PayTabs, a part of Saudi Aramco Entrepreneurship Ventures (Wa'ed), is set to launch its online payment solutions in Bahrain, Saudi and the GCC.
The company is offering payment solutions for SMEs, which are intended to provide a one stop shop to enable small businesses to receive online payments.
The Middle East E-Commerce market is expected to reach $15 billion by 2015, but many SMEs are unable to trade online due to a lack of suitable online payment service providers. PayTabs solutions have been designed to integrate quickly with existing systems and to allow payments direct into the SMEs bank account.
The PayTabs solutions consists of PayPage, the online invoicing system and eCommerce plugin and API integration which are ready to integrate APIs with any eCommerce website in the Middle East. The online invoicing can be used for online payments even for companies that don't have a website and to serve the needs of the smallest online entrepreneurs.
The solution also includes dual layered anti-fraud protection through integration with a third party fraud management service provider.
PayTabs also has a mobile solution with built-in 3D secure feature for mobile developers and users, which is in beta testing phase and the company also plans on launching an eStore online shop builder platform for anyone to build their shops online in a couple of minutes to be a part of this huge eCommerce market.
AbdulAziz AlJouf, founder & CEO of PayTabs commented: "One of my many ventures was an Online Retail Store. We had great products but we always had issues with accepting online payments. I faced the same problem that millions of others in this region face. Then one day, I said to myself that why do we have to wait for someone else to make a payment solution? Why don't we do it on our own and this is how we started working on it. It took years and with a team of developers and other specialists we built it considering the problems of the end users, because at one point of time, we were the end users ourselves."