Payment Gateway in Saudi Arabia

In the ever-evolving field of digitalized payments, KSA stands out as a substantial player. An estimated total transaction value in the e-payments market is predicted to reach US$48.90 billion in 2023. In this thriving market, businesses need a stable and protected Saudi payment gateway. Akurateco, a major white-label payment gateway provider, provides flawless solutions. Akurateco ensures simple integration, top-notch safety, and support for national e-payment vendors.

Payment Gateway Market in KSA

As per Mordor Intelligence, the Kingdom payments market is anticipated to grow at a CAGR of 15.4% from 2022 to 2027. Businesses seek an agile and efficient payment gateway in KSA. With a commitment to meeting consumer expectations, this online commerce world is dynamic. 

How to launch a payment gateway in Saudi Arabia?

There are two main options for launching a Saudi Arabia payment gateway. If you have the time and resources at your disposal, you can build the system from scratch independently. However, embarking on such a project entails not only a significant investment of time but also finances. In addition, it involves the challenges of assembling a team, establishing infrastructure, and acquiring the required licenses and security certifications.

Alternatively, you can choose a white-label payment gateway—a pre-built payment software equipped with advanced features and numerous integrations. White-label payment gateway is already certified with essential security standards and holds the required licenses to operate in the region. Due to this, it offers fast time-to-market, enabling you to launch in a matter of weeks. Additionally, the white-label payment gateway is a customizable solution that allows you to apply your logo and style, making it ready for use and resale under your brand.

Before choosing between various white-label payment gateways in Saudi Arabia, it’s crucial to be aware of region-specific regulatory requirements, for instance, guidelines introduced by the Saudi Arabian Monetary Authority (SAMA), the central bank of KSA, that ensure data localization and cybersecurity, requiring payment infrastructure to be hosted inside the country. This may limit your options since not all vendors’ software complies with these requirements. Akurateco is among the high-end payment solutions that are specifically tailored for payment providers in Saudi Arabia.

Benefits of using Akurateco in Saudi Arabia

Akurateco is a well-established white-label payment software certified by PCI DSS, featuring a multi-acquirer approach and cutting-edge technologies designed to streamline the payment process. The company provides a system tailored to the MENA region, namely KSA.

For payment providers, Akurateco offers high-end software called a white-label payment gateway that takes the burden of system development and maintenance off their shoulders, allowing them to use an advanced pre-built solution while focusing on their core operations and attracting new customers. In turn, merchants will benefit from a system prepared for global expansion, ensuring their payment requirements are met without concerns about system compatibility.

The key advantages of Akurateco include:

On-Premise Cloud-Agnostic Setup

As payment infrastructure must be hosted inside the country, adopting a global white-label payment gateway through a Software-as-a-Service (SaaS) setup is not an option. Akurateco offers an On-Premise Cloud-Agnostic system setup, allowing the software to be installed on dedicated cloud infrastructure (like AWS, Oracle or Azure), thereby aligning with governmental requirements.

Local Payment Methods Support

Akurateco recognizes the significance of addressing local payment preferences. The platform accommodates payment methods commonly utilized in KSA, features integrations with Saudi Payments, STC Pay, and Riyadh Bank, facilitates mada card processing, and holds SAMA certification. This ensures that its white-label payment gateway is well-equipped to meet the diverse payment preferences prevailing in the region.

Innovative technologies

Akurateco leverages cutting-edge technologies, including intelligent routing and cascading, tokenization, advanced anti-fraud, built-in analytics, one-click payments, recurring payments, and various other features. These features offer a competitive advantage for payment providers operating in the rapidly evolving Saudi Arabian market.

Akurateco White-Label Payment Gateway Features

Akurateco’s White-Label Payment Gateway is developed with a range of advanced abilities. That makes it a strategic choice for companies in the Kingdom seeking to elevate their payment procedures. Some beneficial features are described below.

Smart Routing

Akurateco employs smart routing, which enhances transaction approval rates by up to 20%. Intelligent routing ensures that transactions are processed efficiently. Businesses can experience an escalation in successful transactions by optimizing the flow. Intelligent routing directly contributes to e-commerce revenue growth.

Consolidated Data Management

Managing multiple payment channels from various admin panels can be problematic. Akurateco addresses this by providing consolidated data handling. The platform allows enterprises to stay on top of fees and commissions.

Customized Payment Experiences

Akurateco helps businesses boost their brand image by providing a checkoutt page that’s easy to customize. This not only instills confidence in customers but also fosters brand loyalty. Akurateco ensures a pleasant mobile experience with a fully responsive, mobile-first design.

Local Payment Methods in Saudi Arabia

STC Pay

STC Pay serves as a hub for businesses, providing innovative solutions for managing finances and serving clients. They offer a vendor program that helps enterprises obtain a reliable payment gateway in Saudi Arabia and manage store payments. Merchant portal offers full financial control and management for business owners. Learn more about STC PAY here.

Riyad Bank

Riyad Bank is a big financial institution in the KSA. The payment service provider in Saudi Arabia supports e-wallets and local, regional, and global debit/credit cards. Gateway facilitates businesses’ billing, tracking invoices, and collecting payments digitally. Their main features include multi-payment options, multi-currency, scheduled payments, and multilingual digital invoices. Check out detailed information on Riyad Bank in our dedicated article.

HyperPay

HyperPay is one of the localized payment methods in Saudi Arabia. They give businesses an extensive set of e-payment solutions. The fintech enterprise offers recurring billing, data reporting, and a mobile app. The service allows analysis of key metrics with data exporting options. Saudi Arabia payment system lets you track, monitor, and analyze important business numbers, and you can easily export the data. Find out more about HyperPay here.

Tamara Payment

Tamara Payment focuses on boosting business growth with proven value. Offers the ability to split purchases into 2, 3, or 4 payments, enhancing versatility for customers. KSA payment gateway gives secure options like Mada and ApplePay for faster checkouts. Tamara Payment has marketing solutions to promote businesses. Saudi Arabia payment gateway gives an ability to engage with clients through different channels. Check out the information on Tamara Payment here.

Saudi Arabia Payment Gateway Integration

Integrating multiple top payment gateways in Saudi Arabia is a straightforward procedure with Akurateco. The white-label payment gateway is designed for efficient onboarding. It includes customizable payment pages, settlements, anti-fraud measures, and smooth 3rd-party integrations.

As an additional insight from Andrew Riabchuk, the founder of Akurateco, it’s essential to highlight the specific workings of payment solutions in the region, especially when dealing with cards like MADA. In cases involving co-branding with Visa or Mastercard, transactions are required to pass through the processing system of Saudi Payments. This intricacy underscores the importance of selecting a payment software provider like Akurateco, which is well-versed in navigating the nuances of Saudi Arabian payment processing.

FAQ

What is a Saudi Arabia local payment gateway?

A regional gateway is a fintech service that facilitates payments through the Internet within the KSA. Payment gateway providers in Saudi Arabia cater to the preferences of almost every KSA consumer. 

What is the Best Payment Gateway in Saudi Arabia?

Determining the best payment gateway in Saudi Arabia depends on several factors such as business needs, client preferences, and specific requirements. Several reputable gateways operate in the KSA market, each offering unique features and advantages. Akurateco’s white-label payment gateway is a robust solution. Akurateco supports myriad online payment methods in Saudi Arabia. They offer easy integration with the platform. 

Does Akurateco offer support for international payments through its gateways?

Yes, Akurateco’s platform is designed to support international transactions. The white-label payment gateway is interested in giving businesses a global reach. This makes it a strong contender for the best payment gateway in Saudi Arabia.

How long does the integration process of Akurateco’s payment gateway take?

The integration process of a payment gateway for Saudi Arabia varies depending on individual business needs. The exact duration is based on the complexity of integration requirements, the quantity of payment methods, and business technical capabilities. Akurateco intends to provide a streamlined and efficient onboarding experience.

What are the fees for using Akurateco’s white-label payment gateway in Saudi Arabia?

The fees depend on such aspects as the number of payment connectors, transaction volume, and the individual requirement for developing new features and integrations. Akurateco provides personalized pricing tailored to the specific needs of each business.

Does Akurateco ensure compliance with local and international regulatory requirements?

Yes, Akurateco is committed to complying with both local and international regulations.

Which payment gateway is available in Saudi Arabia?

A merchant service is a broad term that refers to all the tools and services a business uses to process payments, manage transactions, and handle financial operations. It includes services like payment processing, merchant accounts, fraud prevention, and reporting tools. A payment gateway, on the other hand, is a specific technology used to securely transmit payment information from the customer to the payment processor. It acts as the bridge between a business’s website or point of sale system and the payment processor, ensuring that payment details are securely encrypted and processed.