Riyad Bank is a Saudi Arabian financial institution that was established more than six decades ago. It is one of the largest banks in the Middle East with a wide array of services including profitable and convenient merchant solutions.
The bank focuses on the needs of small and medium-sized enterprises (SMEs) depending on their requirements. In 2019, it increased the financing of small and medium enterprises by 45%. It paid off eventually. The total income generated by them increased by 42%, while the number of domestic businesses that borrowed from the bank increased by 20.4%.
Enterprises with turnover up to 40 million SR get access to business packages, while companies with a turnover that exceeds 40 million SR should employ corporate solutions. Customized financing options offered by the bank help to expand enterprises and use new business opportunities to their advantage. It is convenient to use the platform thanks to a clear SME Toolkit that is easy to understand. Clients can find guides, business forms, training, free business software, etc.
Riyad Mobile was developed for mobile corporate customers who can find detailed registration steps for SMEs accounts on the official website of the bank. The mobile app can be downloaded from Google Play or the App Store. Though it is possible to activate the account online, it’s necessary to visit the nearest branch to complete the procedure.
Riyad bank established an international presence in strategic places around the world. It opened its first overseas branch in London in 1984. In 1990, it established Houston Agency, the only Saudi Arabian bank that operates in North America. In 1997, the Singapore Representative Office was launched to cater to the needs of corporate customers in the Asia and Pacific region.
The benefits of Riyad Bank
Bank offers business and corporate solutions with round-the-clock access to banking services. There are also such services as IBAN generator, finance calculator, product comparison, and other features.
The bank is ready to integrate a merchant’s POS devices with a cash register to speed up business workflow. Using safe software developed by the Riyad Bank team, companies can avoid errors and process transactions faster. The bank delivers numerous detailed reports that improve the process of POS transaction reporting, making it more accurate. The merchants connected to the system can download their POS transaction reports using an online banking platform.
Using Riyad bank makes monetary transactions in the Saudi network easier. It’s possible to assess statements of transactions for terminals 24/7 using Riyad Online functionality. Merchants acquire the opportunity to accept all kinds of electronic cards, including local and global ones. The transfers are conducted from POS terminals to the merchant’s account automatically. The settlement or clearance of merchant’s transactions if fulfilled by MADA or employing such international systems as Visa, MasterCard, and China UnionPay. The transaction amounts become available in the merchant’s account on the next day. The system was developed to decrease the workload of the merchant. For instance, there’s no need to reconcile the transactions for merchants in the terminals to get payments. The payment is still made even if the Cashier forgets to reconcile the terminal.
The rates vary from 2% to 4% depending on the industry and the country that conducts processing.
How to connect to the system
It is possible to connect to the system after contacting the Merchant Team that specializes in it. Alternatively, the business owner can contact the Customer Service of the bank.