As a business owner, you’re likely aware of the significance of accepting customer payments. Payment gateways are crucial in facilitating online transactions while ensuring financial information safety. However, with numerous payment gateway options available in the UAE, it can take time to determine the most suitable one for your business. Therefore, we have created a guide outlining the popular payment gateways in the UAE to assist you in selecting the ideal option for your business requirements. But before we delve into the top payment gateways, let’s first establish a fundamental understanding.
Introduction to Payment Gateways
A payment gateway is a mediator between merchants and customers, ensuring safe and secure online transactions in the eCommerce world. Unlike secret agents who face dangerous situations, payment gateways focus on protecting financial information. Payment gateways in the UAE offer several digital payment solutions, such as online shopping, bill payments, and money transfers. As payment gateways increase in the UAE, customers can access various options to secure online transactions.
How Do Payment Gateways Function?
Picture yourself at an upscale restaurant where you’ve just enjoyed a delicious meal. As the time comes to settle the bill, the waiter hands you the receipt. Rather than fumbling for your wallet, you tap your phone to transfer the payment from your bank account to the restaurant. This seamless transaction is possible due to payment gateways. When you purchase on a merchant’s website, you input your payment details, which are securely transmitted to the payment gateway. The payment gateway processes the transaction and forwards it to the appropriate financial institution for approval. After the transaction is authorized, the payment gateway notifies the merchant, completing the payment process.
Best Payment Gateways in the UAE – Banks
When credit and debit cards were first introduced, third-party payment gateways did not exist, and banks were responsible for processing transactions. Leveraging their expertise in managing financial transactions, banks established themselves as payment gateways by setting up point-of-sale systems and utilizing IT infrastructure. With that in mind, let’s begin our exploration of the banks that offer online payment gateways in the UAE.
- Emirates NBD
The largest bank in the UAE, Emirates NBD, provides an online payment gateway service called “PayMerchant” that allows businesses to accept payments through various channels such as websites, mobile apps, and social media platforms. The payment gateway supports multiple currencies and offers advanced fraud detection and prevention features.
| Setup Fee | Recurring Fee per Month | Transaction Fee | Merchant Discount Rate | Settlement Period |
|---|
| Varies | | | Varies | 3 Business Days |
| Pros | Cons |
| PayMerchant supports multiple payment options, which provides flexibility to businesses and customers. | Some users have reported poor customer service experience with Emirates NBD. |
| To ensure secure transactions, it offers advanced fraud detection and prevention features, such as 3D Secure authentication and tokenization. | Some users have reported technical issues with the payment gateway, such as delayed transaction processing and system downtime. |
| The payment gateway supports multiple currencies, which makes it easier for businesses to accept payments from international customers. | |
2. Abu Dhabi Commercial Bank (ADCB)
ADCB offers an online payment gateway in the UAE called “ADCB PayLink” that enables businesses to receive payments from customers using various payment methods, including credit and debit cards, digital wallets, and bank transfers. The payment gateway also provides real-time transaction monitoring and reporting. Overall, ADCB PayLink is a reliable and secure payment solution with several advantages, including multiple payment methods, advanced security features, and real-time transaction monitoring.
| Setup Fee | Recurring Fee per Month | Transaction Fee | Merchant Discount Rate | Settlement Period |
|---|
| AED 3000 | | | Varies | 3 Business Days |
| Pros | Cons |
| ADCB PayLink offers advanced security features, such as 3D Secure authentication and tokenization, to ensure secure online transactions | ADCB PayLink can only be integrated with certain e-commerce platforms, which may limit the options for businesses that use other platforms |
| The payment gateway supports multiple currencies, which makes it easier for businesses to accept payments from international customers. | Some users have reported technical issues with the payment gateway, such as delayed transaction processing and system downtime. |
| It allows businesses to customize their checkout page according to their branding and requirements. | |
3. Mashreq Bank
Mashreq Bank is one of the top payment gateways in the UAE. It offers its services called “Mashreq Neobiz,” which allows businesses to accept online customer payments using credit and debit cards. The payment gateway supports multiple currencies and offers advanced security features such as tokenization and 3D Secure authentication.
| Setup Fee | Recurring Fee per Month | Transaction Fee | Merchant Discount Rate | Settlement Period |
|---|
| AED 2500 | | | Varies | 3 Business Days |
| Pros | Cons |
| Mashreq NeoBiz supports multiple payment methods, which provides flexibility to businesses and customers. | Mashreq NeoBiz can only be integrated with certain eCommerce platforms, which may limit the options for businesses that use other platforms. |
| It has a user-friendly interface that is easy to navigate, which makes it easier for businesses to manage their payments. | Some users have reported technical issues with the payment gateway, such as delayed transaction processing and system downtime. |
| The payment gateway allows businesses to customize their checkout page according to their branding and requirements. | |
4. National Bank of Abu Dhabi (NBAD)
The National Bank of Abu Dhabi (NBAD) is a major financial institution in the UAE that provides a wide range of banking and financial services to individuals, businesses, and corporates. NBAD offers payment gateway solutions in the UAE called “e-Dirham” that enables businesses to accept online payments easily and securely from customers using various payment methods such as credit and debit cards, digital wallets, and bank transfers. The payment gateway complies with international security standards and offers real-time transaction monitoring and reporting.
| Setup Fee | Recurring Fee per Month | Transaction Fee | Merchant Discount Rate | Settlement Period |
|---|
| AED 3000 | | | Varies | 3 Business Days |
| Pros | Cons |
| NBAD Pay provides real-time transaction monitoring and reporting, which allows businesses to track their payment activity and reconcile their accounts easily | all customers or businesses may not accept NBAD Pay, which can limit the scope of transactions |
| It can be integrated with various eCommerce platforms, making it easier for businesses to accept payments online. | Like all payment gateways in the UAE, NBAD Pay may experience technical issues such as delayed transaction processing or system downtime, which can impact the customer experience and the business’s reputation. |
| It allows businesses to customize their checkout page according to their branding and requirements. | |
Best Payment Gateways in the UAE – Fin-Tech Companies
In the UAE, financial technology companies, or fin-tech companies, are instrumental in leveraging technology to enhance and automate financial services. They provide payment gateway solutions essential to the digital economy, streamlining transactions and supporting businesses in the digital age. Let’s look at some innovative fin-tech companies developed to simplify transactions.
1. Telr
Dubai-based fintech company that provides payment gateway solutions in the UAE for businesses and other countries in the Middle East and Southeast Asia. Telr offers various payment methods, including credit and debit cards, e-wallets, and online bank transfers. The company provides a user-friendly interface allowing businesses to manage and track their transactions easily. Telr also offers features such as fraud prevention and chargeback management to help protect businesses from financial losses. Additionally, it supports multiple languages and currencies, making it a versatile option for businesses operating in various regions.
| Function | Focus Area |
|---|
| To offer a range of online payment solutions, including payment gateways, invoicing, and recurring payments |
| | Providing easy-to-use, secure payment solutions for e-commerce businesses in the UAE and beyond |
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| Pros | Cons |
| Telr provides an easy-to-use dashboard that allows businesses to manage their transactions and monitor their financial performance. | Some users have reported that Telr’s contract terms are restrictive and may not be flexible enough to accommodate certain business needs. |
| It offers features to help businesses protect themselves against fraudulent transactions and chargebacks, which can help reduce financial losses. | Some users have reported longer than expected response times from Telr’s customer support team, which can be frustrating if a business encounters an issue that needs to be resolved quickly |
| supports multiple languages and currencies, which can be useful for businesses operating in multiple regions | |
2. Network International
Network International is one of the largest payment processing companies in the Middle East and Africa. The company offers a range of payment solutions, including card payment processing, digital payments, and merchant acquiring services. It also offers value-added services like fraud management, data analytics, and loyalty programs. One of the key advantages of using Network International is its extensive experience in the payment processing industry. The company has operated for over 20 years and has partnered with various regional financial institutions and merchants. This allows it to offer comprehensive payment solutions that are tailored to the needs of each individual customer.
| Function | Focus Area |
|---|
| To provide robust payment processing solutions for businesses operating in the Middle East and Africa |
| | Merchant acquiring, card processing, and digital payments |
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| Pros | Cons |
| It offers fraud protection and security features to help keep transactions safe. | Network International primarily serves larger businesses and may not be as suitable for smaller merchants. |
| It has partnerships with major international card schemes such as Visa, Mastercard, and American Express, as well as local banks in the UAE and other countries. | Some users report difficulty with integrating the payment gateway into their website or app |
| It also provides 24/7 customer support and a user-friendly interface. | Transaction fees can be higher than some other payment gateways in the UAE |
3. Payfort
Payfort is a fin-tech company that provides a secure and reliable payment gateway solution to businesses operating in the UAE. The platform supports a range of payment methods, including credit and debit cards, online banking, and e-wallets.
| Function | Focus Area |
|---|
| Cross-border payment platform | | Providing secure and reliable payment gateway services to businesses of all sizes |
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| Pros | Cons |
| Bayfront offers competitive transaction fees for businesses, which can help them save money on payment processing costs. | Payfront’s customer support may not be as robust as some other payment gateways, which could cause issues for businesses in the event of technical difficulties. |
| It uses advanced security measures to protect sensitive payment information and prevent fraudulent transactions. | It may not be as widely integrated with other business software and platforms, which could disadvantage businesses that rely on these integrations. |
| It provides an easy-to-use interface that makes it easy for businesses to set up and use their payment gateway services. | Transaction fees can be higher than some other payment gateways in the UAE. |
4.PayTabs
PayTabs is a Bahrain-based fin-tech company that offers a secure and user-friendly payment gateway solution in the UAE to businesses of all sizes. The platform supports a range of payment methods, including credit and debit cards, online banking, and e-wallets. PayTabs is designed to be user-friendly and easy to integrate into existing websites and online stores. It provides a range of features and tools to help businesses manage their payment processing needs, including customizable payment pages, fraud prevention tools, and detailed analytics and reporting.
| Function | Focus Area |
|---|
| A cross-border payment platform with multi-currency support |
| | Payment processing solutions for businesses of all sizes |
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| Pros | Cons |
| PayTabs offers a user-friendly interface with a simple integration process, making it easy for merchants to set up and use | PayTabs has a reputation for slow customer support response times, which could be frustrating for merchants who need quick assistance. |
| It provides a secure payment platform with features like SSL encryption, 3D secure authentication, and fraud protection. | Some customers have reported occasional issues with payment processing, which could lead to transaction delays. |
| It provides a mobile-responsive payment page that allows customers to make payments from any device. | The payment gateway may not offer as many customization options as some other payment gateways, which could limit branding opportunities for merchants. |
Here’s a little summary of some of the top payment gateways in the UAE for 2023:
| Payment Gateway | Pros | Cons | Transaction Fee | Setup Cost |
|---|
| Telr provides an easy-to-use dashboard | Telr’s contract terms are restrictive and may not be flexible | | |
| | Wide range of payment options |
| | | |
| 2Checkout | | Supports multiple languages and currencies |
| | | |
| | | | AED 0 |
| PayPal | | | Limited customization options |
| | Free |
Conclusion
Payment gateways enable secure and convenient online transactions for eCommerce businesses. With so many options available, choosing the best payment gateway in the UAE can be challenging, but it’s an important decision that can impact all your business transactions. This guide has provided an overview of some of the most popular payment gateways in the UAE, making it easier for eCommerce businesses, online shoppers, and beginners to find the perfect gateway to meet their needs. If you’re unsure which payment gateway is best for your business, contact us for assistance. Our team can help you select the ideal gateway to suit your requirements.
Frequently Asked Questions
