Business owners who focus more on profit than on value will ultimately fail, according to the CEO of Saudi-based payment solutions company PayTabs.
Speaking to Arabian Business, Abdulaziz Al Jouf urged entrepreneurs to balance the two factors in order to scale successfully.
“When you start a business and you start to scale up, the moment you put the dollar sign in your head, you’re a dead man. It’s more of a balance, of course, because at the end of the day, I have to get money. I don’t want my investors to get worried,” said Al Jouf.
“But it’s really what kind of value you bring to the continent or country or merchant. Value and profit always fight each other in a CEO’s head. It’s a very thin line, because anyone can beat you in numbers, even if you are the greatest,” he added, explaining that he aims to shift market mind-sets to be more value-conscious the same way that Apple shifted consumer mentalities from spending conscious.
The chief executive aims to transform the face of regional banking by creating alternative payment solutions that cater to SMEs in countries such as Philippines, China, India, Bangladesh, Nepal and others in the GCC.
PayTabs helps them processes their payments faster than banks can, particularly if they require customised payment options.
Al Jouf claims that while it typically takes merchants between three to six months to integrate with a bank, PayTabs can process payment systems for start ups and have them live online within as little as an hour.
But the highlight of his venture, he said, lies in the fact that he is helping others.
“The satisfying feeling of when someone in India is sitting in her house or small shop and uses PayTabs to sell to someone in Germany… I always tell myself and the team that if she managed to do this then there are hundreds of her in Singapore, Bangladesh, Philippines and more,” he said.
Al Jouf said PayTabs has been adding ‘one zero’ to its revenue every year since it started and hopes to process multiple million dollars this year.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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