News Column

PayTabs set to launch key online solutions

July 31, 2014



MANAMA: PayTabs, a payment processing solution company co-owned by Saudi Aramco Entrepreneurship Ventures (Wa'ed), is set to launch its online payment processing solutions in Bahrain, Saudi Arabia and the rest of the GCC.

The solutions feature a "one-stop-shop" answer with diversified products fulfilling small and medium enterprises (SMEs) online payment needs and minimising hassles, said a statement.

The company also intends to launch its products in the entire Middle East and North Africa region in the coming months, it said.

According to a company spokesman, not having a suitable online payment service provider was the biggest challenge for SMEs in the region.

PayTabs aims at addressing the needs of online retailers as well as those who aspire to start a business online.

The service will comprise two solutions - PayPage, an online invoicing system - and an e-commerce plugin and application programming interface integration with any e-commerce website in the Middle East.

Online invoicing is a feature that can be used for online payments even if the entrepreneur does not have a website and has been designed to serve the needs of the smallest online entrepreneurs.

The biggest advantage that PayTabs is offering to all online merchants and retailers is quick integration and the direct transfer of payments to their bank accounts with dual layered anti-fraud protection through integration with a leading company in fraud management.

"One of my many ventures was an online retail store," the company's founder and chief executive AbdulAziz Al Jouf said.

"We had great products but we always had issues with accepting online payments.

"I faced the same problem that millions of others in this region face.

"Then one day, I said to myself that why do we have to wait for someone else to make a payment solution?

"Why don't we do it on our own and this is how we started working on it," he said.

"It took years and with a team of developers and other specialists we built it considering the problems of the end users, because at one point of time, we were the end users ourselves," he added.

PayTabs also has a mobile solution with built-in 3D secure feature for its mobile developers and users, which is in beta testing phase. The company also plans on launching an e-store online shop builder platform for anyone to build their shops online in a couple of minutes to be a part of this huge e-commerce market. The Middle East e-commerce market is expected to reach $15 billion by 2015.


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Source: Gulf Daily News (Bahrain)


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