The eCommerce market in Dubai is booming continuously, flourishing from $2.5 billion to $10 billion in the past few years. Along with the expansion of eCommerce, the market for online payments has also snowballed in the United Arab Emirates.
Having In this blog, we'll guide you in selecting the top payment gateways in the UAE for your business. The best online payment gateway that can grow with you is essential whether you're a startup, an established eCommerce business, or a physical company preparing to go online.
Read on to know some of the best ‘buy now, pay later’ service providers as well. But first, let's see what a payment gateway is.
Payment Gateway in Simple Words
A point-of-sale (POS) system or a card reader serves as the payment gateway for a brick-and-mortar retail business.
Similarly, an online payment gateway is cloud-based and assists merchants in accepting online payments from customers.
Simply put, a payment gateway is a service that allows an eCommerce platform to accept payments online. It functions as a tunnel connecting your bank account to the platform where you need to transfer money.
In general, banks and other specialized financial organizations offer payment gateways. Users may now pay with debit or credit cards, UPI, online wallets, net banking, and other methods.
How Does the Best Online Payment Gateway Work?
Although not all payment gateways operate in the same way, the process is generally the same for all types of business services:
- When a consumer visits a website and checks out to place an order, he might have to submit his credit card information.
- The website then provides the payment gateways' secure copies of the purchase information.
- The seller's bank, where his account is, receives the information from the best online payment gateway.
- The merchant's bank subsequently contacts the buyer's bank, and the purchase information is exchanged.
- If the customer's information is correct, the bank will authorize the transaction and deposit the money from the buyer's account into the seller's account.
- The website receives the information from the payment gateway and notifies the customer if the transaction was successful.
Best Payment Gateways in UAE for Online Businesses
The most fundamental aspect of an online store is the payment gateway. Working on an eCommerce website without a suitable payment system is almost impossible.
Considering how quickly eCommerce trends are spreading throughout the MENA area, the proper payment solution provider must be used.
1. Amazon Payment Services
The United Arab Emirates, Lebanon, and Qatar are just a few examples of the countries and neighboring regions where Amazon Payment Services operates.
With the highest level of dependability, Amazon Payment Services accepts and supports a wide range of online payment options and methods, reducing any potential transaction risks and improving your sales.
This best online payment gateway quickly gained a lot of traction among startup companies and entrepreneurs.
- Registered consumers can check out with only a few clicks thanks to Amazon Payment's fully responsive design.
- There are no setup fees, and the monthly cost is about AED 280. The fee for each transaction is 2.8 percent, plus an additional AED 1.00 as an exchange fee.
- This saves them time from having to enter their credit card number or shipping address repeatedly.
- To make a payment, customers need an Amazon account.
- No PayPal payment support.
- Increased chance of having your account suspended if Amazon Pay believes you are breaking the rules.
- Various opinions on functionality.
PayTabs, which was founded in 2014, is famous for its cutting-edge features and technologies for preventing fraud.
It's one of the most dependable and cutting-edge payment gateways in the UAE. Additionally, PayTabs is simple to integrate into your online store.
- This payment processor can be set up and operational in less than a day.
- The solution's capacity to produce and transmit invoices using cutting-edge technologies is a wonderful feature.
- It offers the following features: payment analytics, invoices, simplified integration, multiple payment types, multiple payment options and much more.
- A bit expensive for small businesses and startups as it has a specific monthly subscription fee and doesn’t allow you to pay on transaction basis.
In the UAE, Stripe is a well-liked payment gateway service that enables companies to accept payments and send payouts around the world.
The technology powers payments for physical merchants, marketplaces, software platforms, subscription businesses, and online retailers.
- The stripe payment gateway also provides cutting-edge tools for managing accounts, issuing physical or virtual cards, fighting fraud, sharing invoices, and much more.
- UAE-based businesses can benefit from Stripe because the cards processing fee is 2.9% with a modest transaction fee.
- Additionally, it offers a tailored plan with volume reductions for higher volumes demand.
- Limited usefulness for restaurants and physical stores.
- Without software development experience, open API and tools could be challenging to utilize.
- Stripe may not be the ideal choice for novices because it requires some coding skills.
Telr, formerly known as Innovative Payments, is a well-known payment gateway for websites in the UAE.
Telr has a physical presence in Dubai and serves clients in multiple countries. It has a sizable enough following to support its reputation with a global readership of around 120 countries.
There are three payment levels—entry, small, and medium. This platform is ideal for startups, SMEs, and eCommerce companies in emerging markets.
- For Dubai, Sharjah, Ajman and Abu Dhabi, Telr is considered as a pioneer among various payment gateway integration techniques.
- Telr's key digital marketing initiatives will assist you in enhancing your internet business while leaving your rivals in the dust.
- The cost of the entry-level plan with a monthly volume of 0 to 20,000 AED is 349 AED. Unfortunately, the price varies depending on the monthly volume.
- Transactions above 20,000 AED will incur a transaction fee.
Network International Payment Solutions, one of the best online payment providers, created N-Genius payment gateway. The year 2018 saw the launch of N-Genius, a platform for UAE-based companies to accept payments.
Their main office is in Al Barsha, Dubai, and they also have offices there as well as in Egypt, Jordan, South Africa and Nigeria.
The best part is that you can easily incorporate it into your E-store if your site is built on the relevant platforms. However, it is advisable to avoid these common web design and development mistakes.
- Rapid payment acceptance with a growing selection of payment methods. However, due to business needs, the implementation of the new payment mechanism is happening quickly.
- The payment gateway now accepts such payment types as MasterCard, VISA, American Express, and more.
- The gateway also accepts payments with e-wallets like PayPal, Samsung Pay, VISA checkout, etc.
- As one of the few PCI-compliant payment gateways in the Middle East and Africa, it ensures complete protection of your clients' sensitive data and offers a secure payment experience.
- Allowing credit purchases will incur a merchant fee from either the user bank or the gateway bank. This varies from 1 to 5 percent or more.
Buy Now Pay Later Service Providers
An international "buy now, pay later" trend that has recently reached the UAE enables customers to make purchases without paying the entire amount up-front, without accruing significant interest, and without using a credit card.
Credit risk checks, late fines, and restrictions on defaulting consumers continue to safeguard merchants.
These are suitable for daily purchases such as fashion, cosmetics, furnishings and electronics; not for major purchases like automobiles and homes.
With the help of PostPay, a safe eCommerce solution, your customers will feel more comfortable making online purchases from you because it connects their payment to the delivery of their package.
All your consumer has to do to complete the checkout process on your online store is select PostPay as their form of payment.
PostPay provides a variety of payment choices that vary according to time frames. There is no interest on any payments.
With the simple payment option Spotii, clients can divide their payments into four installments without paying any fees or interest.
It is based on a BNPL segment that allows clients to pay 25% of the whole cost up-front and divide the remaining amount into four installments and offers short-term financing that is interest-free.
Customers must submit a debit/credit card, email address, and mobile number in order to use this buy now, pay later option, and they will then receive an instant clearance.
Tabby offers a practical payment plan that enables you to postpone payments on your purchases, you can now purchase your favorite things and either pay later or pay in installments.
Tabby is a completely interest-free service that is presently only offered in the United Arab Emirates and Saudi Arabia. It is safe, secure, and convenient.
Customers can use Tabby to make online purchases using just their mobile phone number and email address.
Without providing their credit or debit card information, they can proceed to the checkout and select to pay in full within 14 days or accept interest-free installments for up to six months.
With Tamara, you can shop and divide your payments without paying any fees or interest. The payment options adhere to Sharia law.
Tamara enables clients to make internet purchases without paying for them first. Instead, the buyer can opt to pay for the item 30 days from now or in three equal installments without any additional fees at the checkout screen.
Our web design company in Dubai is ready to help if you need assistance integrating the best online payment gateway to your site.
We can not only assist you in creating a responsive online store but also in integrating your store with any payment methods, thanks to our strong expertise in eCommerce web design Dubai.
Additionally, we have had numerous opportunities to work with local and international clients, so we are sure that we can fulfil all of your needs.
Get in touch with us at +971 55 306 8999 for more details about our eCommerce web development services.