PayHalal Takaful payment processing specialist
Serving the needs of your takaful customers often means outgoing payments to satisfy a claim or an annuity. Yet most customer touch points involve premium payments coming in. You need custom payments to ensure success.
Your Muslim customers share common concerns: is the takaful protection shariah compliant is the premium payment methods online is Islamic? they’re looking for added surety while expecting to protect their valuable assets, and do so quickly and easily.
Take payments. Your customers may want to make one-time payments, or spread payments out monthly or quarterly. They may want to pay online or over the phone, by credit card or directly via their bank account. How they pay tomorrow may differ from how they pay today. Will your business be ready to safely and conveniently accept payments? Customized insurance payment processing from PayHalal makes that possible. From home to business, health to commercial, casualty or property, we make processing payments compliant to shariah, easy, safe and fast.
Umbrella coverage for all your payment needs
Your business covers many different types of assets, and you need to be ready for the unexpected. Takaful Policy holders want to pay in all sorts of different ways, so you need to be prepared to accept all kinds of payments. PayHalal is ready with the people, Shariah Compliant tools, technologies and support to help you accept payments, safely and conveniently, no matter how your customers want to pay the Islamic way.
Accepting online payments has never been easier, starting with online bank transfer, debit cards and Islamic credit cards. Accepting payments online compliant to sharia is a strategic necessity for takaful companies.
The ability to pay online compliant to sharia is a prerequisite for many of today’s busy Muslim consumers. Thankfully, there are practical solutions that are simple to implement and easy to maintain, regardless of the size of your business.
Takaful businesses typically have long-standing relationships with their customers who make premium payments spread out over time. PayHalal offers Payment gateway services, cloud QR payment, invoice payment services, Whatsapp payment services to process recurring premium payments.
PayHalal Virtual QR terminal makes it easy to take payments over the phone. For larger takaful operators that process high volumes of phone payments, we offer payments integrated with interactive voice response (IVR) systems.
Online payments have revolutionized the insurance back-office, but many insurance companies still meet customers face-to-face. For in-person payments, simple online bank transfers, debit and credit cards virtual payment gateway areperfect for low-volume transactions.
Virtual point of sale terminal can be customized to handle higher volume businesses.
From the smallest single-person offices to the largest agencies serving insurance customers at scale, from simple customizable web templates to fully integrated virtual terminals, we have a right-sized payment solution for your customers.
Manage risk with secure payments
Working in the takaful industry starts with understanding the importance of assessing Shariah Non-Compliance and risk. When it comes to digital payments it’s critical to assess threats posed by data breaches, payment frauds and SNC risks such as Riba. With PayHalal you avoid risk altogether. You can, however, implement security best practices that reduce your risk exposure and help keep your insurance business (and your customers’ data) safe.
Operating a physical insurance office requires protecting physical assets with best practices like secure locks and alarm systems. Today, digital assets and payment services are critical assets that require protection. That’s where the trusted payments partner can help.
We partner with insurance companies around the world to keep your business—and your customers—safe from bad actors. We’ll work with your business to implement the latest in payment security including state of the art tools, technologies, and equipment.
The only Shariah Compliant Payment Gateway that eliminates Shariah Non-Compliant transactions
PayHalal is the only Shariah Compliant Payment Gateway that eliminates Shariah Non-Compliant transactions which saves billions in profits for our clients in charitable. PayHalal checks the halal status of the takaful products and services against those in PayHalal’s HalalCart database. Transactions involving the purchase of products or services classified as haram will be rejected outright while theproducts or services classified as “doubtful” (i.e., it is unclear whether they are halal or haram) will only be allowed after agreeing during the “akad” process to assume responsibility for the risk associated with their use or consumption.
PayHalal also used a form of artificial intelligence (AI) known as “robo advisory” to determine if any activity on the PayHalal payment gateway has involved the use of Shariah non-compliant funds. For example, some customers may have paid for purchases using a non-Islamic credit or debit card, tainting the funds collected by PayHalal. The robo advisory analyzes transaction data and produces a report for PayHalal indicating all instances of Shariah non-compliance. The report includes the robo advisory’s recommendations regarding how such instances should be treated. In some cases, the recommendation may involve “cleaning” the funds by donating them to charities or to the poor. PayHalal’s Shariah Advisory Committee would review the robo advisory report and make a decision regarding the disposition of the funds.
The SNC Technology is built on with expendable function. The AI is able to analyze data’s and convert it to understanding according to Shariah diagnosis. From them, the system will issue a treatment advice the final decision will have to come from the Shariah panel from PayHalal on executing a treatment recommended by the SNC AI.
From EMV Shariah Compliant technologies to sophisticated online fraud detection, our secure payment solutions help ensure that you protect what you earn. We’ll help protect your business by navigating industry regulations, including PCI Compliance.
Interested in learning more about merchant services for insurance companies? Request a call to speak to a payments expert.