Having access to a payment gateway in Sri Lanka is probably one of the most important aspects of running a business online today. If you’re selling a product or service on the internet, your customers are going to expect an accessible and secure method to purchase from you, and this is where integrating a valid payment gateway comes into play.
As an online business owner, you might’ve looked around at your options for payment gateways in Sri Lanka. During this process, figuring out your payment gateway options, running them through various selection criteria, and learning how to incorporate the gateway into your website or online platform can become a little overwhelming.
However, if you want to establish yourself as a trusted online business, you need to ensure that your customers have the best purchasing experience with little to no inconvenience. Integrating an authorized payment gateway is the best way to guarantee this.
If you are looking for a comprehensive guide to understand your options on payment gateways in Sri Lanka, this is definitely the blog for you. In this blog, we’ll guide you through everything you need to know about payment gateways in Sri Lanka, and how to integrate them into your business. So, without further ado, let’s get started!
A payment gateway is basically a service that allows people on the internet to make or receive payments (ex: through a website or a mobile app). Any transaction that takes place through a payment gateway in Sri Lanka or anywhere else does not involve paper cash. Instead, an electronic transaction takes place between you and your customer.
But how does a payment gateway exactly help you carry out these transactions online? Well, payment gateways are in the business of connecting the sellers’ banks with the buyers’ banks. These gateways also make sure that buyers on the internet have easy access to make payments online whenever they need to while making sure that all sensitive financial details of both parties (the buyer and the seller) and maintained.
So, to summarise – payment gateways in Sri Lanka:
Set up fee (LKR)
Recurring fee (LKR)
Commission per transaction
Accepted payment methods
Sampath Bank 15,000 45,000 Local- 3%
2 working days 3 working days Visa, Master and union payment All Major currencies yes yes Seylan Bank 20,000 30,000 3% 2 working days
1-2 week Visa and Master All Major currencies yes yes Commercial Bank 10,000 36,000 2.5%- 3% 1 day 2-4 days Visa and Master Multi- currency yes yes HNB Bank None 6000 /monthly 2.75%-3.2% 1 day 1 week Visa and Master All Major currencies yes yes Genie 30,000 N/A 2.3%-3% 2 days 2-3 days Visa, Master, credit and debit All Major currencies N/A N/A Wexpay 15,000 Xwallet- 1000/month
1 day 2-4 days Visa, Master & American express All Major currencies yes yes Payhere None Payhere lite- none
Payhere plus- 2990/month
Payhere premium- 9990/month
Payhere lite- 3.9%
Payhere plus- 2.99%
Payhere premium- 2.69%
2 days 1 week Visa, Master & American express All Major currencies yes yes 2checkout None 2sell- 70.23 per sale
2subscribe- 90.29 per sale
120.39 per sale
1 day 2 days All credit and debit cards Over 200 currencies yes yes Bitpay None None 1% 2 days 1-2 days All major cr 12 currencies & cryptocurrency yes yes
The whole point of having a business online is to provide your customers with easy access to your products. Your website will help you showcase your offerings, but it can’t help you process payments online. The only way to do this is to integrate a payment gateway with your website.
Think about it, most of the businesses we see on social media usually follow one process when it comes to taking orders:
Step 01: Require their customers to directly message them when they want to purchase a product.
Step 02: Carrying out payments through cash on delivery or bank transfers. This method is highly inconvenient and beats the key purpose of having an online business.
And, as your business grows it becomes impossible for you to attend to every customer personally, instead, you should focus on giving your customers a validated payment process they can conveniently use from the get-go.
The integration process of a payment gateway requires some technical expertise. While most banks provide services that help you with the integration process, other payment gateways in Sri Lanka like 2checkout and Webexpay has a self-service model.
Your business has to be registered in order to qualify for a payment gateway in Sri Lanka. The banks and the payment gateway providers will not allow you to start processing online payments if you’re not officially registered as a business in Sri Lanka.
So what can you do to make sure you cIn case you haven’t registered your business in Sri Lanka yet, take a look at Simplebook’s guide on how to register a business online in Sri Lanka (you can only register a business online now). The blog will guide you through the entire process! Now, back to the actual blog-
Make sure your company also has the following details on hand before starting the payment gateway integration process:
Once you have your business registration details and a website set up, you can contact the payment gateway service provider to get your hands on an application for a payment gateway.
The bank/payment gateway service provider will then assist you, to complete the integration process.
Trying to get your business registered before setting up a payment gateway on your website? Talk to us!
Choosing an authorized and valid payment gateway that is known and trusted by your customers is important. Your customers should be safe when making payments through your website.
‘Read our detailed blog to learn everything you need to know about QuicMake sure the payment gateway providers you choose are certified with Payment Card Industry Data Security Standards (PCI-DSS).
Before deciding on a payment gateway, make sure you explore and compare all of your options. Consider the best deal that complies with your business structure.
Take a look at if the gateway fee structure fits into your budget. Study the service contract closely to determine if it fits your business scale. Some payment gateways in Sri Lanka charge transaction fees when a certain order or transaction volume isn’t met.
You should also have your long term plan in mind when choosing a payment gateway. Your payment gateway should be able to adapt to changes and embed easily as you scale. This is why it is important to ensure that your payment gateway is available for all payment platforms like debit/credit cards.
You have to take into account the speed of money transfer when choosing a payment gateway. The processing time can be a unique feature that makes sure your customers get to experience a smooth payment process.
A payment gateway that has a cloud transfer option can be ideal if you are going for high processing speed. It will improve the efficiency of your operations, and help create an uninterrupted inflow of cash to your business.
Being able to access information on things like how your customers are making purchases can be very useful for you as a business owner, and a payment gateway that offers easy access to your payment details can have a massive positive impact on your business.
Having easy access to your payment gateway dashboard and analytics can be handy when conducting business research to identify loopholes and improve the business.
Integrating a payment gateway into your website is usually not an easy task. Most payment gateways have complicated instructions you’re prone to lose track of.
This is why it’s important to make sure that you choose a payment gateway suitable to your website that could be easily integrated without botching your users’ experience. So, make sure that the payment gateway you choose is user friendly and does not slow down your website.
Let’s take a look at the key parties involved when making payments using a payment gateway in Sri Lanka:
How do these five parties work together to help people buy and sell on the internet? Let’s take a look.
Whenever an online transaction takes place through a payment gateway in Sri Lanka, it always follows these three stages:
Stage one- Authorizing the payment
Stage two- Clearing the transaction
Stage 03- Settling the payment
If you’re interested in a more in-depth view, take a look at this video to see how these parties interact with each other whenever a payment gateway is used to make a purchase.
Before you start integrating a payment gateway in Sri Lanka with your website, you need to have the necessary documentation ready, like your business registration details. It’s absolutely vital that your business has completed its registration process since it cannot access a payment gateway until then.
If your business has not been registered yet, or if you are an entrepreneur looking for some help to register your business in Sri Lanka, Simplebooks can help!
We’ve helped over 3,500 businesses register with the ROC and we’re here to help you too. Simplebooks can do all the work for you, so you can focus on growing your business. Our team will complete the documentation process of registering your business and then help you with the payment gateway integration process.
Before you jump in, make sure you answer all of your questions with our team! They’re here to guide you through the entire process – and the initial conversation doesn’t have to cost you anything but your time.
You can book a FREE consultation with one of our team members to help you ease in to the registration process.
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