Payment Gateway In The United Arab Emirates
UAE is one of the wealthiest countries. It is the federation of seven emirates like Ajman, Dubai, Fujairah, Ras Al-Khaimah, Sharjah and Umm Al-Quwain. UAE is a global business hub, and many business owners operate their business with high profits in this growth-oriented nation. Many entrepreneurs in the UAE do business over the internet. Merchants from industries like Tourism, Trading, Travel, Human resources, Real Estate, Multi-Level Marketing and Forex sell products and services on their websites. Such business owners require online payment gateways in the United Arab Emirates to sell products and services to domestic and international buyers. The fintech industry is gung-ho about the prospects of UAE.
Quadrapay And UAE Payment Gateway
Quadrapay believes in assisting UAE entrepreneurs in finding payment gateways and merchant accounts. Merchants looking forward to getting payment options for their online store can undoubtedly contact us at [email protected]. Quadrapay works as a reseller of many payment service providers across the world. Quadrapay offers multiple modes of payment processing options like ACH, Echeck, Credit Debit card options, Ewallet and Prepaid Debit card(the USA Only).
UAE Payment Gateway. How It Works?
A payment gateway is a communication software which communicates with the merchant’s website and the payment service provider. Online businesses use payment gateways to accept credit card payments from customers. Cardholders at merchant’s site visit the payment page to make payments online via different modes of card processing. The merchant can get these solutions from payment services providers. Sometimes PSPs may charge merchants a setup fee. The transaction fee depends on payment methods and industry type. Let’s understand how UAE e-commerce websites can utilise these diffrent type of payment methods.
- Credit Debit Card: Nowadays, Credit card payments are common to every industry type. Customers like to use credit and debit cards. Buyers can pay sellers in any market including all the seven emirates. UAE based merchants are actively adapting to the credit card processing mode for online and offline sales. With online payment gateway, merchants can also accept Prepaid debit cards.
- Echeck: If the Emirates-based merchant sells services to clients in the United States then the merchant can use check21. Echeck payment is an electronic form of the physical check. Many customers from the US prefer to use echeck for online purchases. Merchants with bad credit score and high-risk businesses can also utilise echeck/ACH. Since echeck comes with Virtual Terminal merchants can also accept ACH payments in store. Many Americans travel to UAE. This Virtual terminal can be quite helpful. The processors store the fund in an Ewallet and release the same on a weekly basis to the merchant. The processor defines the transaction fees depending upon many risk factors and merchants profile.
Type of Payment Gateway
- Hosted Payment Gateway: This type of payment gateway on the merchant’s website redirect the customers to the payment page where the page is hosted on the server of the payment processing company. Here customer fills the transaction information and then click on submit button. After providing the transaction information, customer redirects to the merchant’s website. It is highly secure and also reduces fraud transactions.
- Self Hosted Payment Gateway: This type of payment gateway is hosted on the merchant’s website. The customers fill the transaction information on the merchant’s site. The payment page sends these details to the payment service provider. If the transaction gets approved, then the merchant receives an order confirmation. For this kind of solution merchant musty be fully compliant to PCI DSS standards.
- API Based Non-Hosted Payment Gateway: In this type of payment gateway, customers fill the transaction information on the merchant’s checkout page. The transaction details are processed through API. API based Non hosted payment gateways work on a similar model like Hosted payment page. The only difference is that the customer does not get to see the website of the processor.
How To Choose Best Payment Gateway In UAE?
Look at the vital factor while choosing a payment gateway. These factors listed below:
- Multi-Currency Payment Processing: If the merchants get the customers from across the globe then merchants should ask the PSP about the multi-currency payment processing.
- Integration Assistance: For an E-commerce website, the integration process plays a vital role. The merchant should ask the processor for payment gateway integration assistance. The merchant should also enquire about ready-made plugins for easy integration.
- Payout Schedule: Most of the time, processors keep one-week arrears for the payout of high-risk merchants. Low-risk merchants can qualify for T+2 or T+3 settlements. They also put the minimum withdrawal limit. In some cases, merchants must have the minimum balance to withdraw funds.
- Transparency In Processing Fee: The merchant account agreement mentions the processing fee structure. If it is not clear, then the merchant should contact the PSP.
- Security: Merchant should research the genuineness of the processor. The processor must be fully PCI DSS compliant and should have a good reputation in payment processing industry.
UAE High Risk Processing
Financial Institutions in the United Arab Emirates may consider merchants from few Industries as high risk. These machines require the assistance of particular type of payment processing companies. These independent sales organisations are specially authorised to solicit services to merchants from High risk band industries. Unfortunately, they are not many High Risk ISOs and PSPs that offer this kind of services. Still, if your application has been declined by local Credit Card processing companies in UAE, then you can certainly approach these offshore processing firms. Many international processing companies may be interested in evaluating the applications of UAE based high risk merchants.
To get more details about payment gateways for Low, Mid and High risk industries in the United Arab Emirates send us an email on [email protected].