EFG-EV Fintech Startup Program
Hany Soliman, GM, PayTabs Egypt speaks on his favorite topic; payments
KFUPM Business School: King Fahad University of Petroleum and Minerals -Discussion
PayTabs CEO Abdulaziz F Aljouf sharing his experience as an entrepreneur and how he overcame difficulties throughout his journey.
4 solid tips to help choose the best online payment gateway
A payment gateway is one of the most important components of an ecommerce venture. With a secure payment gateway, you can ensure the safety of your business as well as of your clients’. In these tough times, payment gateways have become a soft target for scammers and hackers. If your business is dependent upon online payments, then it is necessary to take proper steps to ensure the robustness of these online payment systems. There are several criteria which should be kept in mind when choosing a secure online payment gateway. Listed below are some tips will help you find the right one.
Protection against Cyber Attacks:
A secure payment gateway is the one which can protect yours as well as your clients’ data. With the growing scope of online shopping, the segment come under phishing and spamming attacks. It is important that your payment gateway is able to provide protection against such attacks. This is generally ensured by employing latest technological tools to defend your data from being stolen. These cyber attacks may not only impact your data but also your reputation in the market. Therefore, it is essential to pick your online payment gateway after thorough consideration.
Also Read: Top 3 things to consider while choosing a payment gateway for your business
Pay Attention to Chargebacks:
Another metric which can help you gauge the impact of a secure payment gateway is the number of chargebacks. A company generally faces two types of chargebacks — distribution chargebacks and consumer chargebacks. Both are detrimental to the business in long run. Distribution chargebacks are generally more difficult to recoup. The ideal solution is to minimize the incidences. Consumer chargebacks, on the other hand, are generally caused by unscrupulous clients. If they are making payments through stolen or otherwise ill-gotten means then such payments are bound to fail, leading to chargebacks. You should choose an online payment gateway which is able to minimize chargeback related issues.
Proper Integration:
Incorporating an online payment gateway on your website is no longer a tedious task. However, you should still ensure that the integration of the payment gateway is seamless and secure. This is important to provide fast and reliable experience to your clients. You should also ensure that various software used by you such as online store software, shipping database and cart software are compatible with your online payment gateway system. Any technological loophole can make your system vulnerable to cyber attacks and threats. Your software should also be compatible with your website and hardware to provide smooth experience to your clients.
Also Read: Tips To Choose the Right Payment Integration Method for Your Ecommerce Site
Secure Data Storage:
Another important feature to look for in an online payment gateway is the data storage process. However, data storage is an expensive proposition. You may have to limit the amount of data that may be stored. You should properly carry out the cost benefit analysis of data storage facility provided by your online payment gateway system. Payment gateways like PayTabs provide optimum solutions in this regard. Furthermore, the system should also have proper checks and balances in place to weed out dubious transactions. These solutions should use technologies such as fraud scrubbing and anti-theft software to enhance their credentials and provide the best possible services.
Cairo ICT 2020
Our Egypt team visited Cairo ICT 2020 to check out everything exciting in the tech world. PayTabs Egypt GM Hany Solimon was also one of the featured speakers of the “Entrepreneurship & Startup Innovation in an era of Financial Disruption panel”
Key facts about Global Retail and Ecommerce Payment Processing
Online shopping is growing at a rapid rate all over the world. This growth has become even more formidable during the pandemic as more and more people are opting the convenience of online retail. The exponential growth of the sector has also changed its dynamics. In order to fully comprehend the scope and features of this market, it is important to look at the latest trends. So, here are the key facts about global retail and Ecommerce payment processing scene.
Growth of online market:
Increasing number of people are flocking to the internet for making their purchases owing the pandemic. While earlier online markets were limited to a few products and services, now plenty of items are being brought into its ambit. According to a survey, the size of online market is expected to touch nearly 20 percent of entire global retail sale. This enormous opportunity is up for grabs as businesses are taking their transactions online. In the present scenario, retailers who are not able to make transition to online selling are likely to be left behind. Currently, businesses are shoring up their online presence and are looking to focus on this high growth segment.
Also Read: Top Tips to Become a Global Retailer
Borderless Business:
Another major impact of online business is the rise of borderless transactions. Businesses now have access to international markets, where they can sell their goods and services. They are no longer dependent on local or national markets. While this development has brought new opportunities, it has been accompanied by its share of challenges as well. Global retail businesses may now access new markets, but their own niche markets have become accessible to competing businesses. The businesses also have to revamp themselves to cater to the new markets.
Rise of Ecommerce Payment Processing System:
The rise of international online trade is greatly aided by the development in ecommerce payment processing system. Trans-border internet sales require businesses to have the ability to process foreign currencies. By using the latest technology, you can make global payments online and transform your business into an international entity. These systems come with various features such as fraud protection and phishing protection. You can ensure that your clients’ data remain safe and secure. Apart from letting you accept foreign currencies, such systems also allow you to process payments made through different sources such credit cards and online banking.
Also Read: The State of Global Payments
Focus on Analytics:
Analytics form an essential part of ecommerce business. Analytics lets you collect useful data. With the help of analytics tools, you can get information about your traffic, important markets responsible for such traffic and monetary details. Online businesses also need large amount of information such as their eyeball generation, ecommerce payments and conversion rates. The insights derived through such data is essential for online businesses to draw up their strategies.
Localization of Business:
Ecommerce businesses can cater to both international and local markets at the same time. Online businesses are striving hard to cater to the needs of the various markets. As internet has allowed ecommerce businesses to capture international markets, it has become increasingly important that the products and services meet specific requirements. Your business may need to change certain processes such as payments system to provide the best shopping experience to your clients from all over the world.