The presence of "e-payment solutions" for purchasing any kind service or product has recently become crucial everywhere globally. In fact, since online shopping has grown significantly, many people have stopped using cash payments in favour of electronic ones.
As a result, e-payment has become one of the things that may cause confusion for some retailers who are building their online stores, so their question remains, What are e-payment portals? and how can you find the best payment portal in Saudi Arabia that is secure enough to interface with your software?
What are e-payment portals?
“e-payment portal” is a term given to describe a method for making online purchases using a bank credit card, meaning that any electronic payment portal is the link between the buyer and seller in any online shopping process, since it enables both parties to complete the payment process
What is the best e-payment portal in Saudi Arabia?
There are many e-payment portals in Saudi Arabia that facilitate financial services for online shopping; the following list will highlight some of the most well-known e-payment portals in Saudi Arabia:
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PayFort
It was founded in 2004 and is currently among the most frequently used electronic payment portals in e-commerce not only in Saudi Arabia but also in practically all other gulf and Arab nations, including Egypt and the UAE.
Al-Ahly Bank, Riyadh, Al-Rajhi, and SABB are among of the Saudi Arabian banks that have contracts with it.
Basic Features
1. Extremely low startup fees.
2. High level of security and reliability, that depending on 3D security technology to authenticate the buyer's identification by sending an OTP number (one-time password) to the buyer's phone to confirm that he is the cardholder.
3. Payment upon receipt service.
4. Access to a detailed reports on payments through a single control panel.
5. The possibility of paying in installments.
Consider the following points while using the electronic payment services from PAYFORT:
• Additional monthly fees (SAR 262.50) for different currencies.
• The bank will deduct a commission up to 2.94% on each transaction.
• A transaction processing fee of 1.75% plus 1 SAR is charged for every transaction made using the Madabank card.
To subscribe to PayFort as one of the payment methods in Saudi Arabia, click here.
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PayTabs
It is a famous electronic payment portal in the online shopping world in Saudi Arabia, and the main feature that sets it apart as one of the top payment methods in the country is that it works with most Saudi banks and supports 168 different currencies.
Basic Features
- Fast setting (less than 24 hours).
- One of the first companies to link with a SADAD account.
- Deals with all banks in Saudi Arabia.
- Partnerships with e-commerce store building platforms in Saudi Arabia
Consider the following points while using the electronic payment services from
PAYTABS:
Each transaction from the PayTabs payment portal incurs a commission, just like any other electronic payment application in Saudi Arabia:
• Commission on each transaction up to 2.7% + 1 SAR.
• Collection might be weekly when using Stc pay.
To subscribe to PayTabs, click here.
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HyperPay
This e-payment services portals headquartered in the Saudi Arabia and considered one of the fastest growing electronic payment portals. It was founded in 2014.
Basic Features
1. The high level of security of its fraud prevention system.
2. Contracted with all Saudi banks and various companies.
3. Partner with the most famous e-commerce store building platforms in Saudi Arabia.
Consider the following points while using the electronic payment services from HYPERPAY:
- A commission of up to 2.5%-2.7% plus one SAR on each transaction made with a Visa or MasterCard.
- The commission while using a Madabank card is 1.75% + 1 SAR.
To subscribe to HyperPay as one of the payment methods in Saudi Arabia, click here
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Moyasar
One of the most well-known electronic payment portals in Saudi Arabia that offers owners of online stores numerous benefits
Basic Features
• Using an integrated control panel to generate daily, weekly, and monthly data on sales activities.
• Accepting all electronic payments made using bank cards, Madacards, and SADAD accounts.
Consider the following points while using the electronic payment services from MOYASAR:
You should consider the following factors before selecting Moyasar as your preferred electronic payment portal:
• Only supported by Arab Bank and Al Rajhi Bank.
• Each transaction carries a fee of 2.2% plus 1 SAR.
• In the case of using a Madabank card, the commission on each transaction reaches 1.5% +1 SAR.
Famous E-Payment Applications:
- STC Pay: a phone application that supports a digital wallet gives access to users for all the tools and options they need to manage their finances, including the ability to send and receive money, shop, and financial control.
- Bayan Portfolio: a creative and simplified way for enabling people and businesses to receive and use electronic payments
- MadaPay: Bank customers with issued cards can save all of their bank cards—whether they are linked to current or credit accounts—in one app on their phones and make payments using it.
- Apple Pay: a feature available on iPhones or Apple Watch that enables the user to pay directly with no need to use a credit card.
Certainly, there are more e-payment providers than that, but we touched on some of them that are more widely used, whether in Saudi Arabia or in the Arab region as a whole.
In the end, Alef Software assists online business owners to to their success story by providing them with the right store linked by the best payment service alternatives, and backed by the most effective e-marketing techniques.
If you are a business owner with various activities, you can contact Alef Software, one of the leading software houses that provides fully integrated business solutions. Check our services
