Saudi Arabia, one of the largest economies in the Middle East, has seen a rapid transformation in its payment landscape. With the shift towards digital payments, especially in the wake of Vision 2030, the country is positioning itself as a leader in the digital economy. The increased adoption of online shopping, fueled by a tech-savvy population, has opened the doors for a booming e-commerce industry. With 91% of the population shopping online in 2022 and 78% of them planning to increase their online purchases in 2023, the demand for secure and reliable payment gateways has never been higher.
If you’re looking to expand your online business in Saudi Arabia, selecting the right payment gateway is crucial. Let’s explore some of the top payment gateway companies in Saudi Arabia, their features, and what you should consider when integrating them into your platform.
Criteria for Choosing the Best Payment Gateway in Saudi Arabia
Before diving into the top payment gateways, it’s essential to understand the criteria for selecting the most suitable one for your business:
- Reliability: Ensuring that your payment gateway is reliable is crucial. The gateway must provide secure and fast transactions while preventing fraudulent activities.
- Supported Currencies: The best payment gateways support multiple currencies, allowing your business to cater to international customers seamlessly.
- Payment Options: Offering a variety of payment methods such as credit/debit cards, digital wallets, and bank transfers enhances the user experience.
- Market Integration: Some gateways provide better integration with local regulations and platforms, which can be a significant advantage in Saudi Arabia.
- Security: Your payment gateway should offer robust security features like PCI DSS compliance and encryption to protect sensitive customer information.
- Pricing and Fees: Understanding the transaction fees, setup costs, and other related charges helps you budget for the long term.
Now, let’s take a look at the top payment gateway companies in Saudi Arabia.
1. Amazon Payment Services (APS)
Amazon Payment Services (APS) has established itself as one of the most reliable and trusted payment gateways in the Middle East. APS allows businesses to accept payments through multiple channels, including credit/debit cards, digital wallets, and local payment methods like Mada and STC Pay.
Key Features:
- Supports all major currencies.
- Seamless integration with major e-commerce platforms like Shopify, WooCommerce, and Magento.
- Zero setup fee, making it accessible for startups and small businesses.
Fees:
- Transaction fee: 2.8% + additional charges.
Why Choose APS? With its global presence and trusted brand, APS offers a secure and efficient solution for businesses looking to scale online.
Official Website: Amazon Payment Services (APS)
2. PayTabs
PayTabs is a popular payment gateway provider in the MENA region, known for offering flexible payment solutions to businesses of all sizes. From freelancers and micro-enterprises to large organizations, PayTabs supports various payment channels including invoices and social media payments.
Key Features:
- Supports over 160 currencies.
- Quick setup (within 24 hours).
- Integration with major platforms like Magento, WooCommerce, Shopify, and PrestaShop.
Fees:
- Transaction fee: 2.85% + $0.27 for transactions over $2,000.
Why Choose PayTabs? PayTabs is ideal for businesses seeking a payment gateway with wide currency support, easy invoicing options, and low transaction fees.
Official Website: PayTabs
3. 2Checkout (Verifone)
2Checkout is a versatile payment gateway that helps businesses expand both locally and internationally. With over 17,000 customers worldwide, 2Checkout provides a comprehensive suite of services that include global payments, subscription billing, and risk management.
Key Features:
- Supports 87 currencies and multiple payment methods including Apple Pay, Visa, Mastercard, and PayPal.
- Comprehensive reporting and analytics tools.
- Seamless integration with major e-commerce platforms.
Fees:
- Transaction fee: Starting at 3.5% + $0.35 depending on the plan (2SELL, 2SUBSCRIBE, or 2MONETIZE).
Why Choose 2Checkout? 2Checkout is perfect for businesses aiming to expand globally, offering flexible plans tailored to different needs.
Official Website: 2Checkout (Verifone)
4. HyperPay
HyperPay is a native Saudi payment gateway known for its security and advanced fraud prevention mechanisms. It caters to various sectors including e-commerce, government, and education.
Key Features:
- Supports local payment options such as Mada and SADAD alongside global payment methods like Visa and Mastercard.
- Recurring billing and real-time transaction monitoring.
- Fraud prevention tools ensure secure transactions.
Fees:
- Transaction fee: 2.5% + 0.75 SAR per transaction.
Why Choose HyperPay? If security is your top priority, HyperPay provides top-notch fraud prevention and offers excellent local market integration.
Official Website: HyperPay
5. Tap Payments
Tap Payments has quickly gained a foothold in the MENA region, including Saudi Arabia. Launched in 2014, Tap serves over 50,000 businesses and offers a wide range of payment options, including local methods like Mada, SADAD, and STC Pay.
Key Features:
- Offers mobile-responsive apps.
- Quick approval process (within 24 hours).
- Supports multiple currencies such as SAR, USD, AED, and more.
Fees:
- Transaction fee: 2.85% + 0.30 SAR.
Why Choose Tap? Tap Payments is a great choice for SMEs and startups that need a user-friendly payment solution with fast onboarding.
Official Website: Tap Payments
6. BayanPay
BayanPay acts as an aggregator for B2B, B2C, and B2G payment gateways, providing flexible payment solutions for businesses. It supports various payment methods including Mada, Visa, Mastercard, and American Express.
Key Features:
- Seamless integration with major e-commerce platforms like Shopify, WooCommerce, and Astound Commerce.
- Support for intrabank settlements.
- PCI-DSS compliant for maximum security.
Fees:
- No setup or monthly fees, but other fees may apply based on the volume and type of transactions.
Why Choose BayanPay? BayanPay is ideal for businesses looking for a payment aggregator with support for both local and international transactions.
Official Website: BayanPay
Conclusion
Choosing the right payment gateway for your business in Saudi Arabia is crucial to ensure smooth, secure, and efficient transactions. Whether you are a startup looking for cost-effective solutions or an established enterprise aiming for advanced features, the top payment gateways in Saudi Arabia offer various options tailored to your business needs.
From Amazon Payment Services to HyperPay and PayTabs, these payment gateways offer a wide range of services including multiple currency support, strong security measures, and seamless e-commerce platform integrations. Make sure to evaluate your target market, budget, and security requirements to pick the best solution for your business.