MENA finTech firms PayTabs and Invoice Bazaar collaborate to empower small businesses

The main aim of the partnership is to provide support to small businesses to withstand the impact of the coronavirus pandemic

  

Dubai: PayTabs, MENA’s award-winning payment solutions provider, today announced a strategic partnership with Dubai based Invoice Bazaar, a forfaiting and working capital solutions provider. The objective of the collaboration between the two firms is to support small and medium e-commerce businesses (SMEs) with working capital requirements via Invoice Bazaar’s banking partner network. The main aim of the partnership is to provide support to small businesses to withstand the impact of the coronavirus pandemic.

SMEs are key players in the global landscape, especially in emerging economies. On a global scale, SMEs represent 90 per cent of businesses and more than 50 per cent of employment according to the World Bank. According to the UAE Ministry of Economy, SMEs represent over 98 per cent of the total number of companies operating in the country and contribute 52% of the GDP from non-oil sectors. 

Under this landscape, PayTabs would continue to facilitate payment processing in 168 currencies for e-commerce SME businesses by offering them payment gateway solutions while Invoice Bazaar would enable the e-commerce SMS businesses in the UAE to leverage on their banking partner network and obtain working capital solutions. As part of the collaboration, more SME businesses will be able to take their stores digital and accept mobile and online payments seamlessly and securely via PayTabs B2B solutions. SME’s that have benefited from Invoice Bazaar’s working capital and forfaiting solutions will now also be able to benefit PayTabs cutting edge features such as simplified electronic invoicing and have access to a complimentary business manager dashboard to help manage their transaction data, customer billings and history.

Commenting on the launch, CEO and Founder of PayTabs, Abdulaziz Al Jouf said, “We found Invoice Bazaar to be a great partner as they understand the clientele, segment and product since they operate under the a similar eco system. Our partnership enables more e-commerce sellers to streamline their payments and invoicing so they can focus on digitizing and scaling up their businesses to meet the pressing demand for online shopping at this time”.

Invoice Bazaar has worked on completely digitizing and automating this offering to PayTabs’ customers so that they are able to introduce their SME clients to avail electronic credit approvals from their financial services partners. In the current scenario where most businesses are working remotely, this feature helps small businesses to avail much needed working capital digitally. As the clientele targeted are online SMEs, they would undoubtedly appreciate and benefit from the services provided.   

“Working with a payment services partner like PayTabs helps us penetrate through segments better. A robust technology platform enables scalable segmented execution. Deep understanding of customer segment enables us to provide customized working capital and forfaiting solutions. We hope we are able to help SMEs in the current situation to survive the impact of global pandemic” said Anand Nagaraj, Founder & CEO of Invoice Bazaar.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases