What is the best payment processing solution for ecommerce businesses in UAE?

Launching an ecommerce store represents a significant milestone for any business. A well-crafted combination of marketing strategies and user-friendly design can effectively promote a brand to a wider audience. In addition to selecting the appropriate graphics, layout, and features, it is also important to consider the most suitable payment processing solution for the ecommerce platform. This includes a thorough examination of how ecommerce payment processing functions, as well as an examination of some of the top options available.

What is ecommerce payment processing?

Consumers shopping online have access to a plethora of payment options. Ecommerce websites typically feature a checkout page displaying these options, which commonly include credit and debit cards as a minimum. Additional options may include digital wallets, deferred payment solutions, and even cryptocurrency. To process these payments, it is necessary to implement a payment gateway and payment processor. The payment gateway serves as a connection between the ecommerce platform and the processor, gathering customer information and submitting it for authorization. The payment gateway is also the client-facing portal where consumers enter their payment details.

In contrast, the payment processor receives the payment details submitted by the customer and subsequently forwards them to the merchant account and bank associated with the business. The payment processor acts as an intermediary between the ecommerce site and the issuing bank or payments provider. During the processing stage of the transaction, funds are withdrawn from the customer’s account and deposited into the merchant account. Some payment processing solutions offer an all-in-one option that combines the functions of both the payment gateway and processor. In any case, the payment processing solutions utilize encryption and other security measures to safeguard customer data during verification and authorization. This may also include additional security features such as two-step verification.

Ecommerce businesses have a range of options when it comes to payment gateways, including redirecting gateways, onsite checkout, and onsite payment.
Redirecting gateways, such as PayPal, where users are redirected to a separate checkout page hosted by the payment gateway. These account for 33% of all payment gateway usage among ecommerce businesses.
Onsite checkout, represented by providers such as Stripe, account for 25% or all integrations and allow for customers to add their card details on the website while the payment is processes offsite

Onsite payment, which enables both checkout and payment to be processed directly on the ecommerce site, accounts for 42% of online transactions
It is important to note that while onsite payment solutions offer increased flexibility, businesses utilizing these options are fully responsible for ensuring payment security and efficiency, which is often only the case with large ecommerce companies and businesses with dedicated .
Features of the best ecommerce payment processing platforms

When evaluating payment gateway and processor options, it is crucial to ensure that they possess certain key features:

• compliance with Payment Card Industry (PCI) standards
• utilization of tokenization and encryption
• acceptance of widely-used payment methods
• transparent fee structure
• ease of integration with the ecommerce site
• and a user-friendly interface.
• It’s also important to note that these features are vital for maintaining the security and efficiency of the payment process, as well as providing a seamless experience for customers.

Examples of ecommerce payment processing solutions

There are many payment gateways in the UAE that can give merchants online payment solutions, with most of them being similar or have small differences. Here are some names to choose from:

A Payment gateway comparison for small businesses and freelancers in the UAE

1. Stripe

Stripe is a well-known choice that specializes in handling card payments. It offers various ways for merchants to accept payments, both online and in some physical locations, with built-in security and invoicing options. Stripe’s API is customizable, which enables developers to easily integrate it into their website and to select from a variety of additional features. In fact they are known for being integrated with almost every third party app, development tool or marketplace so it is an excellent choice for merchants using templates and tools such as Wix and Quickbooks. The onboarding process for Stripe is simple, and it has been a reliable option for small businesses for many years, providing them with all the necessary tools and support as they grow.
However, it’s worth noting that Stripe’s customer support may be limited due to the company’s large size. Additionally, it may be better suited for those with some development experience rather than those who are completely new to the field.

2. Telr

Telr is a payment gateway and merchant services provider based in Dubai that allows businesses to accept payments online. The company offers a range of services such as credit card processing, e-commerce solutions, and fraud detection. Telr serves businesses of all sizes and industries in multiple countries and multiple currencies.
The onboarding process however could be a bit tedious as it is still reliant on third party support and not fully digital yet

3. Paytabs

PayTabs is another payment processing company that provides online payment solutions for merchants across the GCC, their products include PayPage which is a customizable payment page that can be integrated into a merchant’s website, and it supports multiple payment methods such as credit/debit cards, bank transfers, and e-wallets. PayTabs also offers a virtual terminal, which allows merchants to process payments over the phone or via mail order. Additionally, they offer a recurring payments feature that can be used for subscription-based businesses.
PayTabs offers an easy integration process, a diverse and user-friendly platform, various local and international payment options, and a secure and PCI-compliant system to protect against fraud. Their onboarding process is however not the fastest and have a strict onboarding process that might not suit many small businesses.

4. Tap

Tap Payments is a Kuwait based payment gateway provider that enables merchants to accept online and offline payments. Their products include TapPay, a payment gateway that accepts various forms of payments such as credit/debit cards, e-wallets, and bank transfers, TapPay also offers recurring payments for subscription-based businesses. TapPay also provides a virtual terminal for phone and mail orders, and a point-of-sale (POS) system for in-person transactions.
Tap Payments specializes in providing payment solutions for businesses of all sizes and industries, including e-commerce, retail, and recurring payments. They offer merchants a range of features to help them manage and grow their business, such as fraud detection, chargeback management, and advanced reporting.

5. Paymennt.com

Paymennt.com specializes in working with small businesses from all aspects, starting with the flexible pricing model that allows businesses to start transacting with no upfront or monthly fees, to the quick onboarding process where 93% of accounts are open within the same day. The key products used by most freelancers and small businesses are payment links, online payment for eCommerce stores, recurring payments (subscriptions), tickets for events and QR code payments. That also includes multi-currency processing, international card payments and Buy Now Pay Later payment options.
On the other hand, one of the most important aspects of Paymennt.com’s growth among small merchants in the UAE has been the focus on customer support and helping new companies start their online journey. From the technical point of view, Paymennt.com has an extensive API library and integrates with major ecommerce shopping carts such as Woocommerce and Shopify, along with third party apps such as Zoho Books and Xero. It is not the best option for merchants processing millions per month though, other larger players are more suitable.

How to choose the best payment system for your ecommerce business

When choosing the best payment system for their ecommerce business, merchants should consider factors such as the types of payments accepted, fees and charges, security, ease of integration with their website, and customer support. They should also research and compare different options, and consider any specific needs of their target market and business model, such as international payments or recurring billing. It is also important to consider the scalability of the system as the business grows, and choose a partner that can scale with the business.

Get in touch with Paymennt.com to know more about how we help businesses process payments and if it is the right solution for your business.