PayTabs: Flexible Digital Payment Solutions That Address eCommerce Market Needs
Fintech was a nascent industry, and eCommerce was in its formative stages in Middle Eastern and North African nations in the early 2010s.
So when a Saudi Arabian eCommerce entrepreneur — with several startups already under his belt — began searching for an efficient way to facilitate digital payments, traditional banking firms were his only alternative.
Unfortunately, as he began knocking on bank doors with the idea of partnering, he found little encouragement.
The bankers either turned him away because they considered his business too small to pay attention to, or they argued against teaming up based on cost.
The best business ideas grow organically out of a market need, and the Saudi entrepreneur, Abdulaziz Al Jouf, decided to build his own solution. In 2014, he founded PayTabs to streamline digital payments for micro startups and small firms.
PayTabs is a payment platform offering industry-targeted omnichannel solutions that incorporate a unified yet flexible tech stack and services. PayTabs solutions encompass the entire payment journey, from issuance to acceptance and processing.
The company also seeks to accelerate the evolution of payments by developing a software service approach that plugs seamlessly into existing business management platforms.
And by meeting local market needs and integrating payment methods familiar to local consumers, PayTabs quickly gains acceptance and share wherever it expands. After starting in early 2014, the company took hold in Saudi Arabia and the United Arab Emirates before commencing more generalized growth across the Middle East and North Africa.
“In every market, we deploy products based on our team’s experience and market needs,” said Hany Soliman, Regional Head/Operating Partner GCC and Africa at PayTabs. “Then we tweak our approach by introducing features and enhancements to enhance the fit.”
How that plays out differs from market to market according to initial conditions. A commitment to brand localization through private labeling, also known as white labeling, establishes a common thread across all new country expansions.
Businesses can provide augmented consumer services and compete on go-to-market speed and flexibility with globally secure private-label solutions from PayTabs. All customizations comply with PCI security standards and are EMV 3DS 2.0 certified to protect against card-not-present fraud.