How to Accept Credit Card Payments: A Guide For Businesses in UAE
The majority of potential customers expect every organization, either small, medium or large, to accept credit or debit cards payment options for their transactions. Often these customers completely forget that some sets of businesses are run on cash only policy which is often frustrating. Be that as it may, accepting and processing any form of card payment has become easier than in previous years.
Partnering with Payment Gateway Companies, Fintech, Banking institutions, and other third-party firms that provide card (credit or debit) payment processing services is the easiest route for any business owner to follow. Based on statistics, about 48 million businesses worldwide accept at least one card (credit or debit) as a mode of payment from either existing or potential customers.
Meanwhile, understanding how your business can start to accept credit card payments is the secret key to increasing your overall profit as a business, either large, small, or medium. Aside from increased revenue options, with card payments, customers have various means to make payments for goods and services your company has offered them. Besides, the more flexibility your customers enjoy at the checkout stage, the more likely you will convert a potential visitor to your store or website to a buying customer.
In this piece, we will explore what is required of you as a business owner to understand card payment and detail what you should get started with and different available card (credit or debit) payment methods.
What Are The Basics Of Card Payment Acceptance As A Business In UAE
As a business in the United Arab Emirates, it is certain that convincing your potential or existing customers to buy from you and retaining such customers is essential to the success of your business. Generally, credit card payment from a customer’s perspective is easy, simple, while it can be a nightmare for businesses to implement due to its complicated backend processes. Based on this, businesses have to rely on payment gateway providers to help validate the payment to avoid fraudulent activities.
As a business owner getting started with card payment services, you will need to acquit yourself with the following basic steps which are;
● Determine how your business will accept the card payments
● Contact any payment gateway processing company of your choice.
● Install the required hardware and software for payment processing in your business location.
Determine How Your Business Will Accept The Card Payments
There are various ways your business can settle for card payment services; however, you must first choose the type of cards payment transaction that will be acceptable in your store. You might have to carefully choose the card option acceptable by your business if you run a physical store business, requiring you to invest in card readers hardware manufactured for card payment processing.
Another crucial thing you must note is that the card reader setup must be compatible with contactless card payment, chip card and swipe card options. This sort of system will enable you to cater for all types of customers that walk into your store.
Additionally, you must ensure that you accept all the major types of cards (credit or debit) for payment at your business location, as well as capture the popular payment option. The best payment gateway providers accept the following cards, which are (i) visa, (ii) MasterCard, (iii) Discovery, (iv) American Express, (v) Contactless payments, (vi) Google pay and (vii) Apple pay.
If your business is a startup with no physical location, you do not have to invest in payment proceeding hardware devices. In other words, your payment processing activities can be easily implemented in your online store with the help of a payment gateway provider organization. Your online business can easily process payment through Emailed invoice service, new or existing eCommerce platform or on the go on a smartphone (device).
You decide to determine the payment process solution you would be settling for and how your business will likely run.
Contact A Payment Gateway Processing Company like PayCaps
A payment gateway processing company is a service provider that handles all the card transactions between a business and its customers. The payment processing institution easily handles your customer’s card information and transfers it to the business’s bank for payment processing seamlessly.
Certainly, not all payment gateway processing organizations are the same as there is different services this organization’s offer to their customers. Some payment gateway companies can provide your business with a point of sales machine, virtual terminal, either at no extra charge or at an additional fee. Meanwhile, other payment handling organizations only provide you with a payment processing tool at a defined rate. As a business owner, it is important that you carry out exclusive research before choosing which payment services will suit your business.
Request To Open A Merchant Services Account
After you have successfully researched the type of payment processing organization you will be using and the card transaction type your business will be handling, it is time to open a merchant account.
Based on the type of payment gateway company you choose, you might have to skip this part as some of the payment gateway handles have a merchant account built-in with their services.
Install Required Hardware And Software For Payment Processing In Your Business Location
Now that you have successfully chosen a payment gateway provider and have also opened a merchant service account, the next line of action is to install all required hardware and software required for your local store to handle payment if you run a physical business.
Peradventure your business will be accepting mobile payment options, a physical mobile credit card reader or an app that handles the credit card information and process the payment will be required at that location. At this time, you can set up a POS system to record all transactions performed in-store and track, monitor, and report inventory of the goods.
Expected Fees Associated With Business Accepting Card Payment Option
In the United Arab Emirates, various subscription charges and other fees are associated with your card payment services provided to your business by the payment gateway organization. Summarily there are two major types of fees which are;
● Processing Fees: This fee is charged as a percentage of the payments made. It is calculated based on the average amount of transactions the business performs.
● The Transaction Fee: here is a flat fee charged to your business for accepting card payments.
Although some charges might be levied on your business depending on the payment method used in your store or online. Here is another reason you must carefully consider the payment gateway provider you opt for as a business owner.
What Are The Benefits Of Taking Card Payments Over Cash As A Business?
Do you still doubt the potential your business stands to gain from accepting credit card payments? Here are some of the benefits you will enjoy as a business owner;
● Easy and convenient payment method for the customers: of course, it is certain that about 8 in 10 UAE customers prefer to use card payment services. This shows that by providing a card payment option in your store by leveraging on the power of payment gateway providers, your business will be able to capture at least 83 per cent of customers willing to buy from you.
● High reputation for your business: Another advantage you get to benefit as a business owner who accepts card payment is that your business would be rated as a legitimate business while cash-only businesses are considered shady or inconvenient.
● Make more from customers: based on different evidence, it has been ascertained that people spend less when paying in cash than when using card payment options.
Summarily, your business is better off accepting card payment options which in turn help reduce the bulk of cash processing and provide a convenient payment method for your customers. In addition, using a reputable payment gateway provider like PayCapsgives you a better edge over your business competitors as they offer awesome services to their customers at an unbelievable price. In today’s world, as a business owner, leveraging on the solutions provided by payment gateway companies gives you an edge in business and helps you appeal to customers’ behaviour.