What is a Payment Gateway?
A payment gateway is a remotely hosted software application that enables merchants to accept credit card and electronic check payments directly from their website. The payment information submitted on the site is captured and securely transmits the transaction data to an appropriate financial institution to process and deposit funds into your merchant account. The funds are then deposited into your bank account. Some payment gateways also include a virtual terminal this allows merchants to use an optional way of receiving online payments. Using the payment gateway virtual terminal, the merchant can key in transaction data.
Some payment gateways include an automatic recurring billing option, so merchants can submit recurring payment information. Once the transaction is submitted, the payment can be repeated based on a selected schedule. Transactions that where submitted using the automatic recurring billing option can be repeated on a monthly, tri monthly, semi-annual and annual basis.
In the online business creation process the first ideas are related to the business type, what to do, what to sell, and right there the question came out. How to charge for your services and/or products? How to allow customers to pay online using their credit cards? The answer couldn't be easier; you need a ERP with the ability of accepting online payments through a Payment Gateway. For that reason Synconics integrate following payment gateways with Odoo ERP.
The biggest dilemma that SME's and small businesses in Middle East part of the region face is not having a suitable online payment service provider to cater to their needs. PayTabs intends to accommodate the needs of all the online retailers as well as all those who aspire to start a business online with its simple solutions.
The service apparently comprises of two premium solutions; PayPage (integration done), the online invoicing system and ecommerce plugin & API (under development) integration which are ready to integrate APIs with any ecommerce website in the Middle East. The online invoicing is a very unique feature that can be used for online payments even if you don't have a website and has been designed to serve the needs of the smallest online entrepreneurs.
PayTabs is all set to launch its online payment processing solutions in Bahrain, Saudi Arabia and the rest of the GCC. The PayTabs solution features a unique "one stop shop" answer with diversified products fulfilling the SME's online payment needs without any further hassles. The company also intends to target the entire MENA region in the coming months with its products.
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.