Payfort - Payment Service Provider Overview | Akurateco
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Payfort

Incorporated in 2013 and now a subsidiary of Amazon, Payfort specializes in payment technology and services tailored for key regions in the GCC and Levant, including but not limited to the UAE, Egypt, Saudi Arabia, Lebanon, Jordan, and Qatar. Focusing on enhancing the online transaction environment in Arabic countries, Payfort provides an integrated set of payment methods specifically designed to suit the purchasing behaviors and preferences commonly seen in this part of the world. In 2017, Amazon acquired Payfort, which has since been rebranded as Amazon Payment Services.

Key Features and Benefits

Amazon Payment Services delivers a versatile suite of payment options tailored for business needs. For the convenience of repeat customers, Amazon enables streamlined checkout by reducing authentication steps. Merchants also gain access to real-time tracking for various payment instruments and have the capability to block specific card BINs as needed.

Key Features

Flexible Payment Options: Allows businesses to offer multiple payment methods, including credit/debit cards, digital wallets, and bank transfers, catering to a wide array of customer preferences.

Installment Plans: Merchants can offer installment options, enabling customers to pay in monthly chunks through various local and international banks.

Frictionless Checkout: Repeat customers can skip certain authentication steps, making the checkout process smoother and faster.

Real-time Monitoring: Offers real-time tracking of transactions and the ability to suppress certain card types (BINs) if needed.

High Security: Assures secure transactions by implementing high-end fraud protection measures, reducing chargebacks and false positives.

Data Storage: Merchants can securely store customer payment information for future transactions, thanks to PCI-certified, end-to-end secure systems.

Benefits

Enhanced Security: The mandatory use of CVV and other authentication methods adds an extra layer of security.

Customization: Businesses can tailor the payment experience according to their specific needs and customer demands.

Efficiency: Real-time dashboards and detailed reporting capabilities make it easier to monitor business performance.

Wide Industry Applicability: Used by thousands of organizations across various sectors like retail, travel, real estate, and government, the service is versatile enough to cater to different transaction volumes and types.

Trust: Being a part of Amazon lends the service a high level of trust and reliability, encouraging more customers to transact confidently.

Global and Local Reach: While being global in scope, the service is also tailored for local needs, especially in the GCC and Levant regions, thus offering a balanced payment solution.

How to Join

To join Amazon Payment Services, start by visiting their website and heading to the ‘Sign Up’ or ‘Get Started’ section. Complete the online application form with essential business details such as your company name, contact information, and business nature. You’ll likely need to submit additional documentation for verification, including business licenses and bank account information. Once your application and documents are reviewed and approved by Amazon Payment Services, you’ll be asked to agree to their Terms and Conditions. Upon approval, you’ll gain access to your merchant account where you can set up your preferences, choose payment methods, and integrate the payment gateway into your online platform. It’s advisable to run test transactions to confirm the system works as intended. Once satisfied, activate the service to start accepting customer payments. Amazon Payment Services also offers ongoing support and resources, along with real-time dashboards and reporting features to help you monitor sales and optimize the customer payment experience.

Disclaimer

The information provided on this webpage is intended solely for informational purposes and does not constitute promotion, collaboration, cooperation, partnership, or any form of endorsement or recommendation. The content presented reflects the views and opinions of the author and should not be considered as legal, financial, or professional advice. We make no representations or warranties of any kind, express or implied, regarding the accuracy, completeness, suitability, or availability of the information contained on this website. Users are solely responsible for their reliance on any information obtained from this website. Furthermore, this website may contain links to external websites or third-party content. We do not endorse, control, or guarantee the accuracy, relevance, or completeness of such external content. Users should exercise their own discretion when accessing and using any third-party websites or services. By accessing and using this website, you acknowledge and agree that we shall not be liable for any direct or indirect damages or losses arising from the use or reliance upon the information provided herein or any third-party content linked to from this website.

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