What are electronic payment gateways?

The electronic payment gateways are used to complete purchases electronically through bank payment card, meaning that it is the link between the buyer and the seller in any online shopping process. It allows the buyers to complete the payment process for their purchases and helps the sellers to collect their money from the buyer.

When a person wants to buy any product or service from any website, he / she enters his / her payment card data, then the payment gateway that the website deals with, is sending the buyer’s data to the bank that deals with it to ensure that the required amount is available in the card, and then the payment gateway informs the website to complete the purchase.

A number of people are wondering about e-payment, which can be summarized as one of the integrated systems that are provided by banking and financial institutions, with the aim of making e-payment operations safer and easier.

There are many other features and advantages that e-payment methods provide in e-commerce to all customers and users, and the most important and best of these features are:

1- Enabling the user to guarantee all his / her financial rights through e-payment, which would lead to increase the trade, and then the possibility of opening markets in many countries.

2- These methods allow to conduct and to complete the financial transactions for both, the buyer and seller, with the utmost ease and safety, instead of carrying money and taking it from one place to another.

3- Banks and transfer companies benefit very much through this feature of profiting from it, as they get profits through the fees that are paid for transfers.

The e-payment gateways are the intermediary in e-commerce between your online store and the payment processor that responsible for receiving payment from your customer. There are a variety of e-payment methods in e-commerce.

I this article we will learn about the e-payment gateways, which are:

• Tap
• Paytabs
• Moyasar
• Payfort
• Hyperpay

We will learn about the characteristics of the payment methods mentioned above to know what banks and payment cards support and how to obtain the services provided by them, whether they are provided to an individual or an institution, in addition to knowing the time period that each payment method consumes to collect the money sent through it and the fees of each payment method.

• TAP:

Through TAP, the customers can choose the payment method they prefer, either through their local or regional cards, or even via an international credit card. Through the e-payment TAP gateway, the developer’s API can pay for any of the products and services in one second, whether the transaction apply via (Knet, Benefit, Mada, Sadad, Visa, MasterCard or American Express).

It is worth noting that the TAP payment method supports all banks in the Gulf States with free setup fees.

To obtain the Tap service, the following data is required, whether for individuals or for an organization:

• For an individual:

• A copy of the personal ID (front and back).
• The ID holder's IBAN.
• Address.
• Freelance document.
• For organization:
• A copy of the commercial register
• A copy of your personal ID
• IBAN
• Address

 

As for the period of collecting funds, it takes 3 working days, while the credit cards they take 5 working days, and K-Net takes 3 to 5 working days.

• Paytabs:

PayTabs is a simple payment gateway that can be quickly integrated into merchant websites and enables quick deposit of payments into a merchant account. You accept multiple currencies and we offer a smart dashboard to help manage your online business from a single platform.

PayTabs offers unprecedented and powerful solutions to manage and meet the needs of your online business. It includes a comprehensive system of online payment services that suits the requirements and needs of your business with complete security.

PayTabs supports Visa / Master Card, mada, Knet, Oman Net, American Express AMEX, STC pay, Apple pay and supports all banks in the Gulf state.

As for the period of collecting funds, it takes:

Mada: From 24 hours to 72 hours.

Credit Card: From 24 hours to 72 hours.

SADAD account: From 24 hours to 72 hours.

STC Pay: weekly collection.

Amman Net: weekly collection.

K net: weekly collection.

Incorporation fee:

The value of the incorporation fee within the paytap is the establishment fee (938 SR) without monthly fees, and the establishment fee for Credit Card and Mada is (- Credit Cards: 2.2% + 1 SAR – Mada: 1.5% + 1 SAR.

Requirements for obtaining the PayTap service for institutions:

• A copy of the commercial register.
• Memorandum of Association for companies.
• A copy of the owner/owner's ID.
• IBAN card or any other bank document containing account information, including account number and IBAN number.
• Address proof document (national address for individuals or companies) according to the type of register.
• VAT registration certificate, if there any.

 

• Moyasar:

Moyasar adopts e-payment solutions by adopting the latest effective scientific methods and methodologies that are centered around the user and his / her needs.

It is characterized by:

• Easy to use.
• Flexibility of characteristics.
• Accurate and instantaneous monitoring of your sales through detailed reports.
• Superior ability to seamlessly integrate and link with a large number of administrative, accounting and financial systems.
• High degree of security and privacy.

This payment method supports al-Rajhi Bank and Arab Bank, as well as the following e-payment cards: Apple Pay, Visa / MasterCard, Mada, on the other hand, it takes 24-72 hours to collect funds through it.

Incorporation fee:

The Moyasar payment method imposes an initial establishment fee of 1,000 riyals, followed by a monthly fee of 200 riyals. The value of the establishment within credit cards is 3.3% + 1 riyals and within the range of 1.5% + 1 riyals.

Requirements for obtaining a facilitator service for institutions:

• A copy of the commercial register of the establishment that has an online trade activity.
• A copy of the owner's ID.
• A copy of the company's commercial bank account and customer number.

 

• Payfort:

It is one of the most widely used in e-payment gateways, not only in Saudi Arabia, but in almost all countries of the Arab world, such as Egypt and the UAE. It was established in 2004. Among the banks that contract with it in Saudi Arabia are al-Ahly Bank, Riyadh, Al-Rajhi and SABB.

The duration of collection of funds ranges from 24 - 48 hours (it varies according to the bank).

It is characterized by:

• Very low setup fee.
• A very high degree of security and reliability through 3D security technology, which helps verify the identity of the buyer by requesting the entry of an OTP number (a one-time password) to the buyer's phone to ensure that he / she is the owner of the card.
• Cash on delivery service.
• Detailed reports on payments through a single control panel.
• Ability to pay in installments.

Incorporation fee:

• Payfort payment method charges set-up fees ranging from free to 1500 riyals (varies by bank).
• In addition to a monthly fee ranging between 200 - 400 riyals (it varies according to the bank).
• As for the establishment fees for credit cards: 2.8% + (1-2 riyals) and for a range: 1.75% + 1 riyal.

*Note: Fees may vary according to sales volume.

Requirements for obtaining Payfort service for institutions:

• A copy of the national ID.
• Commercial Register.
• Fill out the questionnaire form.

 

• Hyperpay:

It is headquartered in the Kingdom of Saudi Arabia and is considered one of the fastest growing payment gateways. It was established in 2014 and supports the following banks: Arab, French, Riyadh, al-Ahly, Saudi Investment, al-Rajhi, al-Jazirah, Alinma, Albilad, SABB.

It also supports MasterCard / Visa, Mada, Apple Pay, American Express-AMEX cards.

It takes 24-72 hours to collect funds (it varies by bank).

It is characterized by:

• High security degree of its fraud prevention system
• Contracted with all Saudi banks and various companies
• Partnerships with the most famous e-store building platforms

Incorporation fee:

The HyperPay payment method imposes set-up fees ranging from free - 5000 riyals (varies by bank) in addition to a monthly fee ranging from free - 500 riyals (varies by bank).

As for the establishment fees related to the cards, they are as follows: Visa / MasterCard: between 2.2% - 2.7% + 1 riyal and range: between 1.5% - 1.75% + 1 riyal.

Once you enter a customer's payment details on your website, the payment gateway securely sends that data to the payment processor, making it an essential component that enables e-commerce stores to function.

Through e-payment gateways, merchants can accept credit cards and other forms of e-payments, while ensuring the protection of their data and the integrity of transactions from fraud.