Exploring the advantages of electronic payment 

What is e-payment, and what are the features that have made it very reliable for e-commerce merchants? Electronic payment is associated with the rise of e-commerce, with numerous online stores generating huge profits in no time due to its convenience. accordingly, reliance on electronic payment has become vital due to its user-friendly experience. Electronic payment transactions are conducted with utmost confidentiality with no complexions, within only a few minutes, and any errors that occur can be easily fixed. Availability of different payment methods, making it a system preferred by customers. Therefore, it is essential to conduct electronic payments in your store.

EdfaPay is a leading payment gateway offering a range of secure payment services at a convenient cost. It provides multiple solutions for companies of all sizes and accepts various payment methods. 

What is electronic payment, and what are its advantages?

Electronic payment, or online payment, is one of the modern methods for conducting financial transactions and paying bills through the internet. It enables consumers to purchase products from the comfort of their homes by entering their card or bank account details. Merchants can then collect the payment through payment gateways. As a store owner, you no longer need to use checks or paper invoices with the presence of electronic payment. Its various methods include bank cards, e-wallets, and other secure and fast means that attract customers, increase sales, and reach buyers in distant geographical areas.

Advantages of electronic payment:

• Maintains the financial data of customers, reducing the risk of theft when used.
• Facilitates tracking purchase movements, knowing the date of each transaction, and addressing any errors or issues.
• Saves time and effort as customers do not need to stand in long queues to pay bills; they can easily pay from home.
• Boosts sales due to the ease of the process compared to traditional retail stores, saving time spent searching for products.
• Enables purchases from countries outside your geographical region, eliminating restrictions to shopping from local stores.
• Ensures high credibility, designed to have fewer errors compared to traditional payment methods.
• Saves auditor costs and reduces the use of paper, as all information is available and organized within a secure electronic system.

Different Types of Electronic Payment Methods

There are various technologies and electronic payment methods that every merchant should be familiar with, each with its advantages. Some of the most important methods include:

Bank Cards:

• Bank cards are innovative tools introduced by banks to facilitate banking transactions.
• Some are local and can only be used in traditional stores, while others can be used online.
• Credit cards, issued by banks based on a bank balance or a fixed monthly salary, enable online and ATM transactions.

Financial Company Cards:

• They don’t require a credit card and are issued by some companies for electronic payment.
• Examples include Pioneer, which offers such cards for free, and CashU, which operates in North African and Middle Eastern countries.

Digital Currencies:

• Virtual currencies are used for purchasing goods online.
• Despite being virtual, they have gained popularity recently.
• Examples include cryptocurrencies, used for online transactions but not tied to physical reality.

Digital Banks:

• Virtual banks that offer all services online without a physical presence.
• One notable example is PayPal.

Digital Wallets:

• A form of electronic payment used exclusively by smartphone users.
• Wallets contain a financial balance for online purchases and withdrawals.
• Popular wallets include Venmo and Square, and some telecom companies offer this service in certain Arab countries, such as Vodafone, Etisalat, and Orange in Egypt.

The working mechanism of electronic payment methods:

After discussing in detail what electronic payment is and its features, let’s now talk about how this process, known for its simplicity and speed, is carried out anywhere without geographical restrictions. The process unfolds as follows:

• The customer enters the online store, selects the products they want to purchase, and then fills out the electronic payment form with their card or bank account details.
• The payment data moves confidentially from the store to the payment gateway it deals with, using advanced encryption technologies.
• The payment gateway processes the purchase request data and sends it to the customer’s bank.
• The bank processes the request, either approving the transaction or rejecting it due to issues such as an expired card or insufficient funds to complete the purchase.
• After approval, the payment gateway transfers the funds to the merchant’s wallet, allowing them to withdraw the funds later on.

Tips for Choosing the Right Electronic Payment Gateway

Choosing the right electronic payment gateway for your store can be challenging due to the numerous options available. However, we present to you the most important criteria to consider when searching for a payment gateway, including:

• Determine the budget you want to allocate and the type of subscription you prefer, whether it’s monthly or annually. Then, compare the pricing plans offered by different gateways.
• Choose a payment gateway that provides multiple payment methods to ensure there are various options available to your store’s customers.
• Ensure that the selected gateway can integrate with your online store seamlessly.
• The presence of a customer support team associated with the gateway and the ease of communication are crucial. This provides reassurance that any issues you encounter will be promptly resolved.
• Check the reviews of the chosen gateway, making sure it is reliable and does not have complicated payment procedures.

Services provided by EdfaPay

EdfaPay offers multiple services to facilitate financial transactions for merchants and customers, designing innovative solutions for companies of all sizes. Our key features are:

• Allowing companies and e-commerce stores to accept contactless card payments and electronic wallets compatible with Android phones.
• A secure and fast payment gateway that enables you to receive payments anytime, anywhere.
• E-invoicing without the need for traditional invoices, ensuring confidentiality and processing within minutes.

Reasons why EdfaPay is the best choice for your business:

EdfaPay platform possesses important features that make it the primary choice for your online store’s payment gateway. Among these features:

• All financial transactions are completed with utmost confidentiality, and no banking information of customers is disclosed.
• Data processing is swift without any complications or lengthy steps, ensuring customers won’t experience slow responsiveness.
• Store owners can easily access their funds.
• Diverse payment options are available, including credit cards, electronic wallets, and secure checkout choices.
• Complies with the highest security standards.
• One-click refund capability.

Payment methods compatible with EdfaPay:

One of the notable features of EdfaPay is the extensive list of available payment methods, including

• MasterCard and Visa credit cards.
• Mada cards.
• PayPal.
• Tamara.
• American Express.
• Samsung Pay.
• Sadad.
• STC Pay.
• Apple Pay.

Electronic payment has become a primary method in financial transactions, with approximately 67% usage in the UAE and around 55% in Saudi Arabia. Elevate your business now and sign up for EdfaPay.