Telr, a Dubai and Singapore-based payment gateway, and Arab Bank, an Amman-based bank, have partnered to encourage more companies and entrepreneurs to build their online businesses.
According to the concluded payment facilitator agreement, Telr will be responsible for performing due diligence and onboarding e-merchants, ensuring their full integration and managing risks during the ongoing transactions between buyers and sellers.
The participating merchants will also receive a number of benefits including a competitive pricing structure, a streamlined onboarding process and transactions to Arab Bank accounts in local currencies.
Explaining the process in more details, Sirish Kumar, CEO of Telr, said: “Usually, e-merchants are looking at paying thousands of dollars in security deposits before they can make the first transaction online.
“This is not financially feasible for many start-ups and entrepreneurs. Implementing a robust and flexible fee structure means that these companies have access to more resources that will go towards developing their products.
“Additionally, the onboarding process will become much quicker, improving the timelines drastically from the present timelines seen at an average between nine and 15 weeks in specific markets in Middle East.”
By the end of 2015, e-commerce transactions in the region will make up close to 50 percent of total transactions for the MEA region. A big part of this growth is driven by innovative start-ups and small entrepreneurs.
In addition to the UAE, this partnership will open up opportunities for e-merchants and entrepreneurs that aspire to sell their services and products to other countries in Middle East.
Naim Al Hussaini, EVP, head of consumer banking group at Arab Bank, added: “Our collaboration with Telr will make shopping easier for credit card holders accessing goods and services offered by a wide set of merchants.
“In addition, it will also contribute towards the growth of local merchants and subsequently the e-commerce industry in the MENA region.”For all the latest business 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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