Top 5 Payment Gateways in Saudi Arabia
The primary thing that attracts customers towards an online site is the trust, and Payment gateway is one of the most important factors that help in building trust.
Payment Gateway:
Whether it is an online business or offline business there comes a time when we have to define our mode of payment. In case of online transaction it is termed as a payment gateway. A payment gateway is an e-commerce application that securely processes credit card payments. Though cash on delivery is still the most popular mode of payment but in this digital era many prefer to make payment via convenient and fast online mode. If you are a Saudi Arabia based online company and is looking for the reliable and secure payment gateway then in the following section we have listed 5 best payment gateway in Saudi Arabia:
1. PayFort: PayFort is the most widely used online payment gateway in Saudi Arabia. The most appealing feature of this gateway is its low setup fees and additional services such as protection from fraud at an additional cost. Their setup cost is based on the size of your enterprises such as for small and medium business enterprise the cost is AED 3500 and for a corporate account the cost is 6500 AED. PayFort has also launched its payment on delivery service that allows customers to pay on delivery by using any credit and debit card using a mobile card machine. Operating in six Middle Eastern countries this payment gateway was launched in 2004 and has processed $817 million worth transaction in its first year.
2. CashU: CashU was established in 2002 in UAE and now offers transaction in 13 different currencies. It offers free account setup, around 7% transaction charges and has the maintenance charge of just 1$ per year. The transaction charges are decided on the basis of the number of transactions. This may range from $1000-$3000 depending on the number of products sold or volume of sales. The main motive behind its establishment was to serve the nation with secure, reliable and low-cost internet payment service provider. CashU provides services at the lowest cost in the market and is the most preferred Saudi Arabia payment gateway.
3. PayTab: PayTab is one of the most trusted payment gateways in Saudi Arabia. It offers services in 168 currencies and with a setup cost of only $400 the service provider comes with zero maintenance charges. You can set up your PayTab system in less than 24 hours and currently the service provider is charging 2.85 % + 1 AED per transaction. PayTab was one of the early gateways that offered integration with SADAD accounts. There is a number of ways by which you can integrate PayTabs like Plug-in, iFrame, and direct integration by using API. This internet payment provider is also available for making mobile payments.
4. 2checkout: This USA based payment gateway is very popular in Saudi Arabia. The service provider serves in 87 currencies and 15 different languages. 2checkout is the broadest payment gateway in the world. They charge 3.9% with an additional $0.45 fixed fee on every transaction. They also charge 1.5% for the customers’ bases outside UAE. The cost may seem comparatively high but at the same time, there are no setup fees or monthly maintenance fees. This secure and trusted payment gateway is known for its infinite currency options and payment modes.
5. Hyperpay: Hyperpay is one of the fastest growing internet payment service providers and is based in Saudi Arabia. The service provider has collaboration with 100+ payment providers globally and is known for its best anti-fraud management system. The company was founded 2010 and was known by name Gate2play. It offers easy integration and the most secured fraud management system. The main attraction of this service provider is its partnership with a wide variety of banks and credit-card companies.
Factors affecting while choosing payment gateways:
Choosing the most suitable for your e-commerce website is not an easy task. Following are the factors that may affect your decision.
1. Transaction fees: The most important factor that may influence your decision of choosing the best payment gateway is transaction charges applied by the service provider. Whether it’s a fixed fee or specific percentage on every transaction one must take into consideration the transaction charges levied on your e-commerce website before making any decision.
2. Card types: One must compare all the gateways on the basis of card accepted by them. To make the shopping experience hassle-free it is necessary to know what type of card is accepted by your payment gateway and the location it supports.
3. Simple procedure: Before opting any payment gateway one must consider that whether the process of making payment is simple or complicated. Users prefer those websites that offer simple payment process. The infrastructure of making payment must be simple and easy to understand.
4. Recurring billing: Regular users find it so annoying to enter their payment details every time they log in. Payment gateway must offer a service of recurring billing that may ease their tension of dealing with this action manually.
