and reliable support system is a mandatory requirement. The technical executives should be capable enough to solve gateway problems pertaining to payment processing.

The Bottom Line

Some of the most prominent payment gateway service providers operate in the UAE. Depending on your online business, whether it is local or global, one-time or recurring; you can select a suitable payment gateway that integrates effortlessly with your online store.

6 years ago
Important E-commerce Trends You May Be Missing Out On
Mohab Growth Hacks 0

Important E-commerce Trends You May Be Missing Out On

More than half of the global population today loves to shop online from the comfort of their homes. Clearly, the e-commerce boom has brought about remarkable changes not only in consumer buying behaviors but also in the retail segment. For most companies, having an online presence isn’t optional; it is necessary for survival in the current internet-oriented market. You should be able to showcase your products and take payments online.

If you truly want to be a leader in the e-commerce marketplace, you’ll need to know all the online shopping trends. Below are some ever-changing trends you can explore to stay relevant in the industry.

Increased Mobile Use

Mobile devices have become an important factor in online shopping, and this isn’t about to change. According to estimates, it’s projected that 50% of revenue will come from mobiles this year. A large part of consumers now reach to their smartphones and other mobile devices to place orders rather than logging onto websites through their PCs. What’s more, Google’s announcement regarding the ranking algorithm that counts on the responsiveness of a site on mobile devices has made these devices even more crucial.  Mobile shopping is set to increase the overall e-commerce revenue since people can shop online irrespective of their location.

Increased Voice Purchases

The recent mobile devices come with voice assistants that consumers can rely on to operate the gadget or search the internet via speech. Additionally, smart home speakers such as Google Home and Amazon Echo have gained a lot of popularity too. E-commerce has managed to leverage this to provide more customized shopping experiences to their customers. An e-commerce application can deploy the feature to help buyers search products simply by voicing their wants. 40% of millennials have used the voice assistant before making an online purchase.

Enhanced Payment and Fulfillment Options

Other than the flexible shipping options, e-commerce owners are providing offers like free shipping above a specific order amount or within a certain distance. More lucrative fulfillment is being provided to beat the competition. Currently, businesses are creating premium shipping options such as speedy, same day delivery, etc. New options have also been unveiled on the payment side such as mobile pay, e-wallet, purchase now pay later, etc. Therefore, consider all these options if you wish to secure your position in the current competitive market.

Big Data Analytics

Due to big data and analytics, all types of industries have been transformed, including e-commerce. Almost all actions users conduct online can be converted into data, which can be later used to analyze and optimize e-commerce websites.

Through big data analytics, businesses can predict the demand, optimize pricing to boost sales and personalize consumer experiences.  You should always keep in mind  that a slight increase in price can lead to a huge increase in profits. Simply put, big data analytics will help you make informed decisions to increase sales and also offer your customers the best experience.

Chatbots and Messenger Apps

The chatbots which operate via messenger applications like Facebook Messenger are on the rise in the e-commerce sector. Online businesses can use these technologies to send special coupon offers and deals, send customized marketing content, and suggest a purchase to customers. Furthermore, chatbots also help retailers to heed to their client’s queries and requests and free up staff to handle more complex customer service problems, among other projects. Since the technology is still improving, chatbots and messenger application marketing are going to become even more popular and useful.

Personalization

Through online shopping, businesses get the opportunity to create unique consumer experiences for each individual client. For instance, a platform like Amazon suggests products depending on consumers past purchases, and streaming services such as Netflix recommend similar shows to those you watched in the past. Personalization will likely be common in the future so your business should adopt it to improve customer experience in order to retain old customers and attract new ones.

It is clear that e-commerce has become a substantial segment of the overall marketplace and companies that do not plan to make their presence felt in this segment do so at their own peril. If your business doesn’t have an online presence or you haven’t implemented any of these e-commerce trends, you are likely missing out on a significant section of your potential sales. By keeping up with the ever-changing trends, you will be able to capture the growing online audience and convert this into more sales and profits.

6 years ago
How Cross-selling Can Help Maximize E-commerce Profits
Mohab Growth Hacks 0

How Cross-selling Can Help Maximize E-commerce Profits

Are you using the cross-selling strategy to increase your sales in your online shop? You are losing a lot of money if you haven’t considered cross-selling. Both cross-selling and up-selling tactics are effective ways of increasing the order value, including one of the most critical business metrics. Are you wondering what this is? Well, this post will outline what cross-selling is, how it works, and why your online store needs it.

What’s cross-selling?

This is a sales approach designed to generate more sales by recommending related, complementary or additional items to a consumer who has shown commitment to buying a product. These are products that improve or optimize the original item by providing new functionalities. For instance, think about the insurance or casing sold to you whenever you purchase an electronic device.

However, this isn’t merely about providing anything you can think of. The key here is to offer the customer additional value by showing them how you understand their needs. Just like any other sales and marketing activities, cross-selling must be planned and executed strategically.

Differentiating cross-selling and up-selling

Both cross-selling and up-selling help maximize the purchase value and enhance the buying experience of a consumer by adding value to a product. Cross-selling only focuses on the promotion of additional products from related categories while up-selling encourages a consumer to buy a higher-end version of the same item or pay more for extra features and upgrades.

Cross-selling in e-commerce

When you choose to incorporate cross-selling as a sales strategy, you will focus on introducing related products to consumers who view products on your website or have added an item to their shopping cart. If executed correctly, the cross-selling technique will feel natural and boost your client’s purchasing experience by offering them matching products that will increase the value of the product they have bought.

How cross-selling is done

The initial and most vital step to succeeding in cross-selling is finding matching products, and creating offers. Like other e-commerce aspects, the positioning and timing of these offers must be tested. But, a prevalent practice is to provide the right options on the pages of your product especially during follow-up email campaigns and checkout.

Common cross-selling strategies include:

  • Visual aids – This strategy is ideal for lifestyle and fashion products, where clients are mainly driven by visual cues. Use high-quality product videos and images to show the functions of the items in real life and prompt the consumer to purchase the entire package rather than getting one item.
  • Bundling – This involves packing items that go together naturally like a digital camera, camera case and memory card. This will maximize your profits and you should make sure that the client knows that they require these items to use the product they bought initially. Consider providing outstanding discounts to appeal to the buyer.

Reasons for cross-selling in your online store

You must be wondering if cross-selling is worth the effort. Of course, it is! Most retailers have relied on cross-selling for many years for a reason; it works. If you haven’t thought of incorporating it in your store, you are leaving cash on the table. Advantages of cross-selling include:

  • Boosts profits: Many large chain stores usually have high margins on accessories than on main products. Consider using this strategy in your store. If you choose to offer flat-rate or free shipping, you will save money on the small accessories that do not cost extra to ship but still offer more revenue.
  • Increasing the average order size: A consumer who is ready to but a product is likely to get another item if the second item adds productivity to the first item. So, if you spend some funds to market such products to your new clients, most of them will buy more from you.
  • Increased customer lifetime value: Each time a consumer buys your products, they will spend more. This means you will be earning more whenever the customer opts to buy from you.

Cross-selling can help grow profits. If you haven’t yet used cross-selling, consider giving it a try. Once you find the best selling items, get related products that will interest your customers. Present all the products to interested customers during the checkout process or on the product’s page. Do not forget to build trust with clients and avoid pitching too hard.

6 years ago
How a Payment Gateway Helps Your Business Grow
Mohab Growth Hacks 0

How a Payment Gateway Helps Your Business Grow

The e-commerce industry continues on an incredible growth trajectory, and as an online business owner, you have to implement the best strategy to leverage this growth. Whether you want to start an e-commerce store, or you already have one running, one of the most important considerations is how to stand out in the crowded market by offering a seamless customer experience. While the e-commerce landscape offers limitless opportunities for your business, you have to appreciate the stiff competition. One of the most innovative ways of growing your business in this highly competitive market is by integrating a payment gateway into your online store.

This article explores how payment gateways work and how using this system will boost your business performance. Keep reading to learn more.

Brief Overview of a Payment Gateway

In the simplest of terms, this is the technology that connects your online business with the payment network.  This system offers your business capacity to process multiple types of payments instantly. The gateway system securely captures payment details for customer transactions in an encrypted format.

This information goes to a payment processor or the acquiring bank in a matter of seconds. A message of approval or decline comes back to your system from the other end to complete or decline the payment. In summary, payment gateways use an encrypted connection to process, verify and accept or decline payments made by your customers.

The payment gateway process might not be the first thing you think of when strategizing for your store’s success, but it should be. This system facilitates fast and secure transactions at your store which is one of the things your customers will always look for before completing a purchase.

Payment Gateways for Business Growth

Now that you appreciate what payment gateways do, it is time to learn more about how this system can help your business grow. Take a look:

  1. Secure Payments

As more people continue shopping online, the issue of data breaches has become a major concern for all online operators and the authorities.  Many consumers and businesses have suffered huge losses due to data breaches and credit card fraud when making online payments. By integrating this right gateway system, you mitigate the risk of fraud through data loss.

  1. Offer Alternative Online Payments

More consumers now look for the fastest and cheapest payment option and your online business has to accept such alternative payments. The only way to accept multiple payments is through a system that allows you to process them easily. By accepting multiple payments, you improve not only your customer acquisition rate and customer retention rate but also sales conversion.

  1. Legal Compliance

Your online business has to comply with the stringent Payment Card Industry Data Security Standard and the only to do this is to provide a safe and secure shopping experience. Falling behind on the PCI compliance curve can lead to hefty fines and loss of customer trust, among other devastating problems. By integrating the best payment system into your store, it is easy to streamline the data security compliance process for your business.

  1. Better Decision Making

The best payment gateways offer you crucial data from your customers and you can leverage such information and feedback to make better decisions for your business. Data-driven decisions guarantee better outcome for your business and also enhances the operational efficiency of your e-store.

  1. Broader Market Reach

If you want to grow your e-commerce store, you have to implement strategies that allow you to reach an international market. By accepting multiple payment options and offering a fast and secure processing system, you can easily target the global market. This increases conversion rates and boosts your bottom-line.

If you want to grow your online business, you need to embrace the latest payment system for fast, convenient and secure transactions at your e-store. It will be a win-win situation for your business and the customers. Get a competitive edge in your target market by integrating the best gateway for payments at your e-store.

6 years ago