E-commerce sales in the UAE, according to Statista, will reach 27 billion US dollars in 2022, an estimated 23 percent average growth per year between 2018 and 2022. The UAE has one of the highest social media penetrations among the GCC countries and in the world and has a higher share of active social media users than Saudi Arabia. So, if you are starting an e-commerce business in the UAE, you’ve made the right decision.
Everything that you plan for your e-commerce website should revolve around gaining customers’ trust. From creating a mobile responsive website to choosing the right payment gateway, customers’ trust will make or break your brand. In this blog, we’ll explore how to select the best e-commerce payment gateway in the UAE for your website.
Payment gateway, like the name suggests, authorizes transactions made by credit/ debit card or other modes of online payment between the customer and the merchant. The ease of use and speed of transactions can be the main determining factor for customers to close the sale. From the merchant’s perspective, you would want to consider the transaction fees, customer care, payment options, currency, and supported e-commerce platforms among others.
Here are our top 3 picks for your payment gateway.
- Amazon Payment Services, formerly known as Payfort is one of the most popular payment gateway providers among companies operating in the GCC and LEVANT countries. The service provider has partnered with major e-commerce platforms like Magento Commerce, Woo Commerce, OpenCart, CS.Cart, and PrestaShop. The standard plan for transactions less than AED 300,000 has a fixed monthly account management fee of AED 200 with 2.80% + AED 1.00 charged per transaction. Higher transaction amounts are charged as per customized plans.
- Network International has a huge market share in the region among payment solution providers. Although Network International’s market share comes from large enterprises, they are investing heavily to strengthen their position in merchant acquiring business, particularly SME and e-commerce. Network International allows the shopper to pay via debit/credit card issued by Visa, MasterCard, American Express, or Diners Club International. The plug-ins for popular website shopping carts require customization. While integration could be time-consuming, Network International provides benefits of the multi-currency transaction, requesting payment links via email SMS, or Whatsapp, and round-the-clock monitoring for fraud.
- Stripe offers payment gateways in a range of API that gives developers easy control to integrate it into your online store. Stripe accepts over 135 currencies. Stripe is made specifically for online businesses hence it has built-in functionalities to scale your business globally. It uses machine learning to protect from fraud and increase authorization rates. It also offers hosted payment page that dynamically adapts to fit the customer’s device hence supporting responsive website design.
Choosing the right payment gateway provider is easier when you have a strong business plan in place. Instead of trying to fix problems later, it is cost-effective and beneficial to list out your future growth plans.
ThinkLab Communications has extensive experience in supporting online businesses by building business-friendly websites and mobile Apps. Let us help you reach your business goals as well.