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7 Online Payment Definitions You Should Know

Tag: ecommerce

7 Online Payment Definitions You Should Know
Mohab Growth Hacks 0

7 Online Payment Definitions You Should Know

Online payment systems are a complex mechanism with very specific and specialized terminology. In order to fully understand the operations and working of online payment systems, it is important to be conversant with various terms associated with these systems. Here are some of the most important and widely used terms which you need to know to remain updated about online payment ecosystem.

  1. Merchant Account: This is the type of account which a business needs to acquire while entering into a contract with an acquiring bank. A merchant account has several features, the most important ones pertaining to the ability to process debit card or credit card payment system. Once an online transaction is executed, the acquiring bank proceeds to accept payment from the customer. The funds are then deposited into the merchant’s account after making due deductions. These funds are later paid into the merchant’s business account.
  2. Acquiring Bank: An acquiring bank is responsible for processing card payments, including debit and credit card payments for a business. Such banks are associated with different card networks including Visa, American Express, etc. The main function of these banks is to act as a middle person between issuing banks and the businesses. An acquiring bank carries out a large number of services such as accepting card payments from card issuing banks. It also carries out the verification of the transactions for approving or disapproving the payment.
  3. Issuing Bank: This bank is entrusted with the task of issuing debit cards or credit cards to customers. The name of such bank is printed on the card and thus is easily identifiable. An issuing bank is also known as card issuer. This bank is authorized to extend credit facility to its clients by implementing letter of credit process. Some of the major card issuers around the world are Visa, HSBC, MaterCard, Citi and Barclays.
  4. 3-D Secure: Ensuring safety and security of the sensitive information is very important in online payment ecosystems. 3-D Secure refers to Three Domain Secure protocol and helps in preventing fraud in online debit card and credit card transactions. This protocol establishes the identity of the card holder by assigning unique username and password to the cards. For example, Visa uses Verified by Visa service for this purpose while MasterCard uses MasterCard SecureCode to carry out 3-D Secure procedure.
  5. Chargebacks: A chargeback is a mechanism to ensure customer protection in the case of online transactions. It is done to provide security to customers in the case of disputed transactions. Under this system, the money is either reimbursed to the cardholder or to the merchant, depending upon the particulars of the transaction disputed. Some of the main events which may trigger charge-backs are the non-receipt of the goods, dispatch of wrong goods or the use of the card without being authorized by the card holder. Excessive charge-backs may lead to revocation of online payment privileges for the business organization. Alternatively, they may be saddled with high fines.
  6. Rolling Reserve: This term refers to the proportion of the transaction value which is kept in abeyance by the acquiring bank. The amount is later released in a staggered manner to the merchant. The main purpose of rolling reserve is to protect against various risks associated including chargebacks with online payments. Rolling reserve ensures that the merchant has enough liquidity to honor chargebacks. Acquiring banks carry out periodic review of rolling reserve ratio applicable to different merchants. Such limits are decided based on volume of online transactions and the risk profile of the firm. This constraint is not universal in nature and thus is not applicable to a large number of businesses.
  7. PCI DSS: This protocol refers to Payment Card Industry Data Security Standard, as defined by the PCI Council. The main purpose of this protocol is to improve the security factor of online payments. It enumerates various policies and procedures which need to be adhered to so that the sensitive information pertaining to the business and its clients is handled in a well-defined and recognized manner. The Council was created through the collaboration of various credit card companies such as Visa and MasterCard.

Though these are the most important ones, there are other terms also which are important to know in the context of online payments. The need of the hour is to keep oneself completely updated about the changing norms in online transactions.

4 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.

4 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.

4 years ago
PayTabs and LimeTray join hands to offer Restaurant Management and Integration Services
Mohab Partners & Partnerships 0

PayTabs and LimeTray join hands to offer Restaurant Management and Integration Services

PayTabs is a leading B2B payment processing company in the Gulf region. The service provider constantly works towards enhancing its product portfolio. Its latest collaboration with LimeTray aims to provide better and more diverse services to clients. PayTabs clients can now look forward to making their restaurant business more efficient by optimizing their operations.

The Tie-Up

The collaboration aims to provide one stop solutions for clients to manage their restaurant business. The F&B industry is unique as it is governed by numerous health regulations and service standards. In order to run a food business successfully, it is important to optimize operations and keep the running costs low. This is where LimeTray comes to the forefront.

With the help of this tie-up, restaurant owners can now run their business online and integrate online payment services by using PayTabs payment solutions. Overall, the collaboration will ensure that restaurant business owners are not required to deal with a mishmash of services but have a well-defined set of processes, customer payment options and tools for running their operations.

 

About LimeTray

LimeTray offers a wide range of services to let restaurant owners customize and optimize their business. LimeTray offers a restaurant software suite which is equipped with many features. It offers end-to-end marketing and technology solutions for the food industry so that business owners do not need to deal with different software for varying functions.

With the help of LimeTray, a restaurant can set its own online food ordering system. As more and more people opt for the convenience of online ordering and home delivery, online food ordering systems can bring about drastic changes in the operations of a restaurant business. With the help of LimeTray, you can now set up your own food ordering website and app, harnessing the power of ecommerce on diverse platforms. The restaurant owners are not forced to join any third party aggregators for promoting their online food business, thus reducing the running costs. The feature comes with an inbuilt loyalty system which helps businesses create a niche market.

LimeTray allows the businesses to customize their discount engine, to offer unique offers to its customers based on their characteristics. Its image intensive menu ensures that you can add images and graphics to the menu to make it more appealing and intuitive. Further, the customization option allows your restaurant to display different variations of dishes. If a client wants to add extra cheese or alter the level of spice for example, then you can offer them the means to do so.

The suite offers a restaurant POS system as well. Being a cloud-based solution, LimeTray’s POS can be operated from anywhere without any constraints. As it is integrated with online and third party orders, you can manage your entire business from a single platform. The POS system has a clutter-free design and is highly efficient; it allows fast order punch-ins, data tracking and quick KOT printing that speeds up daily operations. Added to this, the system comes with an offline mode to ensure that your operations do not suffer even if there is no internet connectivity available.

A successful restaurant requires proper management of customer databases. The CRM solution offered by LimeTray is equipped with unique features such as multi-channel campaign manager and personalization. With these features, you can easily design customized promotional schemes to best meet your requirements. The automation feature of this system helps you in growing your repeat sales by sending automated emails and re-engaging dormant clients of your business.

LimeTray is a leading player in the food-tech space and its software suite is trusted by over 4500 restaurants globally, including prominent brands such as Burger King, Biryani by Kilo and Punjabi by Nature. The synergy will allow PayTabs and LimeTray to offer their clients integrated services to run their business operations more efficiently.

4 years ago
5 Ways Startups Can Drive Massive Organic Growth
Mohab Growth Hacks 0

5 Ways Startups Can Drive Massive Organic Growth

Achieving organic growth is one of the most important targets for any startup organization. This target can prove to be a tricky one as startup organizations may have to compete with bigger players in the industry, without similar resources.  However, this should not be a cause of despair as there are multiple ways in which an organization can drive robust organic growth with minimal resources at their disposal. Here are some of the tips which may aid your business to achieve its full potential.

Understand the Concept: In order to attain your goal of strong organic growth, first of all, you need to be clear about the scope of this concept. Organic growth is the growth which is achieved by harnessing the internal resources of the firm. Such resources may range from better marketing practices to responsive customer care facilities. Organic growth may be directly contrasted by the growth achieved through acquisitions and mergers. Due to this reason, it is a little trickier and more time consuming to accomplish high organic growth and it requires a specific strategy.

Remain Aware of Emerging Trends: You may be competing against firms that are armed with lots of cash and resources, but this fact should not hinder your growth plans. While bigger businesses have the advantage of possessing established customer base, startups have the distinct freedom to design innovative strategies. You can use the latest technologies for designing sales plans to ensure that they best meet your requirements and resource constraints.

Think Long Term: As risky as a startup can be, it is not a speculative activity. You should have a long term vision for your endeavor and this long term vision should be a guide for setting up the strategy for driving organic growth. The emphasis on a longer horizon will allow you to look past immediate gains. It will also stop you from taking short cuts which may provide immediate gains but may hamper long term sustainability. For a startup, it would make sense to invest in strategies which are designed for the long term.

Take Personal Interest: Giving a personal touch to your organic growth strategies may work wonders as this approach may help you in designing unique plans. When your interest in achieving organic growth goes beyond mere commercial gains, you are in the position to take alternative approaches. It will also allow you to give personal branding to your plans. Taking personal interest in the execution of these strategies will also increase the likelihood of these plans succeeding.

Build a Core Team: The achievement of explosive organic growth rate is a team effort. No one person can attain this goal on their own. In order to ensure that your plans are executed in the best possible manner, you should build a team consisting of people with common vision and goals. These people will bring different expertise to the table which will allow you to take a more holistic approach towards the design of the strategy. The operations of a startup require more commitment, so make sure that your team members are on the same page.

Set Tangible Goals: Setting up tangible goals has several benefits. First, it will force you to think through plans. It will also aid in the quantification of the goals, which is a prerequisite for setting up concrete plans. Merely saying that you want to achieve high organic growth rate is not helpful. For proper strategies, you need to specify the rate of growth you want to attain. The plans required for 10% growth are drastically different from the plans required for achieving 50 percent organic growth rate. So, set up the goals in concrete and quantitative terms.

Review and Improve: The plans for achieving organic growth rate are not set in stone. You should periodically review your plans to ensure that they remain on the right path. After critical evaluation of the strategies, appropriate changes should also be brought about in a prompt manner.

Achieving organic growth is vital for a startup. While there is no one size that fits all plans for attaining high organic growth rate, the above pointers may come in handy.

4 years ago