UAE Online Payment Gateway Solutions Explained
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The trend of online payments is on the rise in UAE. Ever since the onset of the pandemic, the trend of paying with cash has declined by more than 75%, while contactless and digital payments have doubled (nearly 98%) since 2020. The eCommerce industry in UAE has also exploded in the past couple of years, making it essential for businesses to integrate a payment gateway that allows consumers to pay online quickly and safely.
Payment gateways are a technology service that enables users to transfer money from their accounts to different users or to a merchant’s account to pay for something. The transfer happens digitally without any contact and provides users with various options for completing the payment. One of the biggest benefits of using a payment gateway is its security and the ability to accept payments from customers 24*7. This allows businesses to keep operating beyond their regular working hours as well. UAE is quickly developing in this digital space, and if you’re a business wanting to get ahead of the curve by accepting online payments, then this blog is for you.
Some of the Best Payment Gateways in the UAE
These are some of the best payment gateways that you can use in the UAE
1.PayTabs
PayTabs provides omnichannel payment solutions to customers and is an online payment gateway recognized by both Mastercard and Visa. It has a simple documentation and onboarding process for merchants and provides a stellar dashboard that gives essential insight to merchants on a single screen.
2.Amazon Payment Services
Amazon Payment Services offers customers different payment options in more than 8 countries, including payment in instalments. It not only monitors business performance but offers industry insights services as well.
3.Stripe
Stripe is a famous payment gateway that is used in more than 135 countries across the world. It is known for its innovative solutions in preventing fraud, managing finances, payment processing, and more.
4.Telr
Telr is a PCI DSS Level 1 certified robust payment gateway that protects consumers from fraudulent activities. It can be customized easily according to your business requirements and supports business scaling.
5.CCAvenue
CCAvenue is a popular payment gateway in UAE that processes multiple currencies and has smart, dynamic routing. It integrates easily with your business and is cost-effective, thanks to a no-cost setup.
Factors to Consider While Selecting a Payment Gateway in UAE
Here are a few things that you should keep in mind while selecting a suitable payment gateway for your business.
1.Does it support international payments?
UAE is a humdrum of international activity with tourists and business owners from around the world. The possibility of a customer wanting to pay in a foreign currency is relatively high; hence you should work with a payment gateway that has issues accepting international payments from users. Not only will this make payments easier for clients, but it will also fuel your expansion plans and help reach a wider audience. If you plan on keeping the business local and only accepting payments in locally acceptable currencies, this factor shouldn’t affect you much.
2.Does it provide various payment options to users?
In 2023, there are several ways in which a user can decide to pay for a commodity or a service. Look for a payment gateway that provides different payment methods to the users so that they can pay for anything in their preferred method. Conduct some research to determine which payment methods your target audience likes the most and whether the payment gateway you’ve selected supports that payment method.
3.Does it provide a seamless user experience?
A payment gateway enhances customer experience and makes it easier for them to pay digitally. Its primary focus is to provide a friendly and seamless user experience that aids them during payment and makes the entire process more accessible, not the other way around. Try testing the interface of payment gateways yourself to determine how the users will perceive it and whether it matches your brand identity. You wouldn’t want customers to leave your website mid-transaction because of a complex payment portal.
4.How robust is its security?
Security should be the topmost concern while selecting your payment gateway. It is responsible for hundreds of transactions every hour and stores sensitive customer data. Since the customers trust you with their payments and data, it becomes necessary to integrate a payment gateway with robust security features. In a survey done by Visa, it was found that nearly 39% of consumers in the UAE have been victims of attempted online fraud. In the same report, Visa also states that after the pandemic and the increase in contactless digital payments, it is unlikely that cash will reach its previous heights of being the most preferred mode of payment any time soon. With security being such a big concern for customers, it becomes imperative that you instill trust in your consumers by partnering with a secure payment gateway.
5.How smooth is the integration process?
Payment gateway solutions are not just supposed to make life easier for customers but also make life easier for you. Once you’ve decided which payment gateway to choose based on its security and benefits, the next step is to determine how smooth is the integration process for that payment gateway. Select the one that offers hassle-free integration and provides customization options.
6.Is it cost-effective?
While incorporating an online gateway payment for your eCommerce business has several benefits, it is also important to perform a cost analysis. If you’re a start-up or a small business, choosing a cost-effective payment gateway that doesn’t affect your revenue negatively becomes necessary. Determine how much it will cost to set up the gateway, its maintenance, transaction fees, and other hidden costs so that it helps manage your business even when sales are rough.
Payment gateways specified in this article are quite popular in the UAE and have seen an increase in adoption in the past couple of years. Every payment gateway comes with pros and cons, and comparing each will provide a comprehensive idea of which payment gateway checks the most boxes for your business. PayTabs is an efficient payment gateway that processes payments quickly and offers different plans like start-up, growth, and enterprise according to their budget and business stage.
