PayTabs Wins Prestigious FiNext Top Companies in Payments Award

Tag: market demand

PayTabs Wins Prestigious FiNext Top Companies in Payments Award

PayTabs Wins Prestigious FiNext Top Companies in Payments Award

Ever since it started operations in 2014, PayTabs has been single-mindedly focused on one thing – use robust technology to help small and medium businesses make simple and secure online transactions. The company has worked towards building innovative solutions to make the world go cashless and embrace new possibilities of accepting payments. It goes without saying that they are proud of the value and opportunities created for more than thousands of payment partners. And it cannot be more satisfying when others recognize this as well.

“After careful consideration and extensive research our awards committee is happy to let you know that ‘PayTabs’ has been selected for the Top Companies in Payments Award”

                                                                -FiNext Judging Committee

The recent award won in Singapore was collected by their distinguished Philippines Country Manager, MayFlor Jalandoni, at the latest FiNext Conference held on 25th-26th April, at Marina Bay Sands, Singapore.

FiNext Acknowledges the Torchbearers of Global FinTech Sector

FiNext is dedicated to bringing the global FinTech sector under one roof. They allow start-ups, investors, SMEs, incumbent tech providers, financial institutions and other stakeholders to connect and interact with industry innovators. This was the primary idea behind the FiNext Awards Singapore 2019. The FiNext ‘Top Companies in Payments Award’ is one of the premier business awards for achievement in the global payments sector.

While nominees were judged on 5 parameters – Spirit of Innovation, Overall Reach, Industry Impact, Future Readiness, and Market Demand, PayTabs walked away with the highest award distinction for companies specializing in the payments sector – the Top Companies in Payments Award. The judges agreed that PayTabs was a pioneer in the way it had impacted the global payments industry. And, that their brilliant insight and future readiness ensured they also captured the spirit of innovation.

PayTabs Innovative Approach

PayTabs has been providing a smooth way for entrepreneurs, financiers, practitioners, innovators, and enthusiasts to forge partnerships, grow businesses, and access global markets. They hold on to their core system of values to create a unique and secure gateway to their clients. Their smart dashboard is second to none in the way it helps businesses manage their deposits from one platform to the other. The fact that PayTabs gateway is equipped with a PCI DSS certification and anti-fraud protection allows them to enjoy global recognition.

With the latest award conferred upon them (among a series of other highly notable awards), PayTabs is geared to become a leader and pioneer in the payments gateway space.

Standing up to market trends 

The FiNext judging committee acknowledged hand-picking PayTabs from a list of incredible nominations. What worked in the favour of PayTabs was its ability to measure up to ongoing market trends and foresee client needs. They had increased their market demand by addressing these requirements of the market and responding uniquely to emerging trends. With the latest award, PayTabs continues to enjoy a successful journey as one of the premier payment gateway providers in the world.

About PayTabs:

PayTabs is a Saudi-based company that facilitates processing of online payments securely and efficiently. It was founded by Saudi entrepreneur Abdulaziz Al Jouf.

PayTabs caters to small, medium and large enterprises via different business models. PayTabs offers clients services to seamlessly ‘plug and play’ various features on to their websites. It prides itself on offering simple and EFFICIENT invoicing services for merchants and professionals.

PayTabs was awarded the title of ‘Fintech Company of the Year 2018’ at the prestigious Arabian Business Achievement Awards.

With dedicated offices in Saudi Arabia, UAE and presence in Bahrain, India and the Philippines, PayTabs is fast emerging as the preferred payment solution company.

How to use Price Localization for Increasing Global Sales?

How to use Price Localization for Increasing Global Sales?

The price of a product or service is the most influencing factor for a buyer. Of course, there are other factors affecting online sales, such as geographic location, currency, user experience, and so on. When we talk about price localization, we incorporate all these factors to render a customized shopping experience. According to a study, a group of SAAS companies confirmed that sales performance increased by 30% when price localization was implemented.

You can simply make changes in a payment gateway process by accepting local currencies and adjust pricing according to the market demand to successfully implement price localization. In addition to these, there are other ways as well. Here, we highlight the importance of price localization, and how it will affect your international business.

Cosmetic Localization versus True Localization

Price localization happens at various levels, depending on your goals. For example, if you have a product that sells really well, you can apply basic changes to boost global sales. But if you are entering a new market, you have to consider multiple aspects. Based on these two situations, there are two localization types – Cosmetic localization and true localization.

  1. Cosmetic Localization

Currency Exchange – Under this strategy, you can provide competitive exchange rates when converting the price of the product in local currency. Further, ensure minimum payment gateway charges to reduce additional costs, besides the product price.

Local Currency – You can also simply eliminate the need to provide an exchange facility by showing prices in local currency. This will improve the user experience, resulting in higher chances of customer acquisition.

Local Language – Translating website content into the local language is another way of tapping local customers. According to a study by KPMG and Google in India, 68% internet users prefer content in local language rather than in English.

  1. True Localization

Market Demand – You just cannot change the price and currency, and expect a rise in sales. When cosmetic localization doesn’t work, true localization comes in. The foremost influencing factor is market demand, and whether the market is saturated or not. For example, if the product demand is high in Europe but the competition is low, you can sell the product at a higher price.

Buyer Personas – The price is influenced by buyer personas as well. This involves customer’s demographics, buying behavior, and other factors. You have to customize a package, design, or features according to the customer’s preference. For example, some products may work well in the USA but they won’t sell in India unless you customize it according to buyer persona.

Purchasing Power Parity (PPP)

The price localization depends on the purchasing power of the currency. The purchasing power is determined by considering factors like income levels, cost of living, and so on. The purchasing power parity (PPP) aims at striking the balance between two currencies. In other words, as per PPP, the cost of a product should be the same in both currencies. For example, if a pair of shoes cost $50 in the USA, it should cost Rs 2500 in India, if the conversion rate is 50.

But the currencies, in comparison to US dollar, are either undervalued or overvalued. Now if you keep the prices same for the global market according to the PPP, the sales may get hampered. So on the basis of the conversion rate, exchange rate, and customer’s willingness to pay a particular price; you should adjust the selling price so that customers don’t hesitate to pay the price.

Customer’s Sensitivity

A customer is sensitive to various factors, not just the price and benefits. While pricing the product for a targeted audience, analyze factors like customer’s income, lifestyle, spending pattern, preferences, market demand & supply, the local language, and so on. Conduct surveys or deploy big data analytics to accrue information. The price localization works effectively when you create value according to customer’s sensitiveness and set a suitable price tag.

The Final Words

Price localization is an effective strategy of catering to the targeted audience, thereby, boosting local sales. It’s not just an option but a dire need if you want to tap the global market. Understand the market demand, and step into the market with the right product and price tag before you lose the ground to your competitors.