E-commerce payment service provider Payfort has begun offering its merchant clients in Arab countries support for monthly payment plans.
Dubai-based Payforts pay-via-installment technology will be available to e-commerce merchants in the United Arab Emirates, Saudi Arabia and Egypt. Payfort's goal is to simplify the process of handling installment payments for consumers in this region.
Many consumers show a preference for purchasing with installments, but methods of processing monthly installments in the region have proved cumbersome for consumers, Omar Soudodi, managing director of Payfort, said in an Aug. 3 press release.
The Payfort installment option allows a consumer to make purchases with their credit cards, but make their monthly payments to their choice of retail bank, the company stated.
Banks participating in the payment plan include Emirates NBD, Mashreq Bank, Abu Dhabi Commercial Bank, Saudi British Bank, National Commercial Bank and Saudi Holland Bank.
Current pay-via-installment offers in the region often require consumers to participate in a complicated sign-up procedure and lengthy verification process, according to Payfort. In some cases, the customer may be required to call participating banks for credit approval, potentially delaying a purchase by three to four days.
Payfort provides the payment platform for leading e-commerce sites across the region, including Souq.com, Dubizzle, Landmark, Sukar, AirCairo, Air Arabia and others.
The company provides service to startups, small and medium-sized e-commerce companies.
Payfort introduced payment technology a year ago that enables consumers to pay for and book hotel and airline reservations without payments cards through merchant networks.