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Global e-payment is on the rise, with the market expected to grow at a compound annual growth rate (CAGR) of 20.1% and account for close to 75% of the global payments market, as shared by Future Market Insights. The rise in e-commerce further augments this, making the adoption of payment gateways a cornerstone for business owners in Pakistan who seek to operate successfully in the international digital sphere.
At its core, a payment gateway functions as a digital channel that enables the transfer of funds from your customers to you. By facilitating online transactions anytime, anywhere, and through any device, they enhance the overall shopping experience and foster customer loyalty, prompting consistent repeat business.
Many also employ robust safety provisions, ensuring secure and efficient transactions to bolster your customer’s trust and willingness to transact with your business. Meanwhile, the automated mechanisms within payment gateways ensure that transactions are processed significantly faster. This expedited handling ensures customers enjoy brisk checkouts that increase customer satisfaction while enhancing your business cash flow.
But what are the e-payment services available in Pakistan, and which is the best option for you?
Let’s explore some of the top international payment gateways:
WorldPay, under the wings of Fortune 500 company FIS, stands as one of the leaders in payment processing. This impressive reputation assures customers a secure payment experience when ordering on your e-commerce website. Beyond this, here’s why WorldPay makes an appealing choice for SMEs in Pakistan:
To understand its pricing structure, you’d need to initiate a conversation with a WorldPay sales representative.
If you’ve ventured into online shopping as a customer, you would likely have come across PayPal. Chances are that your customers would have, too. Using a payment gateway with global prominence like PayPal can help your customers feel more confident about transacting with your digital platform. Besides this, PayPal also offers several other advantages:
When using PayPal, you will have to pay a chargeback fee in addition to the standard transaction fees, and transactions from PayPal to traditional bank accounts typically take three to five days. While PayPal remains inaccessible for direct use in Pakistan, there's a workaround to set up a PayPal account:
When it comes to withdrawals after account creation, you must link your local bank account with payment gateways like Payoneer to facilitate the process.
Payoneer is another payment gateway that enables businesses in Pakistan to serve a global clientele and here are some reasons to use this service:
Setting up an account is also straightforward:
At Present, Payoneer only supports eight currencies and transactions requiring currency conversion may attract a fee of up to 3.5%.
Stripe boasts an A+ rating from the Better Business Bureau (BBB), reported by Forbes. And it's not just the recognition that makes the payment gateway attractive but also its exhaustive list of features.
To help business owners with integration, Stripe offers a comprehensive toolkit that demands technical proficiency, which you can leverage with the help of developers. Besides this, Stripe also exercises discretion concerning the industries it services, which includes businesses associated with counterfeit goods, adult content, and other high-risk sectors.
To set up your Stripe account, you will need to undertake the following steps:
Given these considerations, business owners in Pakistan must weigh the importance of Stripe’s advantages versus the potential constraints to ensure alignment with your needs.