The Middle Eastern region has made significant strides in technological advancement, matching pace with the global standards in areas like online banking, eCommerce, and money transfer. This advancement is also evident in the widespread use of payment gateways in the Middle East, which have become an integral part of digital commerce in the region.
In this article, we’ll explore what payment gateways are, how they work, and the top choices available in the Middle East.
What is a Payment Gateway?
A payment gateway functions as a digital broker, facilitating transactions between customers and merchants. Think of it as a digital equivalent to a physical point-of-sale (POS) terminal in a retail store. It is a third-party service that authorizes and processes transactions, providing a secure pathway for customers to make payments and for merchants to receive them.
The Mechanics of a Payment Gateway
Once a customer initiates a transaction, the payment gateway steps in to facilitate the process. The customer’s payment data is securely transferred from their bank to the merchant’s bank. The payment gateway validates the data, checks the availability of funds, and then approves the transaction, moving the funds from the customer’s account to the merchant’s account. If the customer’s account has insufficient funds, the payment gateway declines the transaction. This entire process is executed within seconds, making online transactions quick and convenient.
Criteria for Choosing a Payment Gateway
Before diving into the list of top payment gateways in the Middle East, it’s important to understand the criteria to consider when choosing one:
- Security: The payment gateway should be PCI DSS compliant and incorporate other security measures like data encryption and SSL.
- Integration: The payment gateway should easily integrate with your eCommerce platform without affecting the user experience.
- Fees: Consider the transaction fees, setup fees, and any monthly or annual charges associated with the payment gateway.
- Customer Support: The payment gateway provider should offer prompt and effective customer support.
- Multi-Currency Support: If you cater to an international customer base, ensure that the payment gateway supports multiple currencies.
Top Payment Gateways in the Middle East
Here are some of the best payment gateways available in the Middle East:
1. Paypal:
A pioneer in online payment gateways, Paypal is widely used in the Middle East. It supports payments in over 25 currencies and is known for its advanced security measures.
2. Telr:
Previously known as Innovative Payments, Telr supports multiple eCommerce platforms and offers several integration options.
3. PayTabs:
This robust payment gateway is lauded for its high-security standards and user-friendly interface. PayTabs offers an integration box that allows business owners to customize their stores using plugins.
4. CashU:
As the first and largest online payment solution company in the Middle East and North Africa, CashU offers secure transactions and allows customers to deposit funds in their CashU account for payments.
5. HyperPay:
HyperPay allows merchants to accept all transaction types while managing risk. It also offers an invoicing feature for businesses dealing with recurrent clients.
6. Skrill:
Known formerly as MoneyBrooker, Skrill is a leading payment gateway in over 200 countries. It offers features like quick transfers, seamless integration, and advanced analytics.
7. 2CheckOut:
This payment gateway supports transactions from 196 countries, has 8 payment channels, uses 26 currencies, and operates in 15 languages.
8. Checkout:
Checkout’s goal is to allow businesses to move rapidly. It offers scalable and customizable solutions and supports several eCommerce platforms.
9. PayFort:
PayFort is Amazon’s payment processing company that supports many eCommerce platforms and allows transactions and payments using various methods.
10. Payoneer:
Payoneer has become a popular choice for freelancers and small businesses for digital payment and international or domestic money transfers.
Conclusion
The digital adoption in the Middle East has accelerated in recent years, making the choice of a suitable payment gateway critical for any online business. The right payment gateway should meet your business requirements while ensuring the security and convenience of your customers. The options listed above are among the best in the Middle East and offer a range of features to cater to different business needs.