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Key Considerations for KSA Businesses Adopting Payment Orchestration

Category: Payment Orchestration

KSA Businesses Adopting Payment Orchestration

KSA Businesses Adopting Payment Orchestration

In 2023, Fintech in Saudi Arabia was estimated to have a market size of USD 39.04 million. By 2028, it is likely to shoot up to USD 69.23 million. This upward trend is driving the increased adoption of digital payments too. In fact, KSA witnessed a sharp uptick in digital transactions in 2022 (valued at SR1.6 trillion) from 2021 (valued at SR6 billion). And with the country’s ecommerce revenue poised to grow at an 11.08% rate from now till 2029, digital transactions will be more widespread than ever. In such a futuristic environment, adopting payment orchestration is the way to go for merchants like you. Read on to know why and how you can pick the right platform.

Why Do You Need Payment Orchestration?

Fast, secure, and efficient digital payment is the key to a smooth checkout experience. And with omnichannel payments on the rise, you need to manage and track all transactions in one place while minimizing operational expenses. Payment orchestration platforms can help you with that. Such a platform offers a unified software layer that brings together multiple banks, acquirers, payment service providers, gateways, and fraud detection services.

From the validation of payment requests to their routing to fund settlement, Saudi Arabian payment orchestration platforms automate and handle everything end-to-end. Since you get to leverage a single platform to connect with different payment processing solutions, you can enable multiple payment methods, scale and expand easily, and enhance customer satisfaction.

Considerations While Adopting Payment Orchestration

While there are various payment orchestration providers in Saudi Arabia, zeroing in on the right one requires you to consider the following:

  1. Transaction routing: Go for a platform that offers a high payment acceptance rate. It should be able to route every transaction as efficiently and speedily as possible to the right processor, to simplify checkout and boost conversions.
  2. Integration: The right orchestration platform will simplify payment gateway integration, no matter how many gateways are involved. The platform itself will be easy to integrate with your current and prospective payment or business systems.
  3. Customization: Since every business has distinct needs, choose a platform that aligns with yours closely. It should comply with the standards of the industry in which you operate. You should be able to optimize your payment flow for risk, performance, and cost by accessing suitable tools. A platform with an intuitive user experience can also help you build, tweak, and duplicate payment workflows.
  4. Performance: Ensure the orchestration platform is capable of handling your present transaction volume without bottlenecks. It should be scalable enough to handle future volumes easily. Ask if the platform has Artificial Intelligence or Machine Learning capabilities to boost performance and revenue.
  5. Payment methods: It is important to offer your customers ample choice and flexibility in ecommerce payment solutions. It helps in building trust and improves your brand’s value. So, check if the orchestration platform offers the payment methods preferred by your customers. You should also be able to add more methods (including international ones) in the future if required.
  6. Currency support: If you are planning to expand to new geographies, you should be able to accept the local currencies of different countries. In that case, opt for a platform that supports multiple currencies and ensures hassle-free exchange. It is also easy to establish brand presence and grow the customer base when people in other countries get to pay in a currency with which they are familiar.
  7. Security: Protecting sensitive customer and transaction data is essential if you want to thrive as an online business. So, before picking a Saudi Arabian payment orchestration platform, make sure it is PCI-DSS compliant and has robust measures against data breaches and cyberattacks. This will help you minimize chargebacks.
  8. Data analytics: Besides offering complete visibility into your payment system, the platform should allow you to analyze data in different ways, apply various filters, and visualize trends and patterns with charts. It should generate data-backed reports that help you make informed decisions and identify your payment system’s strengths and weaknesses.
  9. Pricing: Choose a payment orchestration platform that fits your budget or is competitively priced. The different aspects of its pricing model should be transparent and you should know how the model will change as your business grows. Transaction fees should be affordable too.
  10. Support: The digital payment landscape is evolving constantly, so you need a payment orchestration provider who can offer expert handholding when you are just getting started. Even when you get used to the platform, support should be readily available whether you experience sudden technical glitches or have questions related to performance, payment modes, processors, etc.

Get Ready to Orchestrate Payments

Besides keeping the above considerations in mind, research and compare multiple payment orchestration platforms before making a choice. Talk to other merchants in the same industry to seek suggestions and understand their experience. Going through reviews and testimonials of different providers will give you a fair idea about each of them too. Make sure to test any platform you like through a demo session, so you can gauge its suitability for your business. In KSA, opting for a reputed orchestration platform provider like PayTabs can also make your life easy and eliminate the pain of research and uncertainty.

Payment Orchestration for UAE SaaS Providers

Payment Orchestration for UAE SaaS Providers

UAE’s SaaS market is all set to clock revenue of USD 1.29 billion by 2028, after growing at a 11.99% rate annually. In other words, the SaaS landscape is going to be highly competitive in the coming years, which means it won’t be enough to just build a robust product. As a provider of SaaS solutions, you also need a payment orchestration platform that simplifies, secures, and automates subscription and recurring payments. Otherwise, a suboptimal payment experience, involving frequent declined transactions or unavailability of preferred payment methods, can drive customers to switch to other providers.

Payment orchestration for UAE SaaS providers can help you integrate and manage multiple gateways, processors, acquirers, and banks on a single platform. Essentially, you can optimize and streamline transactions end-to-end, save time, increase operational efficiencies, and rest assured about timely fund settlement. Let’s delve deeper into the benefits of payment orchestration for SaaS in UAE and how to ensure effective implementation.

Payment Orchestration Benefits for SaaS Providers

These are the key benefits of adopting payment orchestration for your SaaS business:

  • Flexibility and Options: You can integrate with multiple payment gateway APIs via an orchestration platform. Integrating payment methods of different kinds is another advantage, which means customers can choose to pay through debit and credit cards, digital wallets, bank transfers, and so on. So, you can accept various forms of payments through various channels, which means more flexibility for your business and more options for your customers. This is bound to improve your brand image, reduce churn, and boost customer loyalty.
  • Greater Acceptance Rate: Payment orchestration platforms automatically route every transaction to the most suitable processor, so that there are minimal instances of failed or declined transactions. If one processor is unable to handle the payment request, the latter is sent to another processor, and the process continues till the transaction gets authorized. All of this happens in seconds and improves customer satisfaction too.
  • International Support: If you are venturing into foreign markets, your payment gateway selection will depend on what is popular locally. Moreover, you will need to offer localized payment methods so that customers in other countries can trust your business and find it easy to transact. You should be able to accept payments in multiple currencies as well and the exchange to the home or base currency should happen automatically and easily. The right orchestration platform can ensure all of that and help you expand beyond the UAE without worries.
  • Fraud Prevention: As a SaaS provider, you need to keep sensitive data absolutely secure against cyberattacks. Payment orchestration platforms can take care of that as they feature the latest security protocols, advanced algorithms for fraud detection and prevention, and are PCI-DSS compliant.
  • Cost Optimization: Since orchestration platforms consolidate operations as well as integrations with multiple gateways, processors, and methods, you save a lot of money in transaction fees.
  • Superior Customer Experience: There is nothing like a smooth checkout experience to make customers happy. With an orchestration platform, no matter where a customer is or what kind of device they are using, making payments is frictionless, safe, and quick.

Now that you know about the benefits of adopting payment orchestration for SaaS in UAE, let’s see how the implementation works.

Payment Orchestration Implementation Best Practices

Here are the things to keep in mind when you decide to implement payment orchestration for your SaaS business:

  • Assess Requirements: To decide on an orchestration platform with the right features, identify the distinct challenges and needs of your existing payment system. Usually, going with a reputed provider like PayTabs can make your transition to an improved payment system smooth and seamless.
  • Plan Integration: Once you select a platform, chalk out an integration plan that includes milestones, timelines, and the allocation of staff and resources.
  • Setup and Test: After you install the required software, set up the orchestration platform’s infrastructure. Test the same thoroughly to make sure the integration is complete and works. You can also carry out the implementation in phases before deploying the platform at full scale.
  • Train your Staff: All payment orchestration platforms require you to train your staff and familiarize them with the new system, workflows, processing of transactions, and troubleshooting.
  • Monitor Constantly: Once you go live with the platform, track its performance closely and consistently, so you can spot and resolve issues on time.
  • Optimize as Needed: Analyze the performance of the platform, detect areas of improvement, and collate user feedback, so you can optimize the new payment system accordingly.

Transform Your SaaS Business with Payment Orchestration

The demand for SaaS products is going to rise in the UAE, as the statistics mentioned in the beginning indicate. Hence, as a provider, make the most of it by adapting to evolving customer preferences when it comes to payment systems. Adopting a payment orchestration platform and implementing it methodically can simplify life for both you and your customers. You can offer them multiple payment options, route transactions more effectively, reduce costs, prevent frauds, accept payments safely and punctually and even derive actionable data-driven insights to make better decisions in the future.

TAPn’GO on Dining Experiences

TAPn’GO on Dining Experiences

At present, the full-service restaurant industry in the UAE is worth USD 8.39 billion. By 2029, it is expected to grow to a staggering USD 19.66 billion. And it’s no wonder why. Be it a casual brunch with friends, a business lunch, or a lavish family dinner, eating out is extremely popular in this Middle Eastern country. In fact, in Dubai, locals head to restaurants around thrice in a week. Hence, as a restaurant owner, it is in your best interest to capitalize on this trend and make the guest experience as glitch-free as possible. Embracing technology for payments can especially help you improve customer service, create a favorable impression, earn goodwill, and boost revenue.

What does that mean? By incorporating PayTabs TAPn’GO technology in your payment process, you can offer guests a dining experience they won’t forget in a hurry.

How TAPn’GO will Make Diners Happy

The TAPn’GO technology essentially allows diners to make a payment by scanning a QR code or tapping a NFC cube in your restaurant. The associated benefits are many:

  1. Mobile Ordering

TAPn’GO enables customers to view digital menus on their smartphones and order without involving a server. It makes their experience smoother from the get go.

  1. Transparency

Guests can take their time to check the total bill amount and the items included. They can also cross-check the bill with digital menus to make sure the prices quoted are correct.

  1. Simple and Quick

Traditional payment processes can be cumbersome. For instance, guests might not always carry enough cash to cover the bill. Or they might be carrying cards but your card machine might act up without warning. In that case, they might have to wait, which can be annoying and time-consuming for them. With TAPn’GO though, customers can easily and quickly make contactless payments via Apple Pay or Google Pay.

  1. Hassle-free Bill Splitting

It is quite common these days for a large group of friends or family members to split the total bill. And with innovation in the payment process, they can do it on their smartphones in seconds without going through tedious manual calculations. As a restaurant owner, you won’t have to serve them separate bills either, which will enhance efficiency.

  1. Easy tipping

TAPn’GO makes it easy for guests to add a tip to the bill if they are happy with the service. They don’t need to shell out cash separately for it.

  1. Reduced Carbon Footprint

For customers who are eco-conscious, this payment solution for restaurants can give them the opportunity to go paperless and reduce carbon footprint.

  1. Convenient Receipt Request

With TAPn’GO, guests can easily request a receipt and the same will be sent to their email in seconds. So, they can safely keep a digital record of the bill paid, which can be useful for reimbursement purposes.

  1. No-fuss Reviewing

TAPn’GO allows guests to share their dining experiences on a restaurant’s social media pages with just a few clicks. Customers can also choose to follow your page for promotions and offers in the future or share it with their network.

Make Dining More Delish in the UAE with TAPn’GO

A cutting-edge technology like TAPn’GO from a leading payment gateways platform like PayTabs is just what your restaurant needs to woo foodies in the UAE. Even if you run a food truck, food court outlet, club, or lounge, using this payment solution can ensure seamless transactions and maximum customer satisfaction. You can easily integrate it with your POS terminal and analyze the data collected by TAPn’GO to derive actionable insights for better decision-making.

TAPn’GO QR Platform Shaping Restaurant

TAPn’GO QR Platform Shaping Restaurant

The UAE’s hospitality market, worth USD 7.37 billion at present, is poised to reach USD 9.46 billion by 2029. And restaurants, an integral part of this booming hospitality sector, cater to guests with varying tastes and budgets. However, the checkout experience is often suboptimal because of traditional processes that involve cash or card machines and long wait time. This impacts customer satisfaction, leading to poor tipping and lost revenue.

TAPn’GO from PayTabs is set to transform the scenario though, since guests can settle checks quickly and safely by simply tapping a NFC cube or scanning a QR code. The TAPn’GO QR platform allows guests to easily check the bill or order, view digital menus, split the bill or pay it in full, add tips for servers, receive receipts via email, follow the restaurant on social media, and post Google reviews. Customers can make payments using Google Pay, Apple Pay, or credit cards.

Now, let’s understand the TAPn’GO benefits and how it can revolutionize dining experiences in the UAE.

Advantages of TAPn’GO for Restaurant Businesses

As a unique technology, TAPn’GO eliminates the need to make complicated calculations while splitting a bill or request separate bills. Guests can use smartphones to divide a bill in just a few seconds. This convenience makes them happy and encourages them to reward the hospitality teams generously (up to 40% higher tips). Other benefits for merchants like you include:

  1. Direct POS Integration

The payment collected from guests goes straight to your bank account and you receive an instant notification. Staff members also get payment notifications on their smartphones, smartwatches, the TAPn’GO dashboard, and via email.

  1. Cost-efficiency

The service fee for using the TAPn’GO QR platform is extremely reasonable. You can expect affordable transaction fees, nil subscription fees, and nominal device fees.

  1. Less Friction

With TAPn’GO, you can do away with expensive card payment machines that tend to malfunction and waste the guest’s time. When it’s time for bill payment, guests can check the same with a scan or tap, without interacting with a server. This minimizes the possibility of unnecessary disputes.

  1. Eco-Friendly

Since the TAPn’GO technology is paperless, you can reduce your carbon footprint and position your brand as sustainable and environment-friendly.

  1. Better Brand Reputation

By enabling guests to share their experiences and feedback on review and social platforms through TAPn’GO, you can boost brand awareness and reputation, strengthen engagement, get repeat visits, and attract new customers. This means more revenue.

  1. In-depth Analytics

Access important data on date, time, table number, transactions, bill amounts, guest feedback and ratings, Google reviews, and tips. You can analyze the same, generate detailed reports, and make informed decisions.

TAPn’GO Is Not Just for Restaurants

TAPn’GO is a smart payment solution for restaurants as well as:

  1. Food Courts

Big families that want different dishes from different stalls don’t need to swipe cards repeatedly. They can keep paying while continuing to order.

  1. Food Carts and Trucks

A large group of friends can place one order and easily split the bill without asking the merchant to carry out multiple transactions.

  1. Vending Machines

Customers don’t need to carry small denominations, cash, or local currency while getting a snack or drink.

  1. Beach Clubs and Lounges

TAPn’GO can send instant notifications for guest orders, guest calls, and payment confirmations.

TAPn’GO Contactless Payment Is Perfect for Your Restaurant

Embracing TAPn’GO from a reputed payment gateways platform like PayTabs is your best bet for thriving in the UAE’s dynamic hospitality landscape. You can enhance operational efficiency, reduce costs, ease checkout, and improve customer satisfaction. You can understand customer behavior better and derive actionable data-backed insights. It will help you boost your brand image and get more traffic in the future.

Payment Orchestration in UAEs Construction Industry

Payment Orchestration in UAEs Construction Industry

Home to stunning buildings like the Burj Khalifa, Burj Al Arab, Emirates Towers, Cayan Tower, and Museum of the Future, the UAE has always boasted a dynamic construction industry. Currently, the market size is estimated to be worth USD 41 billion. By 2029, it is likely to reach USD 50.40 billion after growing at a 4.26% rate annually.

However, traditional payment practices have caused cash flow problems in the construction landscape for a long time. Complex processes, payment delays, confusing payment terms, and the involvement of various parties like owners, contractors, subcontractors, and vendors often lead to disputes, poor financial management, legal hassles, and even bankruptcy. It can be difficult to track all payments, ensure transparency, and enforce accountability too.

The good news is that payment orchestration for construction industry can address the above issues, improve payment efficiencies, enhance profitability, and simplify life for all stakeholders. Let’s find out how.

Why Investment in Payment Orchestration Will Pay Off

Payment orchestration offers a single platform to integrate and manage multiple banks, payment service providers, payment gateways, and acquirers, so that the end-to-end payment process becomes seamless, secure, efficient, and fast. From validating and routing transactions effectively to safeguarding sensitive data and preventing frauds to ensuring timely settlement, payouts, and reconciliation, a payment orchestration platform does it all. In the construction industry, it can help in the following ways:

  1. Easy Invoice Generation

Automation, which is an integral part of payment orchestration, can eliminate the need for contractors, subcontractors, and suppliers to raise manual invoices. These can be generated electronically, thereby lowering administrative hassle, preventing unnecessary delays, and minimizing disputes that usually arise when paper invoices get lost or misplaced. It is also hassle-free to send automatic reminders against every invoice, so that the payment gets done on time.

  1. Greater Transparency

Payment orchestration facilitates transparent transactions among all parties, as somebody who is supposed to receive a payment gets an immediate notification when the money is credited to their account. Those who are supposed to make payments can no longer claim that their check got lost in the mail or there is a delay due to a bank holiday. Hence, everyone becomes more accountable automatically and strives more to honor the contract and payment terms.

  1. Payment Flexibility

Using payment orchestration for construction industry means stakeholders can make payments via various means, be it cards, digital wallets, internet banking, QR code, or payment links. Moreover, since there are multiple gateways and processors involved, the chance of successful transaction shoots up. A payment request is automatically routed to the most suitable processor and gateway for immediate acceptance. Stakeholders can also make payments on the go through mobile devices. This is highly convenient and can keep projects operational at every stage. No one can claim they are waiting for payment to come in and are stalling work till then.

  1. Multi-Currency Support

In the construction industry in UAE, it is common to outsource work to suppliers and subcontractors situated in other countries. However, conventionally, sending them payments can be a hassle owing to the complexities associated with currency exchange. But with payment orchestration, it is simple for everyone to accept payments in foreign currencies and get their account credited in the base or home currency.

  1. Better Cash Flow

Since an orchestration platform plays a crucial role in streamlining all payment aspects, contractors, subcontractors, and suppliers get paid on time and can maintain a positive cash flow. No one has to wait unnecessarily for the next payment to stay liquid. A healthy cash flow also means a strong bottom line and minimizes the need to apply for credit or the risk of running into debt.

  1. Data Security

Financial transactions are always sensitive, irrespective of the industry. But a payment orchestration platform keeps important data secure and prevents cyberattacks effectively. It uses sophisticated authentication mechanisms to make sure only those who are authorized and involved in the payment system can access relevant information. This is much safer than using paper bills, receipts, and checks, which can easily fall into the wrong hands or get lost, making it difficult to trace the nitty-gritties of a transaction.

  1. Reduced Transaction Cost

Payment orchestration is an effective cost reduction strategy for players in the construction industry. Since everything is automated and there is minimal need for documentation or paper checks, transaction fees are considerably low. Plus, streamlining payments can save a lot of precious time for everyone. This is likely to translate to a better profit margin as well.

  1. More Opportunities

With the whole word going digital and most industries embracing digital transactions all along the value chain, it makes sense for UAE’s construction sector to follow suit. Payment orchestration can help in winning more and better projects easily, since the client will deem the contractor as a progressive entity with efficient systems in place. A glitch-free, transparent, and safe payment experience can add to the contractor or subcontractor’s brand image.

  1. Attractive for Young Talent

Since payment orchestration can modernize a construction business, improve operational efficiency, and even enhance relations among stakeholders, young professionals ready to join the industry will feel more inclined to put in their best effort and continue with an employer for many years.

  1. Valuable Insights

Investment in payment orchestration means a stakeholder can gain complete visibility into their payment system, track cash inflow and outflow easily, spot bottlenecks or problem areas and assess their financial standing. The best orchestration platforms come with data analytics capabilities too, which means it will be easy to derive useful insights and take informed payment-related decisions in the future.

UAE’s Construction Industry Is Ready to Transform with Payment Orchestration

UAE’s glitzy and ultramodern skyline was not put together in a day. It took a lot of time, effort, ingenuity, dedication, and conviction. Hence, the construction industry here needs the right push to become smarter and more efficient, cost-effective, and competitive. And payment orchestration can guarantee just that. Choosing an orchestration platform like PayTabs can especially turbocharge the construction landscape, make processes smooth and fast, and open up a whole new world of possibilities.