5Jun2024BlogSelecting the best online payment platform in Saudi Arabia?
Saudi Arabia is quickly becoming one of the most developed nations in the Middle East. The total transaction value is expected to grow by 8.06% each year until 2028, reaching a total of US$87.14 billion. And that is why businesses need a reliable and secure way to pay in Saudi Arabia.
It is one of the largest economies in the Middle East. The country’s sophisticated population’s adoption of e-shopping has made the retail sector prosperous. People are more trusting of online shopping, which is helping to spread the use of online payments and e-commerce.
Payment gateways are a key part of digital payments. Include the new laws and digital infrastructure.
Choosing the Best Online Payment Gateway?
One of the most common questions we get is how to choose the best online payment gateway for your clients and store. If you make a bad choice, it will cost you money, time, and clients. Here are a few things to think about when choosing an online payment gateway for your store:
Target Market:
If you know who your target market is for your online store, it’ll be easier for you to choose the best online payment gateway in Saudi Arabia. For instance, geolocation lets you know if the payment gateway works in the country, you want it to. But if your customers are 50 or older, they probably won’t know much about electronic currencies.
So, it’s best to avoid using online payment gateways that only accept virtual money. Next, we suggest you choose an online payment gateway that accepts payments upon receipt.
Cost and Expenses:
On top of the monthly fees and charges for each payment made through the portal, it’s also worth thinking about the overall cost of the online payment gateway in Saudi Arabia. Most online payment gateways charge 2.9% plus 30 cents for each transaction. It’s a good idea to look for payment gateways that offer services for a set monthly cost and low transaction fees if your company handles a lot of high-value transactions.
Online Security:
Your online payment’s security needs to be your top priority. When it comes to accepting online payments, your security is important because you and your customers will be affected by market changes.
Latest Update: What is electronic invoicing (e-invoicing)?
When customers make an online transaction, their financial information is stored on your website’s server. If there’s a data breach, the financial information could be hacked and used by hackers for their own purposes.
Payment gateways add another layer of Security for their customers so that data breaches don’t affect the stored financial information.
Support Several Currencies:
If you’re doing business abroad, you’ll need to make sure your online payment gateway can process payments from lots of different countries and in lots of different currencies. It’s important to let your clients pay in their own currency. It’s important to make sure you know what the fees are for transactions in foreign currencies.
Types of Credit Cards Allowed:
Most people use brands like Visa, MasterCard, and American Express. They take all the usual types of cards for online payments. On the other hand, it’s a good idea to check with your payment gateway to see if they accept the card. If your clients usually pay you with different kinds of cards, it’s worth finding out.
Market Integration:
This term is about the different options you have as an internet business, especially when it comes to the market conditions you might face. Just suppose for a moment that a local payment gateway is your partner. If so, they can give you the lowdown on national and local laws, as well as help you integrate your business platform with them. But if you go for a global brand, you’ll still get this benefit, plus a few extra options that’ll make your customer experience and integrations a lot better.
How can Teem help you?
At Teem, we are all about helping freelancers and small businesses grow. Our all-in-one solution gives you everything you need to manage multiple online payments, generating professional invoices, and ordering solutions in one place.
We know what it’s like to be an entrepreneur or small business owner, and our online app for invoicing is designed to make your life easier and give you a more professional image.
