Payfort, a leading online payment service provider, has introduced a zero security deposit on transactions for small and medium enterprises (SMEs) and startups.

Under the new zero deposit programme, qualifying SMEs will be able to offer their customers secure online payment services through Payfort network.

The announcement was made alongside of Payfort’s participation in and online payment sponsorship of the ongoing ArabNet Beirut, the largest regional event for the digital creative sector.

“We at Payfort understand the challenges of setting up an online store so we’ve simplified the process of creating merchant accounts to allow e-commerce sites to quickly begin accepting payments online, regardless of their size or the nature of their business,” said Omar Soudodi, managing director of Payfort.

“Since our launch in the summer of 2013, we have introduced several initiatives to support SME growth across the region and we feel that our new zero security deposit program is another step toward that aim.”

Payfort provides a variety of payment options to help Internet retailers increase sales by offering more ways for customers to pay. Today, Payfort supports credit/debit card payments through globally recognized payment leaders including American Express, cashU, MasterCard, and Visa.

The Payfort Zero Deposit Programme further demonstrates the company’s commitment to encouraging SMEs to reap the benefits of commercial online payments.

The programme is of special importance as it comes at a time when majority of SMBs from the region’s key markets – UAE, Saudi Arabia and Egypt – are not online.

“More than two-thirds of the small and medium size businesses (SMBs) in the UAE, Saudi Arabia and Egypt have not considered having a website and are missing the economic value of the Web,” said a recent report.

According to research recently commissioned by Google, only 18 per cent of SMBs in the UAE are online, while small businesses in Saudi Arabia and Egypt register at 15 per cent and 7 per cent respectively.

Under the terms of the zero security deposit program, SME merchants are able to process card payments through multiple channels, both domestic and international, through a variety of mediums including e-commerce and Payfort’s One-Page Checkout, and they have access to services and products such as the fraud management tool and empowered mobile apps.

The Zero Security Deposit option is available only to successful, up-and-running SMEs that can demonstrate their good legal standing, a statement said. – TradeArabia News Service