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Top 3 things to consider while choosing a payment gateway for your business

Tag: online payment gateway

Top 3 things to consider while choosing a payment gateway for your business
Mohab Ecommerce 0

Top 3 things to consider while choosing a payment gateway for your business

Whether you are selecting a new payment provider or looking to replace your existing one, you would want an efficient, versatile product that fits your budget. You do not want a provider who regularly gives you problems and puts extra workload on your support team. Overall, your choice of an online payment gateway could impact the overall customer experience on the website and also the way you receive money from customers. So lets look at what are the main things to consider while finalizing on a payment gateway.

Things to consider before choosing your payment provider

  • What matches your business needs – classic or modern-

The basic difference between the two types of gateway is the merchant account. While the classic payment gateway requires you to have a merchant account so that it can transmit money into your account, a modern payment gateway does not. The modern ones draw funds directly from the customer’s bank account or credit cards and after validating them, deposits it directly into your account. Even though the modern payment gateways require you to do very less in order to use them and receive money from your customers, they mostly charge a larger transaction fee and also drive customers another website for making the payment, which could lead to lesser conversion. Also classic gateways are considered to be much safer and secure, hence a better choice for bigger businesses. They also charge a lower transaction fees. Find out what aligns with your business first.

  • Which payment modes and currencies do you want your payment provider to support?

You most probably know which countries you are selling to most and the currencies that your customers like to pay in. So the first thing to check is – does your payment gateway support alternative payment methods such as Sadad in the Middle-east. It only makes sense to choose a payment gateway that makes it easier for customers to pay through a mode which they are most comfortable with. Hence check which are the payment methods that the payment gateway of your choice support. A gateway like PayTabs supports multiple currencies and offers several alternative payment options.

  • How secure is the payment gateway?

Every online and ecommerce business that accepts online payments faces the risk of fraud and chargebacks. Both of these can hurt the business and hence it makes sense to go with a payment processor that offers secure transactions. This is probably the most important factor that should make you for or against a payment processor. Fraud is the first thing you will want to fight and want to protect your customers against. Hence make sure your payment gateway is secure, very secure. This means it should at least comply with PCI Data Security Standard and must be integrated with 3D secure. Level 1 PCIDSS compliance means that the gateway has achieved the topmost level of security and deals with more than 6 million transactions every year.

Apart from implementing these market research tips, you should also look at fee structures of major payment gateways. Make sure there are no hidden charges. Check for their transaction failure rates as well.

Conclusion

Your payment provider is the “better half” of your online store. You should use your customer’s needs, your business needs, and general essential security requirements to select a payment services provider for your eCommerce site. It goes without saying that choosing the right payment gateway can go a long way in helping your business. If you have any further questions about which payment gateway is the best for your business, mail us at [email protected]

6 years ago
Our exclusive Saudi National Day offer is here!
Mohab Special Offers 0

Our exclusive Saudi National Day offer is here!

Happy National day. As part of our Saudi identity, and our belief in the Kingdom’s 2030 vision, PayTabs is proud to introduce its exclusive offer for Saudi startups on the occasion of 87 years of unity in the Kingdom.

Saudi startups not older than 3 years are encouraged to sign up for our merchant account to receive the special benefits our offer entails. Pay only 87 SAR instead of our standard 1500 SAR fee as a one-time payment for the setup fees. PayTabs aims to enable businesses and entrepreneurs around the kingdom. Therefore, at this rate, accessibility is available to all!

To be eligible for the offer, your startup must be Saudi based, and as previously mentioned, not exceeding 3 years from the date of establishment. Also, kindly note that the offer is valid for one year from sign up date, the merchant must “Go-Live” before Oct 31st, 2017 to be eligible, and our transaction rate is subject to renewal on September 30th, 2018!

Furthermore, we have a secret competitive pricing deal waiting for you. To avail the offer, please contact our Customer Care Team for more info on [email protected]. If you’re interested in signing up now, please click here to enjoy our unmissable offer!

Offer runs for a limited time only. Sign up before September 30, 2017.

 

 

7 years ago
PayTabs: Not Just Any Payment Gateway
Mohab Growth Hacks 0

PayTabs: Not Just Any Payment Gateway

“People are the best show in the world. And you don’t even pay for the ticket.” – Charles Bukowski

There are two elements in that quote which resonates with the core business philosophy of PayTabs, i.e. People and Payments. PayTabs began as an idea with the sole mission to create a simple and secure platform for people and organizations to transact around the world.

At the heart of it, the mission seems simple enough, after all people are buying and selling in the new digital economy all the time. But the faultlines begin to appear once you deep dive into solving the problems of the payments processing industry, fuelled by the rapid e-commerce growth globally.

The problems are pretty striking when you look at it from a bird’s eye view:

  • Gap in the market in the context of multiple currencies being accepted as payments by an ecommerce platform.
  • End to end authorization, technology, infrastructure and services in the payments space being offered by a single solution provider: There aren’t that many players.
  • Security and Fraud Prevention is a major concern for the industry.
  • Not many alternative payments options available with majority of competitors in the industry.
  • Last but not the least, hidden charges by many competitors brings ambiguity to the minds of the merchants.

In the view of the above problems, PayTabs has created products which solve all of the above problems and thereby providing a breakthrough for the industry:

  • 160+ Currencies accepted on the platform.
  • Whether it’s multiple channels, schemes, acquiring banks, multiple shopping cart platforms, security infrastructure and systems, risk management and merchant services, we have you covered in all aspects in the context of building, operating and growing your e-commerce business.
  • Dual layers of fraud management infrastructure, dedicated fraud and account management.
  • 130+ alternative payments options designed to intelligent recommend you options that support your overall business goals.
  • No hidden charges whatsoever, we are completely transparent in our pricing.

For further insights on how we can truly add value to your business, visit our site. Moreover, you have an option of signing up for a demo to experience the true power of our technology.

7 years ago
Payment Gateway Selection: 6 Factors to be Considered
Mohab Ecommerce 0

Payment Gateway Selection: 6 Factors to be Considered

If you take a step back and look at the entire e-commerce ecosystem, you would realize that one of the key elements of an e-commerce portal is the effectiveness and efficiency of your Payment Gateway. As you are in the process of choosing a payment gateway, we are here to give you a ready reckoner on the factors to evaluate while considering a payment gateway.

  1. Security: In a world where cyber security risk has been growing by the day, it is critical for you to check the security parameters of the gateway. Look for a PCI-DSS certification apart from elements such as anti-fraud protection, 3D secure authentication for cards.
  2. Ease of Integration: There are multiple platforms, on which your e-commerce portal might have been built, be it Magento, Shopify, OpenCart, Woo Commerce, PrestaShop, etc. The payment gateway should be easy to integrate onto any of these shopping cart platforms. Whether it is Mobile SDK, Direct API, iFrame or Express Checkout, the method of integrating with your shopping cart should be hassle free with minimum documentation.
  3. Mobile Optimization: The penetration of mobile onto or lives has been wide reaching an m-commerce is at the forefront of the mobile revolution. Customers are shopping through the mobile like never before. As per latest data, over 2 Billion mobile and tablet consumers will engage in some form of mobile commerce transaction by the end of 2017*. The gateway you select should provide a seamless shopping experience for the customer, irrespective of the type of device.
  4. Merchant Support: Payment Gateway technology support is critical to the success of your e-commerce portal in today’s day and age. 24×7 dedicated support is an imperative for you. It is basic but very critical for you.
  5. Currencies and Alternative Payment Methods: The world has indeed become a small place and the consumer can be located anywhere. It is therefore a necessity in today’s global marketplace that a payment gateway has provisions for payments in multiple currencies and a plethora of alternative payment methods to enhance customer experience.
  6. Fees: The operative word in the realm of fees is transparency. Set up fees, transaction fees, net banking transaction fees, different transaction fees on different cards, annual maintenance fees, etc…. The entire gambit of fees can be burdening for an e-commerce entrepreneur. They key is to select a gateway, which has no hidden fees. All their fees need to be disclosed, before you sign on the dotted lines.

For more insights, you can subscribe to our blog alerts.

Moreover, you can evaluate the features on PayTabs and should you be interested in a free demo, you can sign up here.

*Data Source: E-Marketer & E-Consultancy

7 years ago
The Security Imperative for Payment Gateways
Mohab Growth Hacks 0

The Security Imperative for Payment Gateways

 

“There are risks and costs to a program of action—but they are far less than the long range cost of comfortable inaction.”

John F Kennedy

It would be perilous to be comfortably inactive in a dangerous world of hackers and data thieves.

In a world that’s becoming increasingly being accustomed to data breaches and cybersecurity risks. It is therefore imperative that necessary safeguards must be put in place to protect the consumer and the enterprise. Security invariably is an issue in the payment gateway space. Consumers won’t pay online if the system isn’t secured. It is a trust issue.

Security is a big factor in the e-commerce space, hence we as an industry have come up with a whole host of symbols to drive consumer confidence.

The Security Imperative for Payment Gateways

The Security Imperative for Payment Gateways

The payment processing industry has gone through a paradigm shift in recent times owing to significant growth in the e-commerce space, in emerging markets where e-commerce companies have sprouted in huge numbers and have been instrumental in driving consumption.

In such a scenario, the payments processing industry has been moving through with security measures which improves data protection yet retaining the efficiency of transactions. The trends that are driving the payments processing industry from a security standpoint are as follows:

  • Integrators are taking the QIR program seriously
  • More payment solutions are seeking P2PE validation
  • EMV certifications are faster and more robust
  • End users are willing to pay for security

The last point among the trends is particularly interesting and goes to show that the consumer cares for security while making a payment and does not really mind shelling out extra for having the peace of mind while transacting on the web.

In fact, we at PayTabs understand the critical nature of payments security, hence we have a robust security infrastructure to offer the highest level of security, for your transactions and your customers.

Given below are some of the salient features of our security Infrastructure:

  • 3D Secure Authentication through Mastercard SecureCode & Verified by Visa
  • Dual Layer Fraud Protection & Management
  • PCI-DSS Certified
  • Digicert-EV SSL Secure
  • 99% fraud free transactions

Visit our homepage to know more or leave a comment below, if you have any queries or insights. We would love to hear from you.

7 years ago