Why Should SMEs in UAE Consider Using Payment Gateway Solutions?

by commitbizadmin 01, Sep 2022

smes in uae

The Emirates economy relies heavily on SMEs in UAE. They have proven to be strategic drivers of the industrial sector across the country, and they are expected to become dominant in the years ahead.

According to the UAE Ministry of Economy, SMEs account for more than 94 per cent of all companies in the country. As a result, the government plays a significant role in improving the Small and Medium Enterprise sector’s contribution and output.

It is developing several initiatives and programs to aid its development.

SME Companies in UAE

Small and medium-sized enterprises (SMEs) are the "driver" of economic growth and a significant contributor to GDP. In addition, they are a substantial source of entrepreneurship, creativity, and job creation.

An SME business setup in the UAE is described as meeting the 'Employee Headcount' and 'Turnover' thresholds for the segment it belongs to (i.e., Trading, Manufacturing, or Services). The Enterprise Size classification (Micro, Small, and Medium) is focused on segment-specific thresholds.

These SMEs primarily contribute to economic development, creativity, and job creation. Therefore, ensuring they have the resources and support they need to continue their journey is essential.

The government is crucial in the country's goal to boost the SME sector's participation and efficiency. The government has provided a variety of initiatives and programs to assist them in their continued growth.

4 Reasons Why SMEs in the UAE Should Consider Using Payment Gateway Solutions

Payment gateways offer a quick and easy way for small businesses and startups to accept online payments while avoiding cash flow problems. Payment gateways provide companies and consumers with a highly secure, customized environment to process transactions.

Compared to cash payments, it is dramatically quicker, more convenient, and more efficient. Here are four ways in which payment gateway solutions can support you on your business set-up journey:

Helps Scale Up Your Online Business

Cashless processes can increase your company's margins by an estimated 2-3 times in the long run because businesses that use digital payment methods can more easily change their scale up, change their business models, and expand into new revenue streams.

There are numerous ways to incorporate payment gateway solutions into your operations to help your business's growth as the spectrum of payment gateway solutions continues to expand and develop.

However, to realize your full potential, you must first create a safe atmosphere and demonstrate your ability to reduce online fraud, shifting the cash-focused mentality and gaining your customers' confidence.

Monitor Transactions in Real-Time

Online payment gateways will allow you real-time insight into your business transactions for your free zone company formation in UAE. You will be able to accept payments directly after the transaction is done.

It's the most efficient way to save time and resources while managing costs efficiently because you do not have to deal with the expense of processing cash or the administrative burden.

In addition, seeing real-time transactions as a start-up company also gives you an insight into your progress.

Reliable and Secure for Your SME Business in UAE

Offering flexible and secure payment options to your customers is one of the most difficult challenges entrepreneurs face when starting a company.

While online payment gateways make transactions go more smoothly, it's critical to use a dependable and stable payment gateway that provides payment security and data protection. AI (Artificial Intelligence) became one of the most revolutionary technologies for securing online transactions through payment gateway solutions.

Telr, for example, implements proprietary anti-fraud software that tracks each transaction in real time and compares it to any signs of fraud. Furthermore, Telr's PCI DSS Level 1 accredited protection guarantees online data safety against hacking.

Beyond the Website

With the rise of social media and other online outlets in recent years, companies have made a solid effort to extend online payments beyond the website and into different networks.

Payment gateway solutions for your company's social media sites are now available, enabling you to turn your fans into customers and expand your business. With only a few taps, Telr customers can make transactions directly on social media sites.

Payment gateway solutions for messaging apps like WhatsApp are also available. You can also carry the power of online payments to the offline world by providing customers with QR codes provided by the system, which they can use to make online payments in-store or at the point of delivery.

Consider these things if you're trying to increase the company's growth potential. SMEs have a range of payment gateway options from which you can choose.

However, you must carefully consider your business model’s functionality and functionalities before making the best decision for your operations to succeed.

 

We at Commitbiz can help investors like you set up a business in the UAE. Right from the business corporations to office space, we cover it all.

Contact us today for more detail - we'd be happy to assist you.

FAQs

What is the most difficult challenge that entrepreneurs face when starting a company?

Offering flexible and secure payment options to your customers is one of the most difficult challenges that entrepreneurs face when starting a company.

Why is the payment gateway solution the most efficient?

It's the most efficient way to save time and resources while managing costs efficiently because you do not have to deal with the expense of processing cash or the administrative burden.

How can cashless processes help a company?

Cashless processes can increase your company's margins by an estimated 2-3 times in the long run because businesses that use digital payment methods can more easily change their scale up, change their business models, and expand into new revenue streams.

How are the UAE SMEs government-aided?

The UAE government is a crucial player in the country's goal to boost the SME sector's participation and efficiency, providing a variety of initiatives and programs to assist them in their continued growth.

What is the percentage of SMEs in the Emirates?

According to the UAE Ministry of Economy, SMEs account for more than 94 percent of all companies in the country.

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