#UAE Outstanding Payments Segments

[kenresearch1]

UAE Debt Collection Market is Expected to Reach More Than AED 5Bn by 2027 Owing to Rise in digital collection techniques and Improvement in UAE legal system related to debt collection, bankruptcy and insolvency: Ken Research

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UAE Debt Collection Market Ecosystem

Tahseel, First Solution Management Service are the market leaders in UAE Debt Collection Market; the market is highly fragmented consisting of many players. The UAE Debt Collection Market is composed of many players which are operating across the borders and not just within the UAE.

 Key Market Findings:

Digital collections are being extensively used which leverages analytics to make the process more

Collection agents are being trained to equip them with latest technology and to adept them to various consumer situations for providing more feasible solutions.

The industry is slowly becoming more customer-centric in its approach.

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IT Policies and Proper Documentation: Companies are maintaining proper documentation and proof for all debt provided by them to corporates and individuals. This makes it much easier for debt collection agencies to recover the debt in case of a default both amicably and legally as well through payment order method. Collection companies which provide settlement plans to debtors have start taking post-dated cheques as a proof for future payment. Changing IT policies require companies to maintain complete confidentiality of client information due to threat of data breach. All this factors will provide more growth to collection industry.

Emphasis on NLP Techniques: Collection agencies are extensively using various speech analytics tools to record and analyse customer conversations. This enables to maintain security and gain insights into client expectations. In addition, the information gathered can further be used for training of employees adapting them to different situations while negotiating and hence, improving their performance which would act as a key growth driver for debt collection companies.

Favorable Changes in UAE Legal System: The new legal system at UAE makes it possible to recover debts via court in merely within 7 days if all the documents are readily available. The new Bankruptcy law also provides safety for debtors and changes the shape of debt collection industry. Ultimately, act as catalysts for the industry.

Analysts at Ken Research in their latest publication- “UAE Debt Collection Market Outlook to 2027- Characterized by fierce competition and high growth prospects” by Ken Research provides a comprehensive analysis of the potential of the debt collection market in UAE. Rise in digital collection techniques and increasing use of AI and ML for recovery predictions are expected to contribute to the market growth over the forecast period.

UAE debt collection market is expected to grow at a robust CAGR over the forecasted period 2022-2027.

Key Segments Covered

Segmentation by Segment

Non-Finance

Finance

Insurance

Segmentation by Type of Firm

Debt Collection Agency

Law Firm

Segmentation by Age of Firm:

0 to 10 yrs

10 to 20 yrs

20 to 30 yrs

Segmentation by Geographical Presence

Abu Dhabi

Dubai

Fujairah

Sharjah

Ajman

Umm Al-Quwain

Ras Al-Khaimah

Sub-segmentation of insurance segment & financing segment

Sub-segmentation of insurance segment:

Motor & Transportation

Property/Fire

Liability & Others

Sub-segmentation of financing segment:

Real State

Personal

Financial institution

Services

Manufacturing

Trade

Others

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Key Target Audience

Existing Debt Collection Companies

Law Firms

Financing Companies

Non-Financing Companies

Insurance Companies

Debt Collection & Management software providers

Government Agencies

Finance Consultants

Others

Time Period Captured in the Report:

Historical Period: 2017-2022

Base Year: 2022

Forecast Period: 2022–2027

Companies Covered:

SUPPLY SIDE:

Debt Collection Companies

Tahseel

CMS

Aman Debt Collection

First Solution

Credit Recovery

AW Holding

Bilkish

Derby Group of Companies

Alpha Debt Collection

Fort Equity

Quick Action

ATDC

com

ALQADA

Law firms/Debt Collection

Taswiyeh

ASKTHELAW

HHS LAWYERS

DUBAI DEBT RECOVERY

STA

AE

AL ROWAAD

AL SAFAR

BIN EID

Regulatory Bodies and Judiciary

Central Bank of the UAE

Judicial Department

DEMAND SIDE:

Insurance companies

Etihad Credit Insuranc

Atradiuse

CIGNA

COFACE

PACIFIC PRIME

MetLIFE

ACE

Emirates RE

Financing companies

Emirates NBD

ADCB

DUBAI FIRST

Mashreq

Commercial Bank of Dubai

Dubai Islamic Bank

HSBC

RAKBANK

ADIB

FAB

CITYBANK

Non-Finance companies

Etisalat

Emircom

Etihad Water and Electricity

Abu Dhabi Distribution Companies

Emaar

Nakheel

Lufthansa

Choithrams

Asian Paints

Majid UL Futaim

Naseej

Key Topics Covered in the Report                            

Global Debt Collection Market Overview

Ecosystem of UAE Debt Collection Market – Demand and Supply Side

Value Chain Analysis – Amicable Settlement and Litigation Settlement

Market Size and Segmentation of Debt Collection Industry in UAE, 2017-2022

UAE Debt Collection Market Industry Analysis

Software used in UAE Debt Collection Market

Market Shares of Major Debt Collection Companies in UAE on the basis of Debt Collected, 2022

Competitive Analysis

Future Outlook and Projections, 2022-2027

For More Insights On Market Intelligence, Refer to the Link Below: –

UAE Debt Collection Market Outlook to 2027

Related Reports by Ken Research: –

KSA Debt Collection Market Outlook to FY’2026

[havenhomesuae]

Noor Apartments at International Media Production Zone

Deyaar Real Estate Company in Dubai presents a range of luxurious apartments under the name Noor Apartments. These homes offer a unique and comfortable living experience, with the company providing an ideal package of services to facilitate residents’ lives. Located near major roads and central axes, the site ensures convenient access to key city landmarks.

The real estate developer pays meticulous attention to construction details, enhancing the project’s appeal to potential buyers. Prices of available units vary to accommodate different income levels, making it a suitable choice for various social groups.

Noor Apartments at International Media Production Zone Contact us for more information and to reserve your unit instantly. Explore luxury and comfort in Noor Apartments, where unique design meets meticulous details, creating an unparalleled living experience in the heart of Dubai Production City.

The Noor Apartments project offers a unique experience in the world of luxury real estate in Dubai Production City. Its strategic location in an upscale neighborhood within the city adds a distinctive character and unique allure. The luxurious homes cover a spacious area within the framework of Dubai Production City, providing a luxurious and comfortable living environment.

Unit sizes in the project range from 428 square feet to 1800 square feet, offering interested parties the flexibility to choose a unit that perfectly suits their needs. Unit types include studios, one-bedroom apartments, two-bedroom apartments, and three-bedroom apartments, making the project suitable for diverse population segments.

Deyaar Real Estate Company is committed to developing this outstanding project, showing exceptional attention to detail and construction quality. The payment system allows interested parties to book their unit with a 10% down payment, with the remaining amount payable in convenient monthly installments.

#Noor_Apartments #UAE #Dubai

[soulwallet]

5 Smart Ways to Make Your Credit Card Work for You

UAE certainly has the highest credit card, internet and e-commerce penetration in the MENA region. However, a significant percentage of transactions are still made through cash. Visa and Mastercards are popular and are widely accepted by merchants in the region.

There have been several changes in recent years, which are moving the needle on credit card usage in the market. Some customers would have witnessed their credit cards being reissued by the issuers with a chip around 2016/17. This was due to a mandate from the Central bank of UAE for the issuers to comply with EMV (Europay, Mastercard and Visa global standard for chip-secured credit cards) standards a few years ago.

Credit cards are extremely convenient, secure and what’s more, also reward cardholders on usage as well. There are more than 200 credit cards issued by banks and financial institutions in the UAE. While the number of banks is shrinking with the recent M&A announcements, there are several new credit cards that keep popping up with innovative and irresistible offers to the customer.

Many of us would have had a difficult experience with our first credit card. Not understanding differences between a credit or debit card, we would likely have dashed to the nearest ATM to withdraw some cash and spend on stuff which we really did not have any plans of buying. A scenario that would most likely have ended finally with some sort of settlement with the bank after weeks and perhaps months of painful collections calls and negotiations.

As we got a little more aware of how credit cards work, we generally end up with one or two cards (ideally issued to us by the banks where our salary gets credited) and have built some sort of loyalty to these cards over the years.

This article gives a credit card user 5 useful tips on how to use a credit card and maximize savings. These are simple and proven steps that can help one save thousands of dirhams.

No one Credit Card is best suited for everyone

Credit cards are diverse in their offerings. One must understand that 200+ credit cards in the market come with several differences. Some of them being:

Fees and Charges: Annual Fees, Interest rates, International transaction charges, cash advance charges and so on.

Reward Features: Cashback, Airmiles, Reward Points, No Rewards no fee, Reward earn rates, Redemption or burn rate, etc., Note- The value of the rewards might vary based on spend amounts, type, location, etc.,

Features: Airport Lounge, Free Cinema, Complimentary Golf, Valet Offers, etc.,

Apart from the above, there are also credit limits, co-brands (Skywards, Etihad and so on), etc., which differentiate cards. With so many differences among them, it is important to spend a few minutes to compare the features and identify the most suitable credit card for your specific needs.  Soulwallet’s  “Best Fit” comparison tool uses smart algorithms that can match one’s individual spend pattern and feature preferences with the most suitable credit cards among all options available. One will also get a good indication of annual saves in dirhams earned through credit card rewards. Do check how your current credit cards stack up against the ones which are best for you. Click here to find out.

Also, do look at the feature-wise rankings to find out which is the best card for your favorite credit card feature (Cinema, Golf, etc.,)

No one Credit Card can give you the best value

Why do banks have multiple credit cards under their offering? These are typically to cater to different segments of customers who are keen on a specific feature or a reward program. Cashback and Airmiles are a couple of popular reward categories.

After evaluating credit cards in the UAE and the reward offering across their products, it is quite evident that there is no one card that may fit in the best for you. In order to optimize your savings (reward value for the transactions you make on the credit card), you probably might have to keep 2 or 3 credit cards in your wallet which satisfy all your requirements with a high rating.

For example, John travels frequently. He spends his weekends generally watching movies with his wife and two school-going children. The best option for John is to look at the below combinations:

Credit cards that:

Reward him with maximum reward rates for a) School Fees b) Grocery expenses c) Travel spends

Includes complimentary features such as a) Cinema Offer b) Airport Lounge c) Airport Transfer

Has low international (foreign currency) transaction charges.

The answer might be more than 1 card and if the saves are significant, why not?

Pay on time and if possible, in full

Making payments on time is probably the most important criterion which helps build one’s credit score. Having a healthy credit score means keeping your credit options available. There is always going to be a need for some sort of credit requirement, for example, a home loan, salary transfer loan and so on. Find out more on Credit scores in the UAE

Making your credit card payments on time is extremely critical and if possible, try to make them in full. This means one would save money on the interest which can be in thousands of dirhams.

Most banks have options such as Standing Instructions (from your bank account to your credit card if both are with the same bank), Direct Debit (a standard transfer instruction on your bank account), exchange house payments, etc. One has the option of setting this up for a minimum payment or full and sometimes a fixed recurring amount as well. Enquire with your bank and set up a payment instruction that will ensure you don’t miss a payment date.

Regular payments build one’s credit history well and allow banks to re-underwrite your credit lines periodically and automatically.

Balance Transfer - If you are incurring interest by not paying your credit card dues in full each month

Balance transfer in simple terms is moving debt from one credit card to another. If you are not paying the total outstanding and incurring interest on your statement balance, a balance transfer is a smart and easy method to save money on interest.

Balance transfers normally come with an interest-free offer period. This is a no brainer - it can help you save interest that you would otherwise end up paying on your current card for 3 to 12 months (and more in most cases), depending on the balance transfer offer period.

Example: If a cardholder has an AED 5,000 balance on a credit card with a 20% interest rate. Such a balance would incur interest of approximately AED 1,000 in a year. By transferring his credit card balance the cardholder can save on the AED1,000 of interest with only a small balance transfer fee instead.

Note:

Balance transfer does not earn you rewards on transferred debt.

Once you have transferred your balance to a low-interest card, do review the need of continuing to keep the high-interest credit card active. Any unnecessary spend on this open credit card can delay your payoff on the new card.

Defaulting on the new credit card might trigger a standard or higher interest rate as per bank policies.

Before you make the balance transfer move, do the math to ensure that you end up saving. Points to consider are Annual fees, Interest rates, etc.,

Change with the industry- Adapt to smarter payment methods

In recent years, banks have evolved and are continuously evolving in the digital space to stay updated and relevant to future customers. Smart payment methods have gained a lot of momentum and acceptance among UAE consumers.  Apple pay, Samsung pay are already common names and are quite popular.

These smart payments make the process seamless and are focused primarily on convenience and security.  While Apple and Samsung are already building the culture of adapting and shifting to newer technologies in the mobile space, one must be more adaptive and embrace future technologies to leverage the benefits available.

Takeaway

Credit cards are convenient and a popular payment method for purchasing products or services. While it is quite a privilege to flash a prestigious credit card from your wallet for a purchase, it is important to make sure that the credit card works best for you.

As a personal finance aggregator, Soulwallet has analyzed various credit card features and rated them to identify the best credit cards for each feature. Be it golf offers, complimentary airport transfers, valet services or even cinema offers, one can easily find the best credit cards with the ratings provided. For more details visit us at www.Soulwallet.com.

[pranali2194]

Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Market Forecast, Marketing Channels, Major Industry Participants, and Strategies To 2025

Global Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Market comprehensive analysis of the business models, key ways, and individual market shares of a number of the foremost outstanding players throughout this landscape. AN in-depth statement on the key influencing factors, market statistics in terms of revenues, segment-wise information, region-wise information, and country-wise information area unit offered at intervals the complete study. with growth trends, various stakeholders like investors, CEOs, traders, suppliers, analysis & media, international Manager, Director, President, SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization et al. This report focuses on skilled world Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Market 2020-2025 volume and worth at world level, regional level and company level.

Ask For Sample of Global Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Market 2020: http://www.researchreportsinc.com/report-sample/886600

Global Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Market 2020 report provides key statistics on the market status of the Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Manufacturers and may be a valuable source of guidance and direction for companies and individuals interested in the Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Industry. The Electronic Funds Transfer Point of Sale (EFTPOS) Terminal industry report firstly announced the Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Market fundamentals: type applications and market overview, product specifications, manufacturing processes, cost structures, raw materials and so on.

Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market competition by top manufacturers/ Key player Profiled:

Atos Worldline, Equinox Payments LLC, First Data Corporation, Fujitsu Limited, VeriFone (Formerly Hypercom), Ingenico, Dejavoo, Exadigm, XAC Automation Corp., Panasonic, PAX, Smartpay, NCR, Olivetti, VeriFone Systems

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Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Market Segment by Type covers:

Counter-Top Terminals

Mobile Terminals

Inbuilt Terminals

Applications are divided into:

Retail

Hospitality & Healthcare System

Restaurants

Entertainment

Warehousing

Other End-use (Field Services, Government, Transportation, etc.)

Regional Analysis Covers:

North America (USA, Canada and Mexico)

Europe (Germany, France, UK, Russia and Italy)

Asia-Pacific (China, Japan, Korea, India and Southeast Asia)

South America (Brazil, Argentina, Columbia etc.)

Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Key questions answered in the report:

What will the market growth rate of Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market?

What are the key factors driving the Global Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market?

Who are the key manufacturers in Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market space?

What are the market opportunities, market risk and market overview of the Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market?

What are sales, revenue, and price analysis of top manufacturers of Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market?

Who are the distributors, traders and dealers of Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market?

What are the Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market opportunities and threats faced by the vendors in the Global Electronic Funds Transfer Point of Sale (EFTPOS) Terminal industries?

What are sales, revenue, and price analysis by types and applications of Electronic Funds Transfer Point of Sale (EFTPOS) Terminal market?

What are sales, revenue, and price analysis by regions of Electronic Funds Transfer Point of Sale (EFTPOS) Terminal industries?

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[futuremarket]

Enterprise VSAT Market is Expected to attain an Outstanding Valuation of USD 10,617.5 Million by 2024

Global Enterprise VSAT Market Research Report: by Type (Hardware, Services), by Organization Size (Small and Medium Enterprises, Large Enterprises), by Region [North America (US, Canada, Mexico), Europe (Russia, France, Germany, UK, Italy), Asia-Pacific (China, India, Japan, South-East Asia, South Korea), Middle East & Africa (Saudi Arabia, UAE, South Africa, Nigeria, Egypt) and South America (Brazil, Argentina, Columbia) — Forecast till 2024

Enterprise Vsat Market

The Global Enterprise VSAT Market is expected to reach 10,617.5 Million by 2024, exhibiting a CAGR of 8.8% during the forecast period (2018–2024). In this report, Market Research Future (MRFR) includes segmentation and market dynamics to offer a better glimpse of the market in the coming years.

Segmental Analysis

Based on the type, the global enterprise VSAT market has been segmented into hardware and services. The services segment accounted for the largest market share with a market value of USD 4,064.3 Million in 2018 and is expected to dominate the market during the forecast period. The services segment is projected to exhibit significant CAGR during the forecast period. This growth can be attributed to the improvement in DVB S2X Technology. DVB S2X is an extended version of the second-generation digital video broadcasting (DVB-S2). It was introduced to provide additional features and technologies for core applications of DVB S2 technology including VSAT, Digital Satellite News Gathering (DSNG), and Direct to Home (DTH).

DVB S2X technology offers enhanced performance and spectral efficiency and improved multiplexing gain that helps in increasing the network capacity of the communication systems. Furthermore, the companies are offering enhanced connectivity devices integrated with DVB S2X technology for increasing operational efficiency and enhancing the overall user experience. Moreover, the older version of DVB S2 technology offers high roll-off factor (20–25%) that restricts the signal transmission with lower speed and eventually hampers the network connectivity.

Based on organization size, the Enterprise VSAT market has been segmented into small and medium enterprises, and large enterprises. The large enterprises segment accounted for the largest market share while the SME segment is expected to register a CAGR of 9.8% during the forecast period. This growth can be attributed to the various applications of this technology in large enterprises such as private intranet services, data security and integrity, and drive-aways for television broadcast systems. The security of data and transactional information helps in meeting corporate requirements and financial industry best practices, such as the Payment Card Industry Data Security Standards (PCI-DSS).

Competitive Analysis

The prominent players that operate in the market are Hughes Network Systems LLC (US), Singtel (Singapore), Gilat Satellite Networks. (Israel), VT iDirect (US), Newtec (Belgium), Viasat Inc (US), Global Eagle (US), Comtech Telecommunications Corporation (US), Gigasat Inc. (US), Skycaster LLC (US), and Omniaccess (Spain).

Access Report Details @ https://www.marketresearchfuture.com/reports/enterprise-vsat-market-8146

About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services. Contact: Market Research Future +1 646 845 9312 Email: sales@marketresearchfuture.com

[upshotre]

African Fintech Extends Services to UAE Market

By Tony Ademiluyi An African payment gateway, Innovate 1 Pay has announced its entry into Dubai, United Arab Emirates (UAE), bringing easy and seamless money transfer and payment services to African expatriates in the region. Innovate 1 Pay is licenced by the Central Bank of Nigeria (CBN) to provide services including international money transfers and wholesale foreign exchange management, as well as being the exclusive distributor of foreign currency to Bureau de Change (BDC) operators in Northern Nigeria. Africa is set to surpass China and India as a job market by 2040, and with the recent visa reforms in the UAE, Dubai has emerged as an attractive destination for Africans to pursue career advancement and professional fulfilment. Innovate 1 Pay’s secure and convenient payment gateway and financial services platform, which integrates seamlessly between Dubai and several African nations, looks set to emerge as the solution to address this expanding market segment and its unmet needs. Speaking during the inauguration of its office in Dubai, Chairman, Innovate 1 Pay, Mahmood Ahmadu said: “With the maturing of financial markets in Africa, we have expanded our presence to a total of 56 countries currently, and with the promise that the new UAE visa regime holds for African professionals, we believe the prospects for growth in addressing this demographic is very promising indeed. “The next generation of financial services needs to reflect customer expectations around secure and quick transfer of funds. “Our relationship with government bodies and comprehensive presence in the African market positions Innovate 1 uniquely in being able to leverage these strengths, and amplify them with the use of appropriate and user friendly technologies. “The impressive performance of Innovate 1 Pay represents the tremendous room for growth and expansion that exists at the intersection of increasing demand, market growth and the outreach potential of tech-enabled services.” He said the company was universally lauded for its efforts to empower financial inclusion at the recent Central Bank Payment Conference in Berlin, which included representatives from the European Commission, the Federal Reserve, Deutsche Bundesbank, Visa, and the Assistant Governor of Australia’s Reserve Bank, among others. At a forum featuring nearly 200 thought leaders representing a hundred financial organisations and more than 50 central banks from around the world, Innovate 1 Pay created huge interest and stood out among a field of exhibitors that included a stellar lineup of stalwarts, such as Visa and Vocalink Mastercard. Also felicitated as a recipient of the Euro-Knowledge ‘Most Innovative IT company of the year award’ at the British House of Lords, in April this year, Innovate 1 Pay, he said was gaining global acclaim as a company that reconciles sterling business performance with outstanding social impact. According to Chief Executive, Innovate 1 Pay Anthony Nwachukwu:”Africa is currently the second fastest growing continent, after Asia, and we are looking at an average GDP growth of 5 per cent across the continent that has lasted a decade now. Africa is home to 40 per cent of the people in the world who lack access to banking services and we at Innovate 1 Pay see our business mission within the context of this larger social goal.” According to him, the company provides complete, simple, and secure online application and payment processing services to consumers who wish to obtain a visa or passport as well as enables access to secure e-payment solutions that enables applicants to process real-time online payments and transactions.

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[debtcollection]

Responsibilities concerned to Debt Collection Agencies

If we talk about the major role of debt collection agencies, then they are considered an indispensable part of the business cycle. They are responsible for providing a check or a service that held very useful to businesses that are not capable to accumulate on exceptional invoices. While they are normally the last way out for corporations trying in order to acquire their money from an entity or business, when their services are called ahead, they can be very supportive.

Outstanding balance

Debt collectors are particular in finding ways to gather outstanding balances. In spite of their every now and then dishonorable reputations, no collection agency is permitted to pressurize, compel, threaten or harass a debtor in order to collect the debt. Debt collection agencies jobs typically demand finding out where a debtor can be accomplished and then finding a way to get them to pay their balance.

What happens when a corporation becomes helpless?

Debt collectors are generally called upon when a corporation has been incapable to collect for three months or more on a certain invoice. However, some companies will go as long as nine months before turning an outstanding account over to a collection agency while others will get rid of a bad account within the first month itself. The modus operandi used by a company to determine whether an account should be turned over to debt collection agencies in UAE is simple - if they have been unable to collect from an account themselves. Generally a company will have tried the whole thing which comes under their authority to settle an account as well as offering the debtor extended terms, other financing and cutting a deal for a section of the payment and forgiving the rest. When none of those options produces a positive result that is, when the debt collectors step in.

Different ways of paying agencies

There are different ways of paying debt collection agencies. The normal procedure is that the collection agency "buys" the bad debt from a company. What that in fact means is that the debt collection agency will in fact compensate the company a segment of what is owed on the invoice. Due to the fact that they have sometimes needed to apply pressure to get people to pay their debts, they can be seen in a depressing aspect. Though, the mainstream of debt collection agencies in UAE is distant from the type to harass debtors. Most will go about collecting on an exceptional payment which lies in a civilized and respectful manner.

Treaty with debt collectors

If your business is in a position where it should pact with debt collectors then it is unsurpassed to explore around and find a firm with a stellar reputation. After all, if a collection agency is bringing together on your behalf, then customers will get the wrong idea if they are uninformed that the debt was sold to a collection agency - they might think that your business simply does business in such a manner; it is incredible that could harm your status.

Debt collection is an indispensable part of the business world and one that corporations are happy to utilize when trapped with an outstanding payment.

[ehteshamuniverse]

Online Payment Gateway Market to 2023: Top 10 Companies, Trends, Growth Factors and Global Industry Overlook during Forecast Period | COVID-19 Analysis

Market Highlights

As per Market Research Future (MRFR) study, the worldwide online payment gateway market 2020 value is likely to surge in COVID-19 pandemic. The highly contagious feature of the coronavirus have pushed public to increased practice of online payment. This can significantly benefit the online payment gateway market across the assessment period. MRFR study reveals that the global online payment gateway can rise at 12.8% CAGR across the assessment period (2018–2023). By 2023, the online gateway market value can touch USD 124.64 Bn from USD 61.8 Bn in 2018.

The accessibility to the internet and the availability of devices such as smartphones and laptops are estimated to guide the market in the forecast period. The diversity in financial transaction options is estimated to motivate the online payment gateway market in the impending period.

Segmentation:

The segmental investigation of the online payment gateway market share is conducted on the basis of types, applications, and regions. Based on the type, the online payment gateway market comprises of local bank integrates, pro/self-hosted payment gateways, platform-based gateway solutions, and others. On the basis of application, the online payment gateway market consists of mid-size enterprises, micro & small enterprises, and large enterprises. Based on the region, the online payment gateway market consists of Asia Pacific (APAC), North America, Europe, and the rest of the regions.

Detailed Regional Analysis

In North America, the online payment gateway market can surge at the highest CAGR across the evaluation period. The rise in the online transactions owing to high inclination of people towards e-commerce platform is promoting the need for digital payment methods. This is expected to impel the online payment gateway market in the region. The widespread utility of m-commerce, credit cards, and debit cards can drive the regional market. Digitization penetration is observed to contribute largely to North America online payment gateway market expansion.

In Europe, the online payment gateway market can garner decent revenue across the review period. The existence of well-established global players in the region and fast developing field of technology can support the expansion of Europe online payment gateway growth in the near future.

In Asia Pacific, the online payment gateway market can thrive due to the rapid expansion of small and micro enterprises. In addition, the rise in customer count for online shopping in emerging economies of APAC can promote the online payment gateway market growth across the review period.

Competitive Analysis

The market is expected to record a stable growth rate in the coming years. The market competitors are expected to play a key role in the development of the global market. The development of adequate sources of raw material is predicted to transform the market in the upcoming period further. The availability of strong government support and the presence of encouraging policies is expected to enliven the growth prospects in the approaching period. The incidence of options that can be favorably capitalized on is aiding the market players in improving their overall position in the market. The balance in demand and supply in the market will prove as an encouraging growth factor in the forecast period. The competition in the market is manageable, which is inducing the entry of new players in the global market. The upgrades in production methods are estimated to transform the potential of the market in the forecast period.

The outstanding contenders in the online payment gateway market are Adyen NV (Netherlands), Amazon.com, Inc. (U.S.), First Data Corp. (U.S.), CASHU (UAE), Stripe (U.S.), Tencent Holdings Ltd. (China), Worldpay, Inc. (U.S.), Global Payments, Inc. (US), GMO Payment Gateway, Inc. (Japan), Verizon Communications, Inc. (U.S.), Alibaba Group Holding Ltd. (China), 2Checkout.com, Inc. (U.S.), Visa, Inc. (U.S.), CCBill, LLC (U.S.), PayPal Holdings, Inc. (U.S.), Naspers Ltd. (South Africa), SecurePay Pty Ltd. (Australia), and Wirecard AG (Germany).

Related Reports:

https://pressrelease101.co.uk/crm-software-market-growth-drivers-trends-demand-and-global-forecast-to-2023-covid-19-analysis-of-crm-market/

https://pressrelease101.co.uk/active-electronic-components-market-revenue-growth-predicted-by-2018-2022-covid-19-analysis/

https://pressrelease101.co.uk/power-electronic-devices-market-growth-study-growth-factor-analysis-and-competitive-landscape-covid-19-analysis/

https://pressrelease101.co.uk/fiber-optic-cable-industry-target-audience-growth-prospects-predicted-by-2025-covid-19-analysis/

https://pressrelease101.co.uk/data-analytics-market-technological-advancement-development-status-and-strategic-assessment-covid-19-analysis/

[mateenaltaf]

Assessment Of Credit Application (A Financial Management Topic)

What Is a Credit Application?

A credit application is a questionnaire that a lender or business will require you to complete before lending you money or extending credit to you. Credit applications are customary when you're trying to obtain a home loan, home equity loan, automobile loan, business loan or credit card. One may also be required when you want to rent an apartment. The information you supply on a credit application helps the lender decide whether to lend you money and how much, and assess your ability to repay the loan.

A lender uses a credit application to determine your credit worthiness.

Identifying Information

The first part of the credit application asks you to provide your basic contact information such as name, address and phone number. This section will also typically ask for your social security number if you're applying as an individual, and both your SSN and the employer identification number or EIN of the business if you're applying for a business loan. The application may also request the amount of the loan you are seeking and the purpose of the loan.

Financial Information

This section will ask you about your income and financial background. As an individual, you will be asked about your salary or annual earnings, assets, home ownership status, other outstanding debt obligations and banking information. If it's a business application, you will be asked about your annual sales and net income in addition to the other items above. The application may also request that you submit a copy of recent tax returns or audited financial statements with the application.

References

A credit application will contain a section to list individuals or businesses you have worked with and paid for services. The creditor will want to know contact information including name, address, phone number and email as well as business details about the relationship. You will also be asked to provide facts about these references, such as the length of the relationship and payment history. The creditor will likely contact these references to verify the nature of your relationship.

Loan Guarantors

The creditor will ask for contact information for each co-signer as well as social security numbers, driver's license numbers and salary or financial information.

Terms and Conditions

A credit application will also contain some legalese that you must agree to when submitting the credit application. This section includes the creditor's request to run a credit and background check on all loan applicants, and will discuss details on the approval process and criteria. Sometimes it will even include the specific terms of the loan. These disclaimers usually address the interest rate, fees, debtor expectations and the dispute resolution process that the applicant is agreeing to by submitting the credit request

Assessment Of Credit Application

The information you provide on a credit application tells a story about your ability to handle money. Whether you are looking to finance a home, a car or future purchases, a potential lender uses this information not only to assess your ability to repay, but to determine whether or not you will repay.

The credit application process usually involves investigation, verification and assessment before your lender makes a final determination.

Credit Report

Verification

Assessment

       Automated

       Manual

Practical Study

United bank limited established in 7th November 1959. By June 1960, shortly after six months of opening its doors to the public, UBL had branches in Karachi, Lahore, Dacca, Lyallpur, Chittagong and Narayangaj. In 1963 UBL became the first bank in Pakistan to have a branch overseas-on William Street in London. In 1990,s the govt. of Pakistan decided to change the face of banking by creating a blueprint to privatize UBL. 52 years of glorious history now UBL have more than 1300 branches in Pakistan and under the supervision of Chairman Sir Anwar Pervez. Its 15 branches outside the country are in the United States of America, Qatar, UAE, Bahrain, and Republic of Yemen. It also has representative offices in Beijing, China, Tehran, Iran, and Almaty, Kazakhstan. It owns subsidiaries in the UK (United National Bank Limited), and in Zurich, Switzerland.

UBL’s state of the art online banking, customers are able to access their account from more than 1200 branches located in 150 cities across Pakistan. Transactions such as Cash Deposit, Cheque Encashment, Stop Payment, Account Statement, Funds Transfer, and Bill Payments are done online without the need to travel to the local branch.

Buying a House:

Eligibility Criteria

Minimum monthly income: Rs.50,000

Age: 23 to 65 years

Resident Pakistani

Self-employed businessman/professional or salaried individual

Minimum loan size: Rs. 500,000

Documentation Requirements

Copy Of NIC

Two recent Photographs each of primary as well as co-borrowers

Signed Lou (Letter of Understanding), which states the applicable rate at the time of booking of loan.

General Income Documents for Salaried and SEB/SEP are given below. However, your exact Documentation Requirement as per your specific Segment & Profession will be communicated to you by our respective ROs.

Salaried Person

Employment Certificate confirming last 12 months work experience

Tax Document for the past 24 months

Current Salary Slip

Bank Statement for the last 12 months

Markup => 3.5%

SWOT Analysis

Strength:

UBL offering Customized Products and services. Aggressively better then its competitors.

Weakness:

UBL is a step behind in using new technology as compared to other banks.

Opportunities:

By bringing new technology and modern business processes will bring the change and increase their profitability.

Mobile banking

Threats:

Large and increasing competition.

Conclusion:

After the establishment of UBL in the year of 1959, the bank was successful in achieving some of its objectives. In the very first the bank earned a handsome profit. After the exhaustive era of nationalization, the bank is now transforming to private ownership again. The decade of 60’s was dominated by on exceptional increase in economic activities. This result in bringing various changes in the management and structure of the commercial banks. In area of management more professional were brought in and the same was done with the structure. UBL was not an exception to these changes. In the last decade of the century the bank had witnessed very bad banking business. To rebuild the bank new professional people were inducted under the leadership of Mr. Zahoor Soomro.

In United Bank Limited, it indicates that the process of assessing credit application is working effectively in the organization.

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MEET DR. S. JHAVERI: THE MANAGING DIRECTOR – BIOMALL.IN

E-commerce is widely acknowledged to be the future of consumer and business retail.

The reasons are multifold, chief among them – the ability to pursue transactions across the global marketplace and integrate technology across all aspects of the business from logistics to purchasing inventory.

Modern capitalism is looking towards its vast cohorts of scientists and engineers to deliver the next line of revolutions and breakthroughs and indeed, going by the technologies now available in the global market commercially, individuals, corporations and nations are looking forward to usher in a new era of growth, provided the headwinds in global trade, commodity prices and the overall financial system support the energies of the men and women in our laboratories.

Amidst the flashier lights of Asian mass market consumer focused e-commerce companies, there have emerged a rung of e-commerce portals focused on serving more and more nicher customer and business segments like women’s healthcare, ethnic fashion, furniture etc.

The B2B market, being much bigger in size than the B2C market in terms of monetary value of the goods and services produced, tends to fly under the radar of the media, partly because B2B marketing is relatively less visible than B2C marketing.

Bangalore Insider, spoke to Dr. S Jhaveri, the managing director of India’s first online e-commerce marketplace focused on the life sciences and diagnostics verticals. Below are edited excerpts from our interaction.

Dr. S. Jhaveri                          

Managing Director – Biomall.in

Give a brief info about your startup?

Launched in mid-2016, Biomall.in is India’s first online e-commerce marketplace dedicated for laboratory, life science and diagnostic products. It offers 100,000+ products from 150+ brands across 100+ categories catering to the R&D, testing and pathology labs in the life science and healthcare sector. It is a customized portal tailored to suit the needs of lab professionals, wherein they can order products online, or also place a quote request to buy products offline. An option to get discount on bulk order is also available.

The authorized distributors or manufacturers of laboratory products can easily setup an online store on Biomall.in, and promote their products through digital marketing services. Dealers can liquidate their stock under the clearance sale section at zero setup costs.

Through its online portal, Biomall aims to simplify the process of laboratory purchases by connecting the buyers directly with the manufacturers / authorized distributors of the laboratory products. This helps to reduce the timeline associated with a single lab purchase from 4-7 weeks to 4-7 days and also cuts the costs incurred in buying the products offline. Another major benefit is the convenience offered to the laboratory users since they can get almost everything they need from one platform, rather than contacting 5-10 sellers. Biomall’s focus is to simplify the process for researchers working in academic and industrial labs, QC executives, pathologists, testing lab executives and anyone who has a science lab, so that they can devote more time to their experiments and testing instead of the admin work like the procurement of their laboratory needs.

Another focus is to give a good marketing platform to small-midsized brands who are based in India since India has a good manufacturing hub for lab products like chemicals, microbiology products, lab equipment, lab safety supplies, genomic kits, in vitro diagnostic kits and many more. Biomall is constantly connecting with these manufacturers to promote and sell their products on our portal, and help them with branding at the national and international level. It offers special marketing services like email marketing, SEO and SEM, online advertising, social media marketing, video marketing to the suppliers to help create more awareness for their brands. Till today, Biomall has successfully served to 300+ Indian cities via its online marketplace Biomall has a high conversion rate for international leads, and has successfully exported to 30+ countries in Africa, Middle East, Asia, Europe, South America as well as North America.

In India, Biomall stands as the only comprehensive platform to target the lab professionals through its customized online e-commerce business model and acts as one point of contact for international buyers interested to source their supplies from India. In near future, Biomall aims to further develop its technology and build an app for better user experience and is planning to raise funds for its technology venture.

 What made you start your startup and what problem does it solve?

Majority of scientific laboratories in India still follow the traditional system of inviting multiple quotations, followed by indenting, generation of purchase orders and payment to suppliers 30-90 days after delivery. A single purchase-sale cycle thus lasts for months. Even the rate contract system, wherein a vendor is chosen for a particular brand at the start of the financial year, is inefficient as the institute has to rely on a single vendor who might not have stocks readily available and cannot purchase from any other vendor who might have stocks for the required product. Typically a lab buys products from multiple brands so again they need to contact multiple vendors and a lot of time is invested in procuring day-to-day lab supplies. So while a lab in India would take months just to get their supplies; elsewhere laboratories in countries with more advanced purchasing systems would have already completed their project by the time supplies reach the scientists bench in India! This is a critical factor that needs to be addressed immediately else India will further lag behind in terms of innovations. Also, inefficiencies in systems lead to increased costs and so scientists spend not only more time but also more money to purchase lab products!

Based on this analysis and the growing consumer inclination towards e-commerce, he (Dr. Jhaveri) found an online platform connecting buyers and sellers of lab products to be a perfect solution to tackle the current problems. Thus, in mid-2016, he launched India’s first online marketplace for laboratory products – Biomall.in.

 Tell us about yourself, your previous jobs/ventures? What were you doing before this startup?

Dr. S. Jhaveri, the founder and CEO, is a PhD graduate and a successful entrepreneur based in Mumbai. He has done his Ph.D in Chemistry and Chemical Biology from Cornell University, Ithaca, NY in the year 2007 and also done his bachelors in Chemical Technology specializing in Chemistry of Dyes and Intermediates from ICT, Mumbai (formerly UDCT).  He has been awarded Dr. Sundar Aggarwal award for outstanding Indian Students entering Ph.D. program in Chemistry and Chemical Biology at Cornell University.

In the year 2012 he started his distribution business for laboratory products under the company Chargen Life Sciences LLP. During the initial 3 years of distribution business, he studied the lab industry market deeply and analyzed the problems faced by laboratories. Based on this analysis and the growing consumer inclination towards e-commerce, he found an online platform connecting buyers and sellers of lab products to be a perfect solution to tackle the current problems. Thus, in mid-2016, he launched India’s first online marketplace for laboratory products – Biomall.in.

Earlier he worked as an Independent consultant with Universal Consulting, where he carried out market research on the impact of new technologies in the knee implant market in India, assessing market feasibility for a Point-of-Care Testing Device in India and UAE.  He was also a visiting student at the Massachusetts Institute of Technology, USA.

He has trained, mentored and supervised several students. He also lectured in class, graded exams, and conducted office hours for freshman chemistry students in USA. Dr. S Jhaveri believes that passion, hard work, self-belief and being positive are key mantras to be a successful entrepreneur.

 Where is your startup based out of? Why do you think that is the best place for you?

The startup is based in Mumbai, the business capital of India

 As a startup founder, what are you paranoid about? What keeps you awake at night?

For any entrepreneur, the greatest fear is loss in business, and not being able to develop the idea into a successful venture. As of now, I have crossed the initial stage wherein I understand that my business idea is being accepted positively by other professionals in this field and hence, I need to grow it on a larger scale.

Who are your competitions and how are you better than them?

A few of its indirect competitors in India include B2B online portals like Indiamart, trade India which are widely used by sellers to generate leads.  Other competitors include B2B e-commerce platforms like Industry buying & Amazon business who provide an online platform for buying all sort of industrial supplies. These sites are however not focused on the lab industry and do not have a wide range of products that Biomall offers. In India Biomall stands as the only comprehensive platform to target the lab professionals through its customized online eCommerce business model and acts as one point of contact for international buyers interested to source their supplies from India.

The biggest USP is that we are an online platform dedicated only to the laboratory, life science and diagnostic products. This separates us from several other marketplaces that sell all kinds of products. We give a target customer base to all the sellers who can then use this platform as a good marketing tool as it caters specifically to the scientists, pathologists, medical, and pharma & QC professionals.

Also, Biomall acts as a single platform to buy multiple types of lab products from multiple brands in a single order.

It provides the option to buy lab products directly online just by selecting quantity, add to cart and place order by making online payment. Buyers can request for a bulk discount if more than 10 packs are needed. Buyers can also post enquiry for products not found on the portal. This enquiry then gets shared to all registered sellers on the portal who can send an online quote to the buyers as per product availability.

The platform provides a seamless experience to the sellers for managing all orders, enquiries, stock and ongoing offers through their dashboard.

 How hard is it to have a work-life balance as a startup founder and how do you manage it?

Being a startup, it needs a lot of attention, hard work, regular analysis and change of plans and strategies based on the response received from customers. As a result, in the initial years, startup work needs more time leaving with less time for personal life. Generally weekends are the time when you can unwind and spend some quality time with your family.

 Have you raised funding? If yes, then we would like to know the details. If no then please tell us if you are looking to raise.

Biomall is bootstrapped company and all the investments have come from their family business and distribution business of Chargen Life Sciences. However, now we are looking for investors to scale up the business.

 What gets you excited about this company?

Every new enquiry and order excites us to do better, and grow as a company.

 Tell us about your team and how did you meet each other?

Employees are the most important part of any organization. We have a team of web designers and developers who build the technology. A dedicated team then gets sellers on-board and market their products. A technical team looks after enquiries and then the orders are processed by our logistics team to ensure timely delivery.

  https://www.bangaloreinsider.com/biomall-in/