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The Most Popular Online Payment Methods

Tag: merchants

the-most-popular-online-payment-methods
Mohab Ecommerce 0

Online payment methods have become increasingly popular due to widespread use of internet-based shopping. Efficient payment solutions not only ensure that your business retains its liquidity but also endeavors to provide smooth services to the clients. The right payment method helps you attract more customer and address a larger market. However, before choosing one for your business, it is important to keep certain facts in mind. The selected methods should be flexible yet robust. To make things easier, here is the list of the top online payment methods.

  1. Credit Cards:

    Credit cards have emerged as one of the most frequently used online payment methods. These cards usually have international acceptability, making them highly useful for online transactions. If you want to offer this feature to your customers, you need to decide whether you want your own dedicated merchant or an intermediary holding account. It is important determine the best option as selecting one over the other can result in different business processes and funding times. This method is highly flexible as the client may choose to make payments in installment. Further, these cards also offer high level of transaction security.

 

  1. Internet Banking:

    This is an upcoming online payment method. Internet banking comes with various payment options, which are tailored to meet different requirements of clients. This electronic payment system is considered safe and secure. The client may be required to pay certain charges to their bank for using these services. However, this method is still relatively cheaper than most of the other online payment methods.

 

  1. Mobile Payments:

    Mobile payment methods are regulated transactions that is performed from your mobile device. This payment method has become widely popular as people consider contactless payment to be the safest option. It is secure, fast and convenient. Mobile may be used for processing payments made by a chip card or a credit card. This payment option is highly flexible as it incorporates several methods such as typing the credit card number or simply dipping a chip card to process a payment. There has been development of mobile payment hardware as well for the purpose of swiping physical cards and processing the payment. This method of online transaction will likely to gain more traction in the coming times.

 

  1. Online Payment Gateway:

    You can offer this payment method to your clients by simply adding an online payment solution. It is the simplest way for organizations to collect online payments from their website or an app. This solution is swift and convenient. Choosing a reliable online payment gateway is an important decision as several options are available in the market. However, it is vital to check out all the options and pick the one that best suits your business as many gateways offer one stop solution. These gateways not only allow you to expand your market but also to offer security and safety to your clients.

 

  1. Click to Pay Email Invoicing:

    Email invoicing is amongst the most user-friendly methods of online payments. It is a fully integrated and intuitive to use. It also allows your clients to generate their payment by producing an invoice. Businesses can streamline their process with this method. With increasing number of people making online purchases, the payment solution has become quite popular. It is also fast as when a customer clicks the link and pays the invoice, it is automatically updated in the system as paid, saving both your time and energy.

 

Also Read:5 Emerging Trends In The Mobile Payments Space

3 years ago
what-are-the-key-components-of-a-custom-payment-gateway
Mohab Ecommerce 0

Choosing the right payment gateway is crucial for an online business as these gateways can complete online transactions quickly, safely and efficiently. A robust payment gateway not only provides efficiency but also maintains integrity of the operations. There are several ways to incorporate a payment gateway into your system. You can choose to deploy a third-party payment gateway for processing your transactions or go for a personalized payment processing system. Each system has its own unique features, but a custom payment gateway can provide you with flexibility and efficiency which is unparalleled. Here are some of the key components of a custom payment gateway you should know about, to make informed decisions.

  1. Great Customer Experience:

    A custom payment gateway should be designed in such a manner that it maximizes the customer experience. The payment process should ideally have minimal number of steps to follow. It should also be intuitive so that the transaction proceeds in a smooth manner. You can also enhance the consumer experience by using well-known logos for different processes. The process should also be transparent so as to foster a sense of security and reliability in the clients. You can also enhance user experience by offering a wide range of payment options. Such flexibility will allow your users to maximize their utility and create brand loyalty.

  1. Sufficient Security:

    While speed and simplicity are desirable qualities in a custom payment gateway, it is equally important to ensure the safety factor of the transactions There are several security certifications available which will be helpful in providing a sense of safety to your clients. Ideally, your system should be PCI compliant. Further, you should also constantly upgrade your technology to effectively counter new spam and cyber-attack threats. End to end encryption of the transactions will ensure that the data transmitted remains safe and secure. Additional precautions should be undertaken to further secure personally identifiable information such as social security number and date of birth.

  1. Freedom of Customization:

    One of the biggest features of a custom payment gateway is that you can design it the way you want. You can add features while taking out some of the other complexities which you do not require. If you have a mainly subscription based business, you can allow for recurring payments on select dates. This feature will take away the hassle of recurring billing and will make the process more efficient. If your business deals with overseas clients, then it will make sense for your payment system to accept a wide range of foreign currencies. You may also want to display your payment system in different languages for making it easy to follow for your clients.

  1. Sensible Fees and Charges:

    Most payment gateways are able to provide their services at affordable rates due to economies of scale. However, the various benefits provided by a custom designed payment system can justify its higher costs. If planned properly, you might be able to reduce these expenses on a custom payment gateway as well. You should carry out extended and informed deliberation with various financial service providers to ensure that you optimize various charges and fees. Further, you should also pass down some of the benefits to your clients so as to build a solid customer base.

  1. Modular Feature:

    Setting up a custom payment processing system can be a daunting task. There are several variables to be taken care of, including the number of processors to collaborate with. Ideally, you should work with multiple processors to minimize the possibility of outages. This setup will also provide you with leverage in terms of negotiation. If you are building a custom payment system, then you should pay adequate attention to security features as well. Further, a foolproof process should be set up for handling arbitration, chargebacks and disputes. The process should be such that your clients do not face unnecessary hurdles while getting their grievances addressed.

All in all, custom payment gateways can indeed help you optimize your business processes. You can also ensure that your clients have the smoothest possible experience by incorporating features specific to your business. The process should also be flexible so that it can handle any changes in your business model.

4 years ago
PayTabs
Mohab Covid19 Resources 0

PAYTABS-COVID-19-BUSINESS-CONTINUITY-MESSAGE

Hello from PayTabs,

I trust you, your family and loved ones are safe and sound and observing the safety recommendations during the exceptional circumstances brought on by the COVID-19 pandemic. As the situation continues to unfold around the world, I wanted to reach out and personally update you on how we at PayTabs are supporting our employees, partners and you—our valued customers.

RELAX: WE’VE GOT IT UNDER CONTROL

PayTabs primary concern and our highest priority has been and always will be the health, safety, and success of our merchants, partners and employees. I care deeply about the safety of my team, their families and close friends as it is the foundation of everything and this is why we have activated our remote working policy and requested all PayTabbers across all our global offices to work from home.

I always believe that business will have its own ups and downs and the economy will adapt and transform, but our people are our most important asset and should be protected and safe at all times.

As such, we have made some positive arrangements to ensure our employees stay safe, well sanitized and are able to support your business operations with the high level of service you’ve come to expect from us as your trusted payment solutions provider.

ALL SYSTEMS A-GO!

We have established a mandatory remote working policy with the appropriate technology platforms, infrastructure and online devices to ensure your and our comprehensive business continuity. Our engineering teams are well equipped to perform their tasks when working remotely. We’re confident that our payment systems and procedures will continue to seamlessly support customers and partners during this time.

Our customer and tech support teams will be on hand to assist your business needs during our usual business hours. Our account managers (who are only a phone call or email away) have the resources required and are dedicated to serving you.

GESTURE OF GOOD WILL

And now for some good news, here’s an overview of a major initiative our team has been putting together behind their remote working desks to ensure that we support your online business and during these unique times of disruption:

We have launched for the first time in the Gulf region our #Stayathome and sell from your living room initiative. This will empower micro businesses, freelancers and small merchants with payment methods or tools to sell from the comfort of their homes in these trying times.

We hope these and other positive initiatives will assure you of our continued commitment to serving you, our e-tailers during this period. Please rest assured that you, our valued customers are at the forefront of every decision we make.

EVERYDAY PHENOMENON

If we try looking back to what led to the location dependency in the past, it will point us in the direction of the limited availability of technology and infrastructure. Lack of technology advancement mandated that work environments had to be “central” as opposed to being flexible.

The digital era has given tools to companies of all segments across all industries. Because of the internet of things, we can work remotely, from any corner of the world and still feel like we’re contributing. Based on a report by PwC, 64% of millennials would like the opportunity to work from home. Take for instance the example set by freelancers, digital experts and content creators like graphic designers, web developers, bloggers and writers who work remotely.  Availability of high-speed internet, cloud-based applications and flexible spaces made this viable.

Distributed teams are composed of employees who work remotely from all around the world rather than being centralized. Did you know that WordPress runs 100% distributed teams? That means everyone works from home, or more precisely, from wherever in the world they wish.

We are all guilty of checking our emails on a vacation or while traveling for business. In fact, isn’t that what we do the moment we get off a flight? We look for connectivity. We are virtually connected without even realizing it and our location is no longer a limitation.

The virus has re-enforced a message. We have arrived into a new era of hyper connectivity. How many of us are ready?

Our thoughts and prayers are with those affected by this pandemic. We wish them a full and speedy recovery, and we remain inspired by those on the front lines in healthcare, transportation services, government, and many others who are caring for people around the world.

Stay safe and my best wishes for your continued health and business success.

Abdulaziz Al Jouf

CEO & Founder

PayTabs

4 years ago
PayTabs and Payoneer join hands to fortify payments
Mohab Partners & Partnerships 0

PayTabs and Payoneer join hands to fortify payments

A strategic partnership between PayTabs, the award winning, B2B payment service provider and Payoneer, the leading omni-platform for digital growth, aims to let extend to thousands of global merchants and small businesses in India with additional benefits in international payment transactions.

International Payments:
Cross-border payments have become mainstream with the advancement of digital payment technologies and the growth in e-commerce. It has emerged as one of the most prominent metrics to gauge the success of an online business. It is imperative for a business to ensure that their cross-border payments are handled securely and efficiently. PayTabs aims to provide such services to merchants in the MENA region and will enable Payoneer merchants to process payments globally with their e-commerce solutions.

According to World Pay’s Global Payment Report, e-commerce is expected to surpass $4.6 trillion globally by 2022. ‘Whatever we buy, whenever we buy, however we buy, the global consumer economy has become a Now Economy’, quotes the report. Proper management of cross border transactions ensure that the lag time between the payment of money by customers and the receipt of funds by the business is substantially reduced. Such management of funds ensures that the business remains liquid and chances of a cash crunch are minimized.

Payoneer: Pioneer in Cross-Border Payment Segment
Payoneer is a leading digital payment platform empowering business around the world to grow globally. Payoneer’s digital platform streamlines global commerce for millions of small businesses, marketplaces and enterprises from 200 countries and territories. Payoneer delivers a suite of services that includes cross-border payments, working capital, tax solutions and risk management to millions of customers including leading brands.
Leveraging on its global operations and banking infrastructure, Payoneer offers customer an easy and secure cross border payments solution. Payoneer supports over 150 currencies and delivers seamless commerce to customers at competitive rates.

PayTabs & Payoneer Collaboration
The tie-up is designed to create synergies by combining the expertise of two market leaders. These include merchants being able to enjoy direct deposit of funds into their business accounts, thus ensuring faster settlement turnaround for merchants. Owing to the elimination of intermediary banks, merchants will also be able to benefit from lower forex markup and charges so they can take advantage of more cost-effective settlements. PayTabs will also enable Payoneer merchants to process payments globally with its B2B e-commerce solutions. Small and medium businesses and service providers selling goods or services through their own websites to customers abroad will now have a seamless way to collect and move payments. For example, an e-tailer or service provider selling through his their own website to a customer cross border, will get an integrated product — a payment gateway — and settlement framework that would seamlessly settle funds into their local bank account. This is expected to especially benefit merchants, such as those providing education services through e-learning platforms or those which offer ayurvedic products or clothing and fashion accessories on their websites, to collect payments from individual customers overseas without having to worry about setting up a payments gateway, which is a costly and cumbersome process.

Whether you are looking to expand your business to new countries or are planning on tying up with new platforms, Payoneer and PayTabs are here to assist in your endeavors.

5 years ago
PayTabs collaborates with DHL for the Benefits of its Partner Merchants
Mohab Partners & Partnerships 0

PayTabs collaborates with DHL for the Benefits of its Partner Merchants

Shipping costs are rising year after year and because of this, many merchants are finding it difficult to afford it. To make matters worse, goods often don’t reach their destinations on time. While many are affected by this, the merchants especially are feeling the heat. When the economy is booming, you need your goods and services to move at a fast and reliable pace. However, while slow and unpredictable shipping is beginning to have a domino effect on the growth potential of the economy, its rising cost is reducing the average customer’s spending power.

PayTabs partners with DHL

Especially, in a country like the Kingdom of Saudi Arabia merchants add so much to the economy and they are gravely concerned about these shipping issues. But now, they need not worry much as we, their trusted partner, PayTabs have brought them a solution. The good news for the business owners who are active PayTabs merchants in KSA is that PayTabs has joined hands with one of the world’s largest logistics company, DHL to especially provide our merchant partners based in Saudi Arabia, a very special offer. With this new offer, they can now get their documents, packages, and shipments delivered locally or globally for less. Keeping the needs of our partners in mind, we negotiated the rates for domestic and international cargo and can assure you that we have brought you a deal that is going to benefit you a lot in the longer run.

The offer will be valid until May 1, 2020, or until otherwise informed. To reiterate, the offer is applicable for active PayTabs merchants in the Kingdom of Saudi Arabia only. Lastly, we want to clarify that while PayTabs is facilitating the offer, any queries or concerns about shipping or handling can be directed to the friendly support team at DHL who are always on hand to help.

PayTabs, as a leading payment gateway for websites that sell products or services, continues to strive to find solutions for anything that might be bothering our partners. Quite recently we took some measures to help our friends find more ground online via our social media outreach program that involves interaction with potential customers and clients from all corners of the world.

Our #Payshout campaign takes your content to a whole new level on various social media platforms, gives your brand new audience groups and boost your brand awareness. Similarly, when we realized the huge losses our merchants were incurring because of the sluggish yet extremely expensive shipping, we thought of joining forces with DHL. When we began offering a variety of payment options, we wanted our partners to reach out to millions of customers across the globe and promise them a hassle-free shopping experience.

Today, our associates enjoy the power of having the world of payments at their fingertips (accepting 168 currencies) courtesy our innovative and tech-savvy payments solutions. Now, with our new tie-up, the active PayTabs merchants don’t have to waste their precious time in evaluating the market rates and service reviews of different international courier companies. They can now simply use the services of DHL, a global market leader in the logistics industry, with ease and at substantially lower costs.

We are known for going out of our way to do our bit in making the lives of our partners easier and that’s why we are such a loved brand and we will continue to do our best. If you still aren’t, we welcome you to join the growing PayTabs family!

5 years ago