Q&A: An Interview with PayTabs
By: Nora Kamal (The GrEEK Campus)
On: 07 Sep 2020 01:09 PM
They say necessity is the mother of all invention. This statement rings true with the story behind PayTabs and its dynamic founder, Saudi entrepreneur, Abdulaziz Al Jouf.
Born on a Starbucks napkin, PayTabs is a secure, trusted payment gateway for all types of transaction processing. What started as a Saudi-born startup, has become a global payments solution power-house, processing 168 different currencies, with PCI DSS compliance and anti-fraud protection certification. The startup has now set up shop in Saudi Arabia, UAE, Egypt, and India, and has set its sights on worldwide expansion.
We sat down with Mohamed Tigani Omer, PayTabs’ Country Manager Marketing Acquisition, to discuss the company’s backstory, major strides, and notable successes such as the recent launch in Egypt.
Congratulations on getting your license from CBE, how did PayTabs start, or where did the idea come from?
Abdulaziz Al Jouf, a Saudi entrepreneur, was combing the GCC looking for a payment gateway, trying to convince financial institutions to support one of his startup businesses. It took him almost a year and a half to procure the service. So, he conceived the idea to build a payment solutions company that serves startups that want to launch an e-commerce business.
That’s when it all started in 2013, the idea of PayTabs was conceived on a Starbucks napkin. In 2014, PayTabs head office was established in the GCC, commencing operations with a 6 member team and their first payment transaction of USD 25 went live in 2014.
Later that year, Abdulaziz Al Jouf and his team set up operations in KSA and UAE and started facilitating payments within the rest of the GCC market. And today here we are with the launch of PayTabs Egypt in December 2019.
What is the next step for PayTabs?
Expansion is on the cards, but for now we’re looking to support the local Egyptian market and to be an integral part of the nation’s financial inclusion plans as it’s a big initiative and movement in the country to support and facilitate startups and small-medium companies.
Will PayTabs services always be business-to-business, or will you target normal consumers as well in conjunction with your planned expansions across the world?
Although our services are B2B, we also serve the end consumer indirectly by introducing them to cashless payments and encouraging the use of digital payment technology. Especially with the current unfortunate circumstances of Covid-19, the digital payment services we are providing ultimately support their safety and security when it comes to payment transactions in all aspects of daily life.
Where will PayTabs stand in comparison to the competition in the Egyptian market?
PayTabs business model is unique. We focus on building a lasting relationship with our merchants and support them in the best way to grow their business. Our customer care and technical support are our core to nourish a stronger business relationship. Our professional team is built with a solid foundation and they come from different backgrounds within the Egyptian market as it complements our DNA. They are able to communicate with and provide consultation to our merchants and partners with their local knowledge and expertise.
What makes this service special and unique in comparison to other electronic payment services?
We are very proud of our service solution as we allow self-onboarding and merchants can analyze their eligibility based on their business line. The merchant can easily navigate the complimentary business manager dashboard and capitalize on available data and analytics features for sales, transaction history and use it to structure and grow their business. We have short processing and robust turnaround times.
We target SMEs to support our core mission of simplifying payments and of course enterprises are not neglected in our services as they will find it easy to integrate their portals to benefit from our global services.
How did the partnership with EFG Hermes from day one benefit PayTabs?
It is an honor to have the backing of EFG Hermes as our partner. It’s a two-way portfolio expansion. Our collaboration with valU has definitely broadened the market segment making this a win-win partnership.
Why did you choose The GrEEK Campus as a base for operations in Egypt?
We wanted to be surrounded by promising startups and SMEs with a new flavor of business life. The lifestyle of our employees is important to broaden their horizons and encourage them to be creative and engage in such an environment. Being part of a community, sharing knowledge, and thrive for success is where we would like to be and that is what The GrEEK Campus provides.
PayTabs’ expansion in Egypt holds promise for entrepreneurship and for small and medium-sized enterprises (SMEs). Their advanced payment processing system includes features and plans that cater to all segments of local and international e-commerce businesses. E-Invoicing, recurring payments, seamless website integration and pay links are just the crux of what PayTabs offers, and their ability to facilitate e-commerce worldwide means that it is also a strong contender for corporate enterprise consideration across the globe.
PayTabs has gained recognition as one of the best international payment gateways by winning multiple international awards.
To learn more about PayTabs, visit PayTabs.com