Payment Gateways in Bangladesh

 

Payment Gateways in Bangladesh

Payment gateways play an important role in transferring funds from the customer's account to the merchant's account and protecting their clients from fraud. In Bangladesh, there are numerous Fintech businesses that offer payment gateway services. These 'companies can be compared by businesses and users to choose the best payment solution for themselves.

Payment Gateway Selection Criteria in Bangladesh

Before shortlisting payment gateways in Bangladesh, you need consider a few factors as a firm.

1. Dependability

To accept payments, any payment gateway must follow a three-step process. Authorization, settlement, and security are the three steps in the procedure. A smart payment gateway must manage all of these operations while also ensuring faster processing times.

2. Accepted currencies

Today, many Bangladeshi firms connect with international clients that require a payment gateway to provide hassle-free currency exchange without paying additional fees.

3. Payment alternatives

Net banking, card payments, mobile/digital wallets, and QR payments are among the many payment options available to Bangladeshi consumers. To improve the customer experience, businesses must accept a variety of payment methods.

4. Market entanglements

For a flawless client experience, the market must be integrated with multiple procedures. Payment gateways must offer a variety of integration options for various devices and markets.

5. Safety

Regardless of the mechanism of transaction, cash transfers must be extremely secure. A payment gateway must ensure that the client's money are highly secure and not susceptible to fraud. They must adhere to PCI DSS security standards and implement additional internal safeguards to protect the client's data.

6. Pricing and other charges

Payment gateways should be able to handle numerous procedures; ideally, each user pays a fee based on the type of transaction.

Among the several cost types are:

·         Charges on an annual basis

·         Security fees

·         Fee for setup and commission

Charges for refunds

A company must comprehend the total cost of a payment gateway and verify there are no hidden fees.

Payment Gateways in Bangladesh

These are the top ten payment gateways in Bangladesh with which you can work:

1. SLSCOMMERZ

SSLCOMMERZ is a well-known payment processor in Bangladesh. It has been in business since 2020 and has over 3500 clients in offering digital payment solutions on online and mobile platforms.

SSLCOMMERZ provides a simple checkout option with over 30 payment alternatives. The platform includes extra capabilities to make payment gateway integration simpler and less complicated for its clients.

Payment Options

Visa, Mastercard, Mutual Trust Bank Net Banking, DBBL NEXUS Cards, Islamic Bank Net Banking, Bank Asia Net Banking, City Bank/ Amex, and a variety of other cards are accepted.

2. Portwallet

Dhaka-based Portwallet is a new payment gateway. Customers can make online payments over the platform, and it plans to expand its infrastructure to enable internet shopping.

Payment Options

Visa, MasterCard, bKash, Nexus

3. AamarPay 

AamarPay is another prominent FinTech firm in Bangladesh. It provides low-cost payment gateway services for B2B and B2C enterprises, as well as smartphone integration and QR payment choices.

Payment Options

bKash, Rocket, SureCash, Visa and MasterCard, qCashu, UnionPay, and Amex

4. ShurjoPay

Since 2010, Shurjopay has been providing payment options inBangladesh. They are assisting many prominent organizations in Dhaka with their payment issues.

They provide QR-based payment solutions and a developer-friendly platform for businesses.

Payment Options

All Debit/Credit cards

5. Fast Spring 

Fast Spring may be the most suitable payment gateway for international transactions. In this case, anyone wishing to conduct business in a foreign country can obtain funds from them as fast as feasible.

They offer services without the need for a long-term commitment. Furthermore, this company has no commitments or enrollment costs. In a nutshell, this is one of Bangladesh's most user-friendly money processing companies.

Payment Options

Cards, bank debits, bank transfers, buy now; pay later, real-time payments, vouchers, and wallets.

6. 2Checkout

2Checkout is a global payment gateway system that operates in over 180 countries. It has been in business since 2006 and has served over 20,000 people. 2Checkout offers modular and customized payment solutions based on the needs of the business, as well as infrastructure that makes it easier for enterprises to communicate with overseas clientele.

Payment Options

American Express, Visa, MasterCard, JCB, Neteller, PO, Skrill, Paypal, and bank transfer

7. BTTPay

BTTPay offers its services throughout Asia. It is a pioneer in the FinTech area, combining payment gateway services for small start-ups and large corporations.

Payment Options

All major Debit and Credit Card

8. Authorize.Net

Authorize.net has been in business since 1996, and it has worked with over 445,000 merchants. It offers a variety of payment options to its clientele all around the world.

Payment Options

Discover, Visa, MasterCard, American Express, eCheck, and JCP

9. WalletMix

WalletMix is a business-to-business service provider that works with a variety of organizations and institutions.

Payment Options

Visa, MasterCard, American Express, UnionPay, Trust Bank, and others

10. Easy Pay Way

Easy Pay Way another Bangladeshi payment system, Easy Pay Way offers an easy-to-integrate and highly secure payment solution.

Payment Options

Visa, Mastercard, and Nexus debit/credit cards

Local Payment Gateways and Increasing Business Complexities

The expansion of the FinTech market has created several choices for both small and large businesses. Custom features are required by every organization based on their standard criteria. Small and medium-sized enterprises want payment systems that are simple to integrate, code-free, devoid of complexity, and cost-effective.

Large organizations, on the other hand, require complete control over the payment solution and require a bespoke and modular payment solution for their business. Furthermore, there is an impending requirement to support a variety of international currencies at cheaper exchange rates. Businesses require an integrated solution that can meet all of their needs on a single platform. We have prepared a list of the top 10 online payment gateway platforms from various platforms, including the best payment gateway in Bangladesh SSLCOMMERZ.

This article is originally published on Bittervision.

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