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.
- 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.
- 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.
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.
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.
- 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.