All about mada and how it benefits online merchants
Saudi Arabia now has an advanced electronic payment network known as mada that works throughout the country and involves the use of a debit card, which can be used at ATMs, POS or point of sales as well as for online shopping! Those who have mada cards can use it to withdraw money from their bank accounts through ATMs, shop for goods and services online, and even pay utility bills. mada cards are issued by local banks in Saudi Arabia and come with the latest security features and value added services. The mada payment network connects with other major payment systems like MasterCard, American Express, GCC Net and VISA so that mada debit card holders can make cashless online transactions both locally and globally, seamlessly. Just like a regular ATM card, a mada card features a 16-digit number, CVV and expiry date.
mada is not just for consumers
The best thing about mada is that, it encourages people in Saudi Arabia to shop from local online merchants, as the latter can accept payments through this card easily. Rather, this card will be the primary mode of payment! If you are wondering how far the mada network is going to boost the growth graph for e-stores, here are some figures that will help. Currently, there are 16 local banks in Saudi Arabia that are issuing mada debit cards for use at POS, ATM as well as web stores. 29 million mada cards have been issued already and 22 million out of them work smoothly with international payment schemes like MasterCard and Visa.
mada and PayTabs
Being one of the leading online payment gateway services’ technology in the Middle East, PayTabs now supports mada debit cards that are used on e-stores, websites and merchant portals in Saudi Arabia. This ensures that online transactions are secure, fast and protected against frauds like identity thefts, phishing etc. Besides mada, PayTabs also lets merchants offer many other payment options to shoppers, making it easy for small businesses to grow.
PayTabs is enabling mada as a new accepted card scheme, just like VISA, American Express and MasterCard. This means that the customer will go through the same payment steps as before, and the checkout experience will be as smooth with a mada card as it is with a VISA or others.
What benefits does mada offer to merchants?
Accepting mada debit cards as the primary mode of payment on your website through PayTabs, has multiple benefits:
- Your sales will receive a boost as more and more people in Saudi Arabia are embracing mada and carrying out their online transactions through this versatile debit card.
- Shoppers will be able to make payments seamlessly and without any hassle, just like when they do with their regular debit or credit cards. By accepting mada as a payment, you will simply give them more flexibility and convenience when they are buying products or paying bills online.
- Thanks to the special value added services that mada provides, you will gain more financial control over your business, and daily purchase volume will go up.
- Human processes like bookkeeping, tracking daily inventories and revenues will become automated with mada, thereby reducing the risk of human errors.
- You will be able to keep an eye on cash flow and all sales transactions with better ease and efficiency.
How should merchants get started?
As you are now aware of the many benefits that accepting mada cards on your website can bring you, here is what you have to do to get started with this process:
- You will need an active account with PayTabs first, as this gateway ensures smooth, secure transactions as well as more growth opportunities for your business.
- You will also need to have an active account with any of the partner banks in Saudi Arabia
- A business or commercial license will have to be issued to you by Saudi Arabia.
- Next, you will need to sign the Bank/mada agreement, as the banks and the mada payment network work together to offer you the many benefits mentioned above.
- Finally, you can integrate mada service into your website and start accepting safe, simple and smart payments from mada cardholders.
Do note that this process can take anywhere from 5 to 7 working days. However, once it is set up, you will see significant improvement in website traffic and sales. So, choose PayTabs and mada together if you wish to stay ahead of competition in the cut-throat eCommerce landscape.