Introduction:
Integrating a reliable and secure payment gateway is crucial for online businesses in Sri Lanka. With numerous options available, selecting the right payment gateway can be overwhelming. This blog provides a comprehensive guide to payment gateways in Sri Lanka, including their benefits and how to integrate them into your business.
Understanding Payment Gateways:
Payment gateways are online services that facilitate secure transactions between buyers and sellers. They connect buyers' and sellers' banks, ensuring smooth and safe online payments while safeguarding sensitive financial information.
Top Payment Gateways in Sri Lanka:
| Payment Gateway | Setup Fee | Commission per Transaction | Settlement Time | Accepted Payment Methods |
|---|---|---|---|---|
| Sampath Bank | LKR 15,000 | Local: 3% Foreign: 4% |
2 working days | Visa, Master, UnionPay |
| Seylan Bank | LKR 20,000 | 3% | 2 working days | Visa, Master |
| Commercial Bank | LKR 10,000 | 2.5% - 3% | 1 day | Visa, Master |
| HNB Bank | No setup fee | 2.75% - 3.2% | 1 day | Visa, Master |
| Genie | LKR 30,000 | 2.3% - 3% | 2 days | Visa, Master, credit and debit cards |
| Wexpay | LKR 15,000 | Xwallet: 2.5% Xgateway: 2.8% Xgateway enterprise: 2.3% |
1 day | Visa, Master, American Express |
| Payhere | No setup fee | Payhere lite: 3.9% Payhere plus: 2.99% Payhere premium: 2.69% |
2 days | Visa, Master, American Express |
| 2checkout | No setup fee | 2sell: 3.5% 2subscribe: 4.5% 2monetize: 6.0% |
1 day | All credit and debit cards |
| Bitpay | No setup fee | 1% | 2 days | All major cryptocurrencies |
Why Your Business Needs a Payment Gateway in Sri Lanka:
Integrating a payment gateway allows your online business to provide a seamless purchasing experience to customers. It eliminates the inconvenience of cash-on-delivery or bank transfers and ensures secure online payments. A payment gateway helps your business grow by offering validated and convenient payment processes.
Predictive Analytics and Forecasting:
AI-powered predictive analytics enables SMBs to anticipate future trends, behaviors, and outcomes based on historical data. By leveraging machine learning algorithms, businesses can forecast demand, optimize inventory management, and plan production cycles more effectively. This proactive approach minimizes risks, reduces costs, and ensures optimal resource allocation, leading to improved business outcomes.
Integrating a Payment Gateway:
The integration process requires technical expertise, and most banks provide assistance. Payment gateway providers like 2checkout and Webexpay offer self-service integration models. To integrate a payment gateway, ensure your business is registered and have the necessary details ready, such as business registration details, an official website, and a payment gateway application.
Considerations for Choosing a Payment Gateway:
Working of a Payment Gateway in Sri Lanka:
Payment gateways involve five key parties: the merchant, customer, issuing bank, acquiring bank, and network. The transaction process includes three stages: authorizing the payment, clearing the transaction, and settling the payment. Encryption and secure protocols ensure the confidentiality and safety of transactions.
Conclusion:
Integrating a payment gateway is essential for online businesses in Sri Lanka to provide a convenient and secure purchasing experience for customers. By considering factors such as security, fees, processing speed, accessibility, and integration ease, you can select the right payment gateway for your business needs.
