Hi, I am Riyaz.
I began as a fourth-generation business owner in the United Arab Emirates. I have years of expertise in a variety of fields, such as digital marketing, business management, and consulting. My entrepreneurial family has inspired me since I was young and continues to be a source of inspiration for all of my business initiatives.
From my experience, I will tell you that any type of business that you are operating needs to have a payment gateway. It facilitates the processing of your clients' payments more efficiently and fosters the general expansion and success of your company. Payment gateways that are quick, easy, and safe are here to stay.
A key element of any company, payment processing has a big impact on both overall sales performance and customer satisfaction. In today's fast-paced digital world, customers expect a smooth and efficient payment experience. Businesses can increase sales and improve customer satisfaction by practicing efficient payment processing techniques.
You can find out more about the advantages of online payment gateway services by reading this article.
What payment platforms are and how they work
A payment platform is a technological tool that retailers use to let customers make purchases using debit or credit cards. The phrase refers to both the payment processing portals found in online retailers as well as the actual card-reading devices found in physical retail locations.
Since it is the front-end technology in charge of sending customer data to the merchant-acquiring bank, where the transaction is then processed, the payment gateway is a key component of the electronic payment processing system.
Depending on whether a payment gateway is being used online or in-store, its structure will change. Application programming interfaces (APIs) that enable the website in question to communicate with the underlying payment processing network are necessary for online payment gateways. A point-of-sale (POS) terminal that electronically connects to the payment processing network via an internet or phone line is used by in-store payment gateways.
- Payment gateways are interfaces that are used to get payment details from customers.
- Point-of-sale (POS) terminals in physical stores are what make up payment gateways; they are used to accept credit card information via card or smartphone.
- Payment gateways are the "checkout" portals found in online stores where customers enter credit card numbers or service login credentials.
- Payment processors, who use consumer data to collect payments on behalf of the merchant, are not the same as payment gateways.
- Payment gateways are available for accepting cryptocurrency payments, such as Bitcoin.
How payment platforms can improve various aspects of business performance
Let's look at the reasons why businesses need to use payment platforms. Having an easy and effective payment process is important to giving customers a satisfying experience. When there are problems or delays with the payment process, customers might get angry and give up on the purchase. However, a smooth and easy payment process can make a lasting impression on clients, increasing their level of satisfaction and encouraging them to return.
- Convenience
Can a physical store enable your clients to purchase shoes while relaxing on their sofas at home? Most likely not. Your customers can make digital payment simple, thanks to a payment platform, and they can obtain the goods or services they need without having to go to your physical store. Moreover, they are not restricted by working hours and can complete it whenever they choose throughout the day.
As per InvespCro, roughly 40% of e-commerce spending consists of impulsive purchases. Giving your clients access to a digital platform that allows them to make payments encourages them to make an impulsive purchase at three in the morning. If they had to go to the physical store, their decision might have been different.
Physical establishments would not be able to connect with the global community without the use of a payment platform. It broadens your clientele, boosts revenue, and enhances your general effectiveness.
A well-designed payment platform offers a real-time user experience in addition to digital payment options. A great user experience can be offered to customers by simply adding products to their favorites, saving bundled items for a future purchase, or selecting products and adding them to a shopping card with just one click. Additionally, PCI-DSS compliant platforms enable customers to securely store their credit card information, saving them from having to fill it out every time and increasing customer engagement with the brand. And since they make larger purchases, contented customers make the best ones!
When compared to manual processing, a payment gateway is typically much faster, saving time and offering convenience to both customers and merchants.
Furthermore, electronic confirmations that a transaction has been successfully completed are sent to merchants, giving them ongoing oversight over their customers' actions.
Even though 80% of businesses that handle and store credit card data still do not adhere to official PCI security standards, there are reliable payment platforms that do, and this leads to safe transactions and clients who have faith in the merchant and his sincerity.
One-click payments, recurring billing options, and other extra payment options simplify and customize the purchasing process for the consumer.
Major Types of Payment Platforms in Dubai
In the UAE, there are numerous payment gateways. These are a few of the most well-liked ones:
1.Stripe
A variety of APIs for online payment processing and commerce solutions are provided by well-known payment gateway Stripe. Stripe is an easy-to-use platform that works with a variety of payment methods, including credit cards, debit cards, Apple Pay, and Google Pay. It can be seamlessly integrated into your website or mobile application.
The capacity of Stripe to grow with your company is one of its main advantages. You can add new features and integrations to your Stripe account, like fraud detection, invoicing, and subscription billing, as your business expands.
2.Telr
Telr is a payment gateway that provides companies of all sizes with a variety of payment processing options. Telr offers multiple payment methods, including bank transfers, e-wallets, credit and debit cards, and support for more than 120 currencies. This facilitates businesses' ability to take payments from clients anywhere in the world.
The flexibility of Telr is one of its main advantages. Telr's payment gateway offers a variety of customizable payment forms and checkout pages, and it is simple to integrate into your website or mobile app. This enables you to customize the payment procedure to your unique requirements and brand.
3.Payfort
A variety of payment methods, such as credit cards, debit cards, and electronic payments, are available through the PayFort payment gateway. Businesses can accept payments from clients anywhere in the world in a number of currencies by using PayFort.
A variety of integration choices are available from PayFort for popular e-commerce platforms, such as Magento, Shopify, WooCommerce, and others. Because of this, companies can easily integrate PayFort's payment gateway into their current marketplaces and online stores.
4.CCAvenue
Indian payment gateway CCavenue makes it simpler for companies to take payments from clients in the UAE by providing payment solutions. Credit cards, debit cards, net banking, e-wallets, and many more payment methods are supported by CCavenue, which makes it simple for companies to provide their clients with a choice of payment methods.
The payment gateway offered by CCavenue is renowned for having an intuitive user interface that makes it simple and quick for businesses to set up and maintain their accounts for processing payments. Additionally, the platform offers comprehensive analytics and reporting tools that support businesses in tracking payment activity, keeping an eye on sales results, and spotting patterns and insights.
5.Checkout.com
A variety of payment processing options are provided by the payment gateway Checkout.com to companies of all sizes. Checkout.com's ability to accept a variety of currencies and payment methods is one of its main advantages. Many payment methods, such as bank transfers, credit and debit cards, and mobile payments, are supported by Checkout.com, which makes it simple for companies to take payments from clients all over the world.
The payment gateway offered by Checkout.com is renowned for its adaptability and personalization choices. The platform offers a variety of customizable checkout pages and payment forms to businesses so they can customize the payment process to fit their unique requirements and brand.
6.Paytabs
PayTabs is a payment gateway that focuses on offering e-commerce companies payment options. Businesses can quickly and easily accept payments from clients anywhere in the world with PayTabs by offering a wide range of payment options, such as e-wallets, net banking, credit and debit cards, and more.
PayTabs' advanced methods for preventing and detecting fraud are among its main advantages. PayTabs protects businesses from chargebacks and other risks by identifying and preventing fraudulent transactions through the use of machine learning algorithms and other cutting-edge technologies.
7.PayPal
One of the most widely used payment gateways worldwide, PayPal is renowned for its user-friendliness and safe transaction processing. With PayPal, users can send and receive money using a variety of safe and convenient payment options, such as bank transfers, credit and debit cards, and PayPal's own digital wallet.
PayPal's global merchant acceptance and widespread adoption are among its main advantages. PayPal is widely accepted as a payment method by online merchants and e-commerce platforms, which makes it simple for customers to finish transactions without having to enter their payment details repeatedly.
Razorpay
Razorpay is an Indian payment gateway that offers UAE-based businesses payment options. The platform makes it simple for users to send and receive payments safely and conveniently by providing a variety of payment options, such as credit and debit cards, net banking, and well-known mobile wallets.
Razorpay's ability to integrate with popular ecommerce platforms like Shopify, WooCommerce, and Magento is one of its main advantages. This eliminates the need for additional coding or development and enables businesses to quickly integrate Razorpay into their current systems and begin accepting payments straight away.
Conclusion
Research shows that companies that provide a variety of payment methods can see an increase in sales and conversion rates. In a Statista survey, 56% of participants stated they would give up on their cart if their preferred method of payment was not accepted. Therefore, companies can increase sales and decrease cart abandonment by providing a variety of payment options. Businesses can improve their payment processing capabilities and ultimately increase sales by collaborating with reputable payment processors.
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