Bahrain is witnessing a transformative shift in its payment landscape, with the rapid adoption of digital payment methods. As a result, Bahrain has emerged as a leading innovator in digital financial services, offering a diverse range of digital payment solutions that enhance convenience and efficiency for consumers and businesses alike. The nation has also made significant strides in financial inclusion, providing accessible banking solutions for those previously underserved by traditional banks.
According to Bahrain Fintech Bay’s ‘Fintech Ecosystem 2022’ report, the country is home to 120 fintech companies, with many operating in the payments and cryptocurrency sectors. The Central Bank of Bahrain (CBB) is introducing regulatory reforms to support crypto-assets, crowdfunding, and open banking.
Criteria to Consider for Payment Gateways in Bahrain
When selecting a payment gateway for your business, there are several crucial factors to bear in mind:
Reliability
Reliability remains a paramount consideration when choosing a payment gateway. Partnering with a brand that prioritizes customer service and provides trustworthy payment options for both end customers and merchants is essential, especially when dealing with multiple payment gateways.
Supported Currencies
A payment gateway’s capability to support and accept payments in various currencies is fundamental. This flexibility is crucial when serving diverse local markets, enabling seamless multi-currency payment processing.
Payment Options
A quality payment gateway should offer a wide array of payment options to end customers, including buy-now-pay-later, installment plans, currency settlement, and local currency payment withdrawal. A comprehensive range of payment options enhances the user experience.
Market Integration
Payment gateways should facilitate business expansion into new markets. Flexibility in payment options helps businesses integrate with local norms, providing customers the freedom to make purchases in their preferred local currencies, thereby reducing conversion fees and transaction charges.
Security
As payment gateways handle sensitive customer payment data, they must adhere to state-of-the-art security standards to safeguard financial information and maintain the integrity and confidentiality of customer data.
Pricing and Options
A payment gateway should offer diverse pricing plans based on currencies and other considerations. Customers should have the opportunity to pay in their local currency and different currencies, all while minimizing conversion and transaction fees.
Top Payment Gateways in Bahrain
Here are the top 6 payment gateways in Bahrain that cater to businesses:
Amazon Payment Services (APS)
APS is a renowned name globally, and its presence in Bahrain solidifies its reputation. With APS, businesses can process payments seamlessly and offer customers options like installment payments while collecting payments from around the world.
Verifone [2Checkout]
Verifone provides a secure payment system with PCI-compliant infrastructure, risk management, and in-depth transaction reporting, making it an ideal choice for businesses to expand domestically and internationally.
Checkout
Checkout offers a comprehensive payment platform that meets diverse customer and business needs. The free BenefitPay mobile app enhances the user experience, and it seamlessly integrates with various eCommerce platforms.
Paytabs
Paytabs is a versatile payment service provider with features like omnichannel payment solutions, a simple onboarding process, and one-stop solutions for merchant information.
CCAvenue
CCAvenue, despite its Indian roots, is gaining prominence in Bahrain. It offers an omnichannel payment platform with dynamic routing, easy integration, and customizability to suit businesses of all sizes.
Telr
Telr, available in 120 countries and 30 languages, offers a wide range of features, including social commerce, anti-fraud protection, and buy-now-pay-later options. Its versatility makes it a valuable choice for businesses in Bahrain.
Local Payment Gateways and the Challenges
The rise of digitalization and e-commerce, accelerated by the pandemic, has led to businesses in Bahrain increasingly turning to local payment gateways for their payment processing needs. While these gateways offer numerous advantages, they also present challenges, including customer authentication mechanisms and compliance regulations.
How Can Web Technology Expert Simplify Payment Gateway Integrations?
Web Technology Expert is dedicated to enhancing payment processing, streamlining multi-gateway management, and improving reporting and analytics. With a no-code integration approach, Web Technology Expert facilitates quick onboarding of payment solutions, allowing businesses to manage multiple subscriptions seamlessly. Additionally, Web Technology Expert aids in optimizing transaction fees and offers a range of services to enhance businesses’ payment processing capabilities.
Web Technology Expert is the ultimate partner to navigate the complexities of the evolving digital payment landscape in Bahrain, facilitating seamless multi-gateway management while leveraging advanced reporting and analytics for informed decision-making. Book a demo with Web Technology Expert and propel your business to new heights in the digital payments arena.