An essential part of the success of your online store depends on the criteria of choosing the best online payment gateways for your business. In this article, we will learn about the best online payment methods in Egypt for your online store if you are targeting the Egyptian market. We will guide the retail business to the criteria for selecting the appropriate online payment platforms and methods in Egypt in line with selling their products inside Egypt.
As reported by NAOS Solutions, a marketing and customer experience company, the Stay Secure survey found that around 80% of online shoppers switch stores based on availability and payment options. Making the right decision in choosing a payment janitor will help you retain your customers and prevent your competitors from getting one of them.
Let’s take an overview of the payments available online in Egypt and their characteristics, and you will then be able to identify the most important criteria for your business and compare solutions.
The upward trend of growth of online payment gateways in Egypt
Most reports show that demand for technology-based financial services in Egypt is at an all-time high as more people look to make their payments securely and efficiently online. Cash transactions still comprise a large proportion of all payments made in Egypt.
In January 2022, 57% of online transactions in Egypt were paid by Cash-On-Delivery, and only 22% were card-based payments (Statista).
The trend is prominent, and it is increasing. With around 63 million – or roughly 61% of the country’s population – under 30, Egypt is seeing a massive shift toward online shopping. And consumers are increasingly using digital payment methods, whether in physical stores or online.
The Mastercard Payments Index in 2022 revealed that 64% of Egyptian users increased their use of digital payment methods compared to 2021.
Looking at the topic from the perspective of businesses and retailers, there are several factors to consider, and below, we reveal several reasons why choosing an online payment gateway is an ideal option.
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7 reasons why you should choose online payment gateways to be your means of financial transactions:
1. Ease of Use
Your customers want a system that requires them to do the least amount of work possible, so by making payment procedures as simple as possible through online payment mechanisms, you will win their loyalty. Additionally, your store’s customers will benefit from the online payment system’s ability to sync bank and card information with other apps and integrate with other software.
2. Flexibility and Integration
While some payment gateways provide a more comprehensive range of choices, others may only support a few options.
Your options should support a range of payment choices, including newly popular ones like account-to-account payments, open banking, and Buy Now Pay Later (BNPL).
The capacity of the payment gateway to interface with other systems should also be taken into account: Look for a payment gateway that can interact with your other business tools or systems, such as accounting software or a customer relationship management system, to improve workflow, and Make sure that your physical store, if you have one, can use the payment gateway.
3. Security
The internet is full of fraudulent individuals waiting to find a crack to commit cyberattacks, and your business can fall victim to them. Still, with the appropriate, protected, and efficient online payment system, there’s less potential to put your money and sensitive consumer information at risk.
The 2022 Stay Secure Survey found that while 80% of individuals want to know how to secure the data they supply to an e-commerce site, just one in three customers can recognize a fraudulent transaction.
It would help if you only incorporated properly secured and certified apps within your online store to safeguard the company’s and its customers’ protection. Customers will only trust your company if they know their money is secure when dealing with you. You also should ensure that your online payment gateway complies with strict security requirements, such as ISO 20022 or ISO/IEC 27001 certifications.
4. Good Customer Support
Functionality will be hampered by issues like every other online system connecting companies with customers. To guarantee prompt resolution, the payment solution provider should have a rapid and efficient customer care team that is immediately and conveniently reachable.
5. Price
Saving money shouldn’t be the main factor when building an online platform because everything we’ve covered is more important. Having said that, if you’re starting a small- to medium-sized business, you must find a solution that gives various payment options tailored to your needs without sapping all the margin from online sales.
6. Clear Analytics
Business owners need to be aware of how much money their online store’s system handles precisely and in real time. Intelligent tracking, reporting, and analytical tools assist managers and business owners in better understanding their current situation and making critical decisions that will affect the future of their company.
7. Global Accessibility
If your company serves clients from various nations, you must select a payment gateway that works with clients from each country you intend to serve. The system should cover everything, including signing up for an account, using several currencies, and paying with various cards.
Check Out the 6 Popular Online Payment Gateways in Egypt
1. Amazon Payment Services
Amazon Payment Services (APS) is one of the most well-known payment processors utilized by Egyptian customers and businesses.
It’s a well-known and dependable platform with a wide range of features, including the ability for customers to make simple online payments, installment options, and a money collection option.
The platform benefits companies by giving them a dependable and secure platform for contactless payments, a selection of packages tailored to their requirements, and a very user-friendly dashboard.
Transaction tracking and analysis are convenient thanks to the clear visibility, which enables managers to keep track of their performance and boost it by making wise decisions.
- Country of origin: USA
- Set up fees: 1,200 EGP
- Recurrent fees: 650 EGP monthly
- Transactional fees: 2.75% transaction fee + 2.5 EGP processing fee per transaction.
- Cash-on-Delivery option: Cash on Delivery is available under certain conditions. Fees may apply, and they are non-refundable.
- POS terminals: No
- Website pricing page: https://paymentservices.amazon.com/pricing
2. Fawry online payment
Fawry, another of Egypt’s most well-known payment gateways, enables company owners to accept payments from clients and pay suppliers.
Customers can use the app to conduct business online, pay bills, withdraw or deposit cash from POS terminals nationwide, and much more.
For your company, Fawry provides, among other things, a dependable platform that keeps consumers satisfied, loyalty and incentive programs, and ticketing solutions.
- Country of origin: Egypt
- Set up fees: 999 EGP
- Recurrent fees: None
- Transactional fees: 2.75% transaction fee +3 EGP processing fee per transaction
- Cash-on-Delivery option: Yes
- POS terminals: Yes
- Website pricing page: https://fawrydigital.com/pricing
3. Khazna Online Payment Gateways
Consumers like Khazna because it allows them to pay their bills online, use Buy Now, Pay Later (BNPL) services, and make online payments. Additionally, it enables users to pay bills, make installments, etc.
Additionally, Khazna is introducing a prepaid card that will, among other things, enable deposits and withdrawals of cash as well as online payments. The card will also allow businesses to seamlessly pay their staff, enabling them to handle internal and external financial obligations on a single platform.
The platform is an excellent option for small to large-sized businesses nationwide because it promises secure transactions, offers a variety of business packages, and provides reasonable customer assistance.
- Country of origin: Egypt
- Set up fees: No information
- Recurrent fees: No information
- Transactional fees: No information
- Cash-on-Delivery option: No information
- POS terminals: No information
- Website pricing page: https://khazna.app/
4. 2Checkout/ Verifone
2Checkout is a name near the top of the list of apps that dominate the online transaction sector globally.
It lets you expand into global digital trade with simple and safe international payments in 87 different currencies. 2Checkout offers global tax, financial, subscription billing, and risk management services.
The app is a wise solution for your company if usability and security are your main concerns. Almost all eCommerce platforms, including Shopify, Wix.com, and Ecwid, to name a few, may be integrated with it. The app is a top pick for firms in Egypt and is currently utilized by almost 20,000 enterprises in more than 180 nations.
- Country of origin: USA
- Set up fees: None
- Recurrent fees: None
- Transactional fees: 3.5% transaction fee + $0.35 per successful sale (goods)
- 4.5% transaction fee + $0.45 per successful sale (subscriptions)
- 6.0% transaction fee + $0.60 per successful sale (digital products)
- Cash-on-Delivery option: No information
- POS terminals: No
- Website pricing page: https://www.2checkout.com/pricing/
5. Paymob Egypt
Paymob is another program that makes managing incoming and outgoing payments locally and internationally simple. With its strong APIs, clever fraud detection algorithms, and PCI security certification, the platform intends to enable cashless services and ecosystems in a secure and hassle-free manner. Your consumers will feel more secure knowing they won’t be a target of cyberattacks.
The integrative dashboard gives Company owners and managers complete insight into routine company transactions. Making wise decisions, optimising revenue, and improving your bottom line are made more accessible as a result.
- Country of origin: Egypt
- Set up fees: None
- Recurrent fees: None
- Transactional fees: 2.75% transaction fee +3 EGP processing fee per transaction
- Cash-on-Delivery option: Yes
- POS terminals: Yes
- Website pricing page: https://paymob.com/en/pricing
6. OPay payment
OPay is a CBN-approved online payment system that enables you to send and receive payments for your company. Additionally, it allows customers to pay their expenses and gives them the choice of installment plans, improving their capacity to spend more.
The money-collecting and distribution process is streamlined and made simple by the presence of POS terminals at numerous places across the nation. But the software does more than that. A very user-friendly dashboard enables your company to keep track of transactions, examine its performance, and make data-driven decisions in the future.
- Country of origin: Nigeria
- Set up fees: None
- Recurrent fees: None
- Transactional fees: 0.6% transaction fee and then 0.5% processing fee per transaction after upgrading to Preferred Merchant status.
- Cash-on-Delivery option: Yes
- POS terminals: Yes
- Website pricing page: https://www.opayweb.com/mini-pos/
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The payment methods covered in this article are all excellent options for customers and businesses. All that’s left to do is pick the best choice for your requirements. What you must do is as follows:
- Analyze the needs of your business.
- Examine the choices and preferences of your customers.
- Investigate the numerous bundles and choices that the primary payment platforms provide.
- Make an informed judgment using all the information gathered.
- The proper payment platform aids revenue maximization, customer trust building, and easy money management. Making the best decision is the first step in the process.
