In the United Arab Emirates (UAE), while cash remains a prevalent payment method, there is a notable shift towards digital payments. Europay MasterCard and Visa (EMV) are increasingly embraced for secure online transactions. Recognizing this trend, the UAE government has taken measures to bolster the electronic payment infrastructure, with an expected CAGR growth of 13.67% between 2022 and 2027. To assist businesses in navigating this evolving landscape, it’s crucial to select the right payment gateway. Here are the essential criteria for choosing a suitable payment gateway in the UAE.
How to Select Suitable Payment Gateways in UAE:
Reliability: A reliable payment gateway is crucial to ensure uninterrupted payment processing, providing peace of mind to both merchants and customers.
Supported Currencies: For businesses dealing with multiple currencies, the ability to transact and accept payments in various currencies is essential. A good payment gateway should handle currency conversions efficiently.
Payment Options: Look for a payment gateway that seamlessly integrates with various payment methods, from mobile payment solutions to online stores, ensuring accessibility for all customers.
Market Integration: Businesses often expand into different markets, and it’s important to be compatible with local currencies. A reliable payment gateway enables smoother integration into new markets.
Security: As payment gateways handle a variety of transactions, robust security measures are vital. Protecting customer information from hacking attempts is of utmost importance.
Pricing and Other Options: Considering the fees associated with currency swapping and conversions is crucial. By selecting the right payment gateway, businesses can avoid excessive costs for online transactions.
What You Need for a High-Risk Payment Gateway:
To obtain a high-risk payment gateway for your business, you must first apply for a high-risk merchant account. Other requirements include high-risk encryption, SSL certificates, 3D verification systems, and high-risk customer authentication. Having these in place will facilitate obtaining a high-risk payment gateway.
Top Payment Gateways in UAE:
Paytabs:
Features: Offers seamless integration, one-click onboarding, and multiple invoice-sending options.
Pricing: 2.7% + AED 1 per transaction.
Supported Currencies: SAR, USD, AED, GBP, EUR, and more.
Integration: Magento, CS-Cart, WooCommerce, and others.
Telr:
Features: Presence in 120 countries, 30 languages, social commerce, anti-fraud protection, QR code payments, and online store creation.
Pricing: Commissions vary based on levels.
Supported Currencies: Supports 120 global currencies, including USD, GBP, EUR, and others.
Integration: WooCommerce, Shopify, PrestaShop, OpenCart, and Magento.
Amazon Payment Services (formerly Payfort):
Features: Operates in Arabic-speaking countries, digital wallets, valU for loans, and installments (available in Egypt, UAE, and KSA).
Pricing: 2.8% plus extra charges.
Supported Currencies: Supports all major currencies.
Integration: WooCommerce, Shopify, PrestaShop, OpenCart, Magento, and more.
CCAvenue:
Features: Suitable for various business types, flexible payment plans, and reward payments.
Pricing: 3% per transaction.
Supported Currencies: Supports all major currencies.
Integration: All major e-commerce platforms.
Checkout.com:
Features: Customizable and scalable options, delivering valuable insights.
Pricing: Transaction-based fees.
Integration: Various e-commerce platforms.
2Checkout:
Features: Global presence.
Pricing: Transaction-based fees.
Integration: All major e-commerce platforms.
Local Payment Gateways and Challenges:
UAE’s business market is evolving, yet it faces several challenges, including security concerns, limited payment options, and stringent governmental legislation. To address these issues, businesses are exploring various payment gateways to maximize value and flexibility.
How Web Technology Expert Can Help:
In the complex world of payment gateways, finding the ideal solution can be daunting. Web Technology Expert offers a payment aggregator platform that consolidates different payment gateways into one unified dashboard. This approach enables businesses to benefit from multiple features without compromising the customer onboarding experience. With Web Technology Expert, managing 50 payment gateways, from domestic to international, becomes a seamless process, reducing setup time, engineering costs, and checkout time.
By selecting your preferred payment method and customizing your checkout experience, you can optimize your shopping experience with Web Technology Expert.
Feel free to book a trial with a Web Technology Expert to explore the benefits of our no-coding platform.
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