Payment Gateway in UAE, Process and Execution Made Clear
A payment gateway is a technology used by businesses to accept debit or credit card purchases from customers. This is a common practice with both traditional brick and mortar stores, as well as online businesses.
Having a secure and reliable payment gateway for your online business allows customers to safely and securely make purchases online. At the same time, it provides a convenient way for you to collect money from your clients.
Therefore, if you are planning on starting your own online business, then you will be required to secure a trustworthy online payment processing gateway in UAE.
What is a Payment Gateway in UAE?
In simple words, a payment gateway is the consumer-facing interface used to collect payments. When referring to online businesses, e-commerce payment gateway is the checkout portal used to enter credit card information or credentials. It allows for a smooth payment transaction between the customer and business.
A popular example of a payment gateway is PayPal, however, the best payment gateway services in UAE are Payfort, Telr, and Network International.
Who is Involved in Establishing Payment Gateway in UAE?
If you are planning to start your own e-commerce business, then you will be required to establish an online payment processing gateway on your online store. It is simple procedure that involves four major parties:
- Client (You)
- Web Developer
- Payment Gateway Provider/Teller Service
Process for Setting Up Payment Gateway in UAE
Setting up an online payment processing gateway in UAE is a relatively straightforward process. An expert web development company in Dubai can help you through the process. However, the standard steps for setting up the e-commerce payment gateway in UAE and Dubai is as follows:
1. Meeting with Teller Service Company
In the first step, you must arrange a meeting with a teller service company. This teller service company, also known as a payment gateway provider, will be recommended by your bank. The steps for arranging the meeting are as follows:
- Call the relationship manager at your bank and ask them to arrange a meeting or a phone call with the teller service company that they recommend.
- If not, clients can also speak directly to a teller service company
- Set the date and time that is suitable for a meeting between you and the teller service company
2. Negotiate Transaction Fee
At the meeting, you will be given the opportunity to negotiate a minimum charge per transaction. The final charge that is decided upon will depend on your negotiation skills. The steps are as follows:
- Negotiate with the teller company for them to charge a minimum amount per transaction
- The final charge per transaction depends on how well you negotiate
- After the negotiation is complete, you will submit an application to the teller service
3. Bank Approval
Once the approval is sent to the teller service company, the payment gateway provider will send an approval to the relevant bank, after which the bank will issue the final approval. This can take two weeks or more. The steps are as follows:
- Teller service provider sends approval to the bank
- Wait for banks final approval. This can take two weeks, or longer
- One of the requirements for the approval is that the bank sees the website 75% done or completely ready. Simply put, the bank must see proof that the platform is being used
- It can take a minimum of 5 days for an experienced web development company in Dubai to have the website at least 75% ready for the bank approval
4. Set Up Payment Gateway
When the bank gives the final approval, then the teller service company will hand over the code to the web development team. This code will be integrated in the website for the payment gateway to be set up.
- Teller company will give the web development team the code that needs to be integrated to the website
- If the website is not live, the web development team can integrate and do testing even during the waiting period for approval. But if the website is already live, it will not work until the bank approval is finalized
- Developers will integrate the code to the website and your payment gateway integration will be complete
Once the code is successfully integrated into the website, then the payment gateway process will be complete. After this, customers can successfully use the online payment gateway process in order to make purchases from the e-commerce website.
Best Web Development Company in UAE for Payment Gateway Set Up
Having an experienced e-commerce web development company in Dubai can help you set up the payment gateway successfully, without any hassle or error. It can also guide you throughout the entire e-commerce online payment processing gateway set up procedure.