THE MOST IMPORTANT E-PAYMENT GATEWAYS AND ITS FEATURES
The concept of e-payment:
The concept of e-payment appeared simultaneously with the emergence of e-commerce.
It is the latest payment method that is based on the use of technology, the Internet, and communications from one side, and the smart systems connected with each other for banks and specialized money companies on the other side.
Through it, individuals can transfer money or make purchases from anywhere in the world without leaving their homes, and in record times.
E-payment has been able to be an alternative to traditional payment in many Arab and international countries, and the most important reasons are:
- Ease of handling, saving time, and effort.
- Clarity and credibility.
- Ease of tracking, checking, and returning payment processes at any time.
- Managing and organizing financial records practically and safely.
- Monitor financial commercial movement.
Steps of the e-payment process:
Suppose that the e-payment process will be to buy a product from an online store, we will have to follow the following steps:
- Choose the product you want to buy from the online store, and click the Pay button.
- Fill out the credit card information.
- Sending the buyer’s payment information to the payment gateway to which the online store is subscribed.
Note: The online store must subscribe to one of the payment gateway services.
- The payment gateway collects the buyer’s credit card data and sends it to the card network.
- The card network contacts the customer’s bank to ensure the validity of the card and that there is a sufficient balance for the transaction.
- If approved by the bank, the bank will deduct the purchase price from the available balance on the buyer’s credit card.
- After deducting the purchase amount, the bank sends a confirmation of the payment process to the card network.
- The card network in turn sends the confirmation of the payment process to the beneficiary bank (the bank of the online store owner through which he receives the price of the product).
- The confirmation will also be sent to the online payment gateway.
- The payment gateway sends a confirmation of the payment process to the online store, which in turn informs the buyer of the receipt of the price of the product.
- The buyer also receives notification from his bank regarding the payment that has been made.
- The procedure for dispatching the product begins at the buyer’s address.
There are many e-payment methods globally, but not all of them are acceptable or suitable for all purposes of e-payment, and here are some of them:
First: Cards issued by local banks:
Banks issue cards in cooperation with specialized companies (such as MasterCard and Visa), and from these cards:
It is issued with a limited credit limit according to the policies of the local bank and the policies of the central bank to which the local bank is affiliated.
A credit guarantee must be available to issue this card, such as bank balance or savings certificates, to ensure the bank’s right in regaining the money.
The card is often used to buy from the Internet, and it can be withdrawn from ATM machines.
Instructions can also be left to the bank to pay off debts from the account balance when the payment must be received.
It can be described as a container you keep money in for online purchases.
The customer deposits his money in the card (the deposit is done through the bank itself or through ATMs).
This card usually has a monthly deposit and exchange limit.
It is issued when a bank account is opened, and it is used to withdraw the balance directly through ATMs.
Note: This card is linked directly to the bank account, and it may have daily withdrawal limits.
Second: Prepaid cards issued by financial companies:
They are issued by specialized financial companies and are often pre-paid for.
The cards are used to purchase from the Internet and can be used to withdraw from ATM machines.
Many financial companies issue them, the most important of them are:
It is a global company that issues cards completely free of charge, and it is accepted for payment in all companies and e-stores.
It is a company dedicated to the countries of the Middle East and North Africa.
Third: Electronic Banks:
It is linked to the bank account or credit card, and it is used directly in making e-payments.
There are many such banks, but the most important and famous one is PayPal.
Fourth: digital currencies:
They are currencies that do not have any physical balance on the ground.
It is a very recent invention, which has become famous in recent times, and has become acceptable to many companies and online stores, and has been recognized by many governments.
The most important digital currencies: Bitcoin and Ethereum.
There are other methods of online payment, such as:
(Money transfer services for cellphone networks).
For example, (Etisalat, Vodafone, and Orange), which you can subscribe to by going to the nearest customer service branch, and making a deposit in your account.
This service enables you to do the following:
- Transfer money to any other mobile phone that has the same service.
- Recharge your balance.
- Pay your bills.
- Retrieving the available balance from one of the customer service branches (making it a digital wallet).
Advantages of e-payment:
- Saving time and effort: you can carry out purchasing transactions at any time and anywhere, without spending a long time waiting for the payment queues as in traditional stores or waiting to get the check or cash it from the bank and receive money.
- Eliminate the security risks associated with traditional money transactions.
- Increase in Sales.
- Flexibility in payment processes and the availability of several means contribute to enhancing the sales process by urging customers to buy online with ease and without the need to go anywhere.
- Reducing transaction costs: the e-payment process is a fee-free process, or it may contain very simple fees to confirm the card, pass it, and execute the payment process.
There are some important points that you should know about the e-payment process, the most important of which are:
E-payment is not an independent system:
It is a smart system that links communication technology and the Internet with traditional banks or money companies, allowing bank customers or subscribers of money companies to exploit their funds in the following:
- Pay bills.
- Electronic funds transfer.
Payment solutions are available to everyone through banks and specialized companies:
There are many banks and companies specialized in providing e-payment solutions to business owners, and anyone can contract with one of these banks or companies to create an e-payment system for their customers (and this is often when creating an online store).
It is worth noting here that recently, Arab companies specializing in payment solutions have appeared, such as Payfort and Cash u.
Online payment service providers charge commissions:
E-payments are not done for free, but there are always commissions that are added to the paid amount or the purchase amount, in exchange for providing the e-payment service.
Disadvantages of online payment:
Just like e-payment has advantages, it has some disadvantages, the most popular among them are:
Some fraudsters may carry out fraudulent attacks to deceive users into providing their login details to their e-wallets through fake and pirated websites.
Therefore, people must be cautious when filling in and authenticating data on websites, as unreliable authentication processes undermine confidence in e-payment systems.
If someone uses your electronic money without your permission, you will find unfamiliar fees.
Moreover, when you request verification with a bank, online payment processor, or credit card company, without sufficient information about the person who performed the transaction, recovering funds will be difficult.
Therefore, many companies have attempted to use technical methods (such as credit cards or fingerprint devices, etc.) to avoid these problems, and these methods were met with acceptance, safety, and clear progress in the companies that adopted them.
What are the principles for choosing the right e-payment gateway for you?
After the rapid technological development and great interest in the e-payment process, many e-payment gateways have appeared interested in this process, and there has become a set of criteria based on which you choose your e-payment gateway easily, the most important of which are:
- Credibility and confidentiality.
- Speed in dealing and responding (to avoid future problems).
- Ease of dealing with the gateway.
- Organized financial management.
- Safe exit options.
Examples of the most famous e-payment gateways in the Arab world:
There is a large group of professional e-payment gateways that cover all countries of the Arab world.
Here are the 5 most prominent payment gateways operating in the Arab region, and their services cover most countries of the Arab world:
PayPal online payment gateway:
It is at the forefront of the leading Arab and global e-payment companies, due to the competitive services and advantages it provides to e-store owners, companies, and commercial institutions.
The most prominent of these features and services:
- Sending and receiving money in a simple and very safe way through personal accounts or websites (which is the first thing that pioneers of financial transactions look for on the Internet).
- It is an electronic means for everyone who pays or gets paid.
- Owns more than 200 million active accounts all over the world.
- More than 7 million commercial companies around the world rely mainly on PayPal services.
- Allows all online store owners around the world to provide world-class payment solutions to their customers.
- It allows all customers to shop in thousands of global electronic stores spread over the Internet.
- It is the most secure and protects personal data and privacy.
PayTabs online payment gateway:
one of the most important and best e-payment companies that cover its services in many Arab countries, especially (the United Arab Emirates, Saudi Arabia, Bahrain, Egypt, Qatar, and Kuwait).
considered one of the leading companies in the field of e-payment in the Middle East and the Arabian Gulf region in particular, and that is why most online stores in the Arab region rely on it to receive payments.
provides many benefits to all of its customers, the most important are:
- Supports more than 160 international currencies (which is the most prominent feature).
- Many flexible and easy ways to pay online for all customers of all cash sizes.
- It provides an advanced system to prevent fraud in online stores.
- All its clients with customer service and a technical support team specialized in resolving legal disputes.
- Its customers can complete all integration procedures with the payment gateway on their electronic stores within less than 24 hours.
Mojacar payment gateway:
One of the most prominent solutions of Arab origin is processing e-payments over the Internet. Therefore, many online stores and online selling sites in the Gulf region, in particular, depend on it.
It provides several benefits and services to all customers in the Arab region, most notably:
- Ease of use.
- Flexible properties.
- Accurate and real-time follow-up of sales through detailed reports.
- Superior ability to harmonize and link seamlessly with a large number of administrative, accounting, and financial systems.
- A high degree of security and privacy.
- Supports multiple payment options (credit cards, debit cards, SADADAccounts).
- It provides standardized APIs and ready-made code libraries for:(PHP, JAVA, Node, Ruby).
Pay Fort online payment gateway:
One of the global e-payment companies whose services cover a large number of countries in the Arab world, foremost among which are: (Egypt, the United Arab Emirates, and the Kingdom of Saudi Arabia).
The following is a set of its most prominent advantages and characteristics:
- It offers e-payment services for low financial fees (which is a major attraction for all emerging, small and medium companies).
- provides emerging business companies with all their services in receiving and sending payments via the Internet in exchange for a service fee of up to zero, in return for paying them a fixed monthly fee of 280 dirhams.
- deals with more than 18 global currencies.
- provides its services to all companies (except for start-ups) at very low discount rates, reaching 2.8% for each transaction, and a fixed fee of 100 dirhams as well.
- The fraud detection feature is provided at an additional fee of up to AED 35 per month, and a fixed execution fee of AED 135.
Hyperpay payment gateway:
One of the best companies that provide e-payment services to all online selling sites in the Arab region.
It provides many advantages and services to all customers in the Arab region, but the ability to send and receive money through it (whether or not an Internet connection is available) is a unique feature from the rest of the e-payment gateways.
The following are its most important characteristics and other advantages:
- Compatible with all kinds of electronic devices.
- Provides seamless integration with all web development platforms.
- Provide a high degree of protection for customer and user data.
- Reliance on a set of modern technologies to protect customer data, such as coding and 3D technology.
There is a group of e-payment gateways and digital wallets that companies or customers adopt directly in the UAE local market, the most important of which are:
Supports companies by providing tools that facilitate the e-commerce process and to receive payments safely and smoothly.
Supports companies by providing tools that facilitate the e-commerce process and to receive payments safely and smoothly.
An international e-commerce provider of online payment solutions.
established in 2012, and has provided its services in the UAE since 2014.
It is a simplified solution for mobile and online purchases.
gateway to collect payments via the Internet.
ability to accept payments through social media and websites.
suitable for all businesses related to commodity trading, food delivery, and services.
It is a technology and online application company, established in Dubai in 2017.
Its commercial messaging app makes it easy for companies and merchants to conduct their dealings with customers through methods they prefer.
One of the most famous digital wallets in the world and in the UAE.
It works with Android and iOS devices.
It acts as a middleman between the merchant and the customer and enables many transactions.
It is a payment technology available for iOS only as it is provided by Apple.
It collects the customer’s payment card details to enable him to use the phone as a direct payment tool.
Allows the possibility to enter some details into the e-wallet, and thus to pay and authenticate the purchases via a fingerprint reader, a personal identification number, or an eye-print reader.
It is a Chinese online payment platform, established in 2004 by Alibaba, and has become one of the most popular and active windows in the world for use in completing payments for Alibaba.
This platform operates in the United Arab Emirates and has many partnerships.
Pay it platform:
It is an integrated digital wallet for holders of a valid Emirates ID card.
It also allows payment through the business partner’s mobile application, or via websites.
Wallets and banking applications:
Applications that are available to the bank’s customers and allow direct payment for specific services or shopping and payment of payments in some locations.
How do you make the perfect online payment process for your store?
- Offer various payment options.
- Learn how your customers buy, starting from the type of devices they use, to the payment tools they are familiar with, to get a great and perfect customer experience.
- Use a minimalist design, as crowded interfaces and payment processing programs can make you lose out on a potential sale.
- Ask for basic information only – nothing kills the conversion more than having to fill out a form with information not necessary to make the purchase.
- Make sure to display your security credentials, with SSL, and PCI Security Council standards.
- Accept payments without requiring customers to create an account, as forcing someone to register on your website to make a one-time purchase may quickly end the sale.
- Do not let your customers guess what they will do after choosing a purchase.
- Avoid being mysterious by using phrases like “follow,” “log out,” or “apply.”
E-payment technology has made a real revolution in the world of payment and financial exchange and has formed a completely different concept from the traditional idea of buying and selling.
In conclusion, After e-payment gateways have become the backbone of all e-commerce operations, and more than a quarter of the world’s population uses them to complete their transactions over the Internet, and without them, the buying and selling processes are not complete. It has become necessary for the owners of companies, institutions, and online stores to know more about this technology, subscribe to it, make use of the many advantages and services it provides to reach the convenience of customers and employers and to ensure safety and security when conducting all financial exchanges that occur between them, and achieve more profits smoothly and simply.
If you have not started your own journey in the world of e-commerce, and you prefer to start professionally with a group of specialists in the world of creating, managing, and programming online stores.