[Free Guide]: Create your own Payment Stack
Nowadays, the payment industry is filled with hundreds of service providers whom seems to be offering the same service which is making the choice decision more difficult to pick one over another. But that’s what we’re here for.
For new business owners who want a simple, user-friendly way to accept credit cards, a full-stack platform like START, Stripe or PayPal is the way to go. However, as your business grows, you might want to move to a merchant account with a separate gateway that offers multi and dynamic payment stack options that will boost your business and customer satisfaction.
From roughly the beginning of time until now, merchants would get their gateways and merchant accounts from different vendors, then connect them. However, the last few years have seen a boom in 3-in-1 ‘full stack’ payment platforms.
Here is a free guide we prepared for you to start creating your own Payment Stack, where you will find answers to all your questions:
What is PAYMENT STACK?
“Payment stack” used to mean every technology or backend that is utilized to move money from your customer to you.
This might be as complex as a recurring billing front end + a payment gateway + fraud tools + a merchant account
You might even have more than one flow. For example, you might have shopping cart + credit card payment + tokenization
There’s also a term that’s similar known as “full stack” which simply means a one stop shop for most everything payment related. This would include START, Stripe, PayPal and others.
Most of the payment gateways makes for a lot of different services offering different variations of the same thing, However, PAYMENT STACK helps merchant to cover all options and services to choose dynamically also help merchants to take the right decisions with minimum effort and high efficiency
5 Proven Benefits by having Payment Stack in place
No Hidden Fees
Some companies will slip in charges for bounced payments or hit you with obscene cancellation fees if you decide to leave. Be wary of platforms that don’t openly publish their prices – they’re usually trying to hide them for a reason. And as always, be on the lookout for asterisks, especially when their connected footnotes are hidden on another page.
By having your own payment stack you will be able to list all fees and control your bill will be paid to the payment gateway.
@PAYFORT we have clear fees plan with NO hidden fees by giving the merchants full access to what features to be included in their payment stack.
Most of the merchants find them self’s in a hassle what features they should use and why, what is the long term relationship in place with them after going live with the chosen payment gateway? and how to increase their acceptance ratio? what other payment options will fit for their business model?
@PAYFORT builds a trust communication with its merchants to help them grow their businesses and collecting their feedback either of the service level PAYFORT provide or apply latest techniques to solve the payment challenges in the Arab world.
Our dedicated consultation team always follow up with the merchants and keep an eye of their payments acceptance status also giving recommendations and suggestions to our merchants before and after going live by providing a full payment strategy for the merchant using our dynamic payment stack options.
ONE API ONE INTEGRATION
“The secret to success lies in careful preparation followed by speedy and decisive execution ~ Napoleon”
A Key problem merchant always facing during connecting to another services or integrating a payment gateway is the SUPPORT, so the more you spend time to complete the cycle the more success chance you will reach.
We have solved this @PAYFORT by having a ONE INTEGRATION that covers all payment stack options which selected by the merchant, having a new payment option will not require any change from the merchant side also activating a feature in the payment stack the ecosystem which PAYFORT offers to its merchants will automatically adjust the payment flow to include all options and features merchants choose to be in their payment stack
Alternative Local Payment options
PAYFORT State of payment report shows that only 18% of Arabs being banked, alternative payments like pre-paid and BILL presentment play a vital role in facilitating payments of online virtual services and digital goods.
Pre-paid cards are a convenient way for customers to pay online without having a credit card or even a bank account. For customers who do have bank accounts and credit cards, pre-paid cards also consumers a safer method for paying online, without risking credit card data theft.
Additionally, pre-paid payment methods are becoming popular budget management tools, with 27% of consumers stating that they use pre-paid cards for controlling credit card spending habits.
Bill presentment is most popularly used by the population in Kuwait with K-NET with a 241% usage per-capita. SADAD in Saudi Arabia and Fawry in Egypt meanwhile have a 48% and 41% per-capita usage. In terms of monthly transactions, Fawry transacts over 36,000,000 a month, SADAD with 27,500,00, and K-NET with 8,000,000
Most of the payment gateways offers a standard payment options VISA, MASTERCARD and AMEX …etc., well this is good but what’s the customer really need? What’s the local payment options?
This gives PAYFORT the initiative to create services like Pay@Home, PAY@Store and INSTALLMENTS all are services aims to provide innovative solutions to assist Arabs with online buying, also to connect to local payment options to provide a variety of payment options to its merchants and the Arab world.
Security and maintenance
Having multi connection from the merchant side to different systems will raise the risk of having effort working on different services and options activated by the merchant also increase the security risk of having one of the connections to the third parties or payment options insecure to a level that affect merchant application or damage the trust with the merchant customers experience.
Having a unique and ONE INTEGRATION with one payment service provider will solve all those issues for the merchant as we are @PAYFORT working hard to create a seamless easy way to connect merchant application and ZERO effort to be done by the merchant to activate any feature/option in the payment stack.
The future is bright for payments in the Arab World
With the number of cash-based transactions decreasing year-over-year and the number of convenient consumer payment options developing exponentially. In the next five years, we will see a greater shift towards some of the payment options such as bill-presentment and pre-paid, but also into other unexplored territories like mobile point-of-sale, INSTALLMENTS, and mobile payments.
We expect these new payment methods to have a significant impact on the future of the Arab World and we aspire to continue to observe and anticipate the influence these new technologies have on the people in our Mena region.
Whether you’re a government organization, a newly funded start-up, or a consumer, we believe everyone can benefit from a better understanding of online payments; so let’s work together to make the best for our region and start building your own PAYMENT STACK.