For any eCommerce business to run, a payment gateway is very important. Payment Gateway is one of the important features for the success of any portal. The success of an online business depends on the conversion rate. For this conversion rate to increase it is important that customers buy things from your e-commerce portal. For them to buy something they have to trust your site enough, a good payment gateway will help you build the trust in your customers. If you have a well set-up payment gateway in your portal then it not only does it build trust but it also helps to reduce the rate of abandoned carts.
Factors to keep in mind while choosing the payment gateway
This is a common question raised by merchants. How should they choose their payment gateway? Choosing the most apt and right Payment Gateway is very important for any online business. Take enough time to decide on which one to choose for your portal. Here are a few factors you should keep in mind while choosing the payment gateway are:
Security is what customers will look for when they make an online payment, this cannot be compromised upon. You have to ensure that the payment gateway you have integrated on your portal has to safe & secure. It should be able to protect all banks, cards and transactions details of the customers. They should have a 3D secure function.
The fee structure is very important before you decide upon a payment gateway. Make sure there are no hidden charges that will kill your profit. Some gateways charge fees per transaction while others have a monthly subscription. Choose the one that best fits your budget.
When online stores are providing 24/7 support, payment gateways should also have this option. They should be available to solve your queries over a call or via email. Ensure that the gateway you choose has a good customer support.
It is very important that your payment gateway support multiple currencies in online business. There is a possibility that there is the global demand for a product, so if you have multiple currency options taking payments will never be a problem. Moreover, you will not be limited to your country only. You can spread your business across the globe.
Now let us focus on the main point. Which are the top 5 payment gateways in UAE?
Top 5 Payment Gateways in UAE
Telr is a very famous payment gateway in UAE. Initially it was known to people as innovative Payments and was considered the best for the start-ups in UAE. It was later acquired by Telr in 2014. Telr supports people in more than 120 countries and the unique part about its services is that it offers its services growing or developing countries like Indonesia, etc. It has 3 levels of account Entry, Small & Medium, each having its upfront payment to start with Telr for ecommerce merchants of AED 349/Year, AED 99/Year+ Transaction charges, and AED 49/year + transaction charges respectively. You can also opt to go for the monthly subscription to begin with. Check it now on Telr.
The most widely used payment gateway in UAE is PayFort. There is no setup fee, or monthly charges for the starter packages but you need to pay a small amount of $27 per month for mid tier account. Its commission rates are very low like 2.99% & 2.65%. Collaborating with SOUQ.com, a giant in ecommerce trade in UAE, it launched its card-on-delivery (COD) services. Which means customers can make payment on delivery by cash or card. The delivery agents will be able to process the major cards using their mobile card machine. Check it now on Payfort.
However, CCAvenue started in India, but it has become a popular and most preferred payment gateway in UAE for people in the e-commerce trade. They have a zero setup fee, but then there is a huge monthly fee of $54.45. Additionally, there is a charge for 3% for every transaction. It is definitely an expensive option, but then there are some free services that you get with them such as fraud prevention and 24/7 on call support. Check it now on CCAvenue.
Checkout has been providing its services since 2010, but it started its services in UAE in 2014. There is a charge of $500 as one time setup fee. They also charge 0.95 % + 2 cents per transactions for all European cards and 2.90% + 20 cents for non-European Cards. They accept all credit cards across the globe. It also offers PCI Compliance, Merchant Account and 100+ popular carts. It supports 87 currencies and 15 languages. Check it now on Checkout.
2Checkout extends your global reach with the top payment methods. It offers a Merchant Account, PCI Compliance, 100+popular carts. It supports 87 currencies & 15 languages. With its CVV Check & 300+ rules along with address verification, ensures to give you high quality fraud protection. It is transaction based and charges 3.9% + 45¢ as transaction rate. Check it now on 2Checkout.
These are the top 5 Payment gateways in UAE. They are used the most. There are some other options available too but these are among the best and most used ones in UAE. This is a very important feature for an e-commerce website. There is a lot more that needs to be done when you set up an e-commerce portal for your business. While choosing a payment gateway, evaluate all the aspect and choose the one that best suits you.