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With a growth in small businesses in the country, a payment gateway has become an essential tool for anyone with an e-business. Sri Lankans are warming up to the idea of e-businesses and online stores, what with anything from furniture to food to shoes and clothes being sold online, either through the vendor’s website or on social media platform like Instagram or Facebook.
While cash on delivery was the preferred method sometime ago when debit cards were not being accepted for online transactions, today, there is a pressing need for digital payment platforms. While not all vendors had recognized the need for such a platform, with the introduction of Payment Gateway Sri Lanka, more and more are looking at the need for and importance of a payment gateway for an e-business.
If you own or manage an e-business, then you will definitely benefit from reading these reasons as to why you need a payment gateway.
Many in Sri Lanka can admit to not knowing a whole lot about payment gateways. The word isn’t used in day-to-day conversation but is a simple concept. A payment gateway is a service that facilitates a payment transaction between the payment portal and the front end processor or bank. It can be described as an ‘e-commerce service that processes, verifies, and accepts or declines card transactions on a merchant’s behalf through secure Internet connections.’
Who needs a payment gateway?
If you are setting up an e-business or an online store, where people can place orders for goods online, then you will need a payment gateway.
Why do you need it?
At a very basic level, a payment gateway Sri Lanka like iPayOS will encourage more people to buy goods from you. You will end up with more customers because of the convenient method of payment and you won’t lose most of your earnings to transaction fees and costs.
Further, we are a people that had to rely on international online stores for a while, since e-businesses are only now starting up in Sri Lanka. Thus we are used to payment gateways and the familiarity in the payment system will keep customers loyal to your business.
Security is another reason to go with a payment gateway. When it comes to digital payment platforms, there is a risk of credit card fraud. With a payment gateway, you have a secure go-between that ensures your data is encrypted. This lowers the risk of fraud or theft, and is definitely a reason for you to get a payment gateway for your e-business.
There are thus a number of reasons for you to choose a payment gateway Sri Lanka like iPayOS for your e-business, and the sooner you make your choice, the better it is for your business.
