Today, accepting payments online is an indispensable necessity for any business that’s selling to customers in Bangladesh. There is a lot of complexity around payment gateways in Bangladesh – and this is a must-know topic if you are doing any e-commerce or fintech startup, especially for emerging and next-generation financial services companies.
In this post, we offer an extensive guide to payment systems in Bangladesh. We are going to cover payment gateways — what they are and what they can do, the most prominent payment gateways in Bangladesh, and a payment gateway comparison.
Understanding Payment Gateways
A payment gateway connects the e-commerce website on which you receive payments with the bank that ultimately accepts the payment into your account. How it works: When a customer orders a product from an e-commerce site, the payment gateway sends secure payment data from the customer to the acquiring bank or the processor. This helps ensure secure payment processing and facilitates the transfer of funds from the customer’s account to the merchant’s account. With that in mind, it’s necessary to make it easy for your customers to pay and for your clients to receive payments. Solutions like payment gateway BD by Paykassma offer a streamlined, secure, and locally optimized way to handle online transactions in Bangladesh.
Another drawback is that few providers offer a one-stop payment gateway aggregator (such as Aamarpay or Shurjopay) to provide access to multiple payment options and simplify merchant onboarding, so they can accept online payments through multiple modes. These aggregators also help meet standards such as PCI-DSS or ISO 27001.
Payment Gateways Available in Bangladesh
Bangladesh has a wide range of payment gateways, and they are all suitable for specific features. There are many good payment gateways to choose from, and each has its own pros and cons. Other providers, such as Portwallet, also offer numerous payment methods and attempt to boost the use of those.
There are several important players that control the payment gateway scene in Bangladesh, each with their own perks to offer. SSLCommerz’s payment gateway ensures sturdiness and safety, rendering solutions for e-commerce businesses. bKash offers direct payments from customers’ mobile wallets using mobile financial services. Aamarpay integrates a range of payment options such as Visa, Mastercard, American Express, and online banking, thereby offering a flexible solution for merchants. On the other hand, Shurjopay is all about secure payment processing with added emphasis on data privacy and transaction safety.
Choosing the Best Payment Gateway for Your E-commerce Store
Choosing the right payment gateway in Bangladesh for your online store is a decision of great importance. If you’re looking for a trusted local solution, https://paykassma.com offers a feature-rich payment gateway tailored for Bangladeshi merchants, as it affects the way you accept payments online, secure sensitive credit card data of your customers, and how smooth the payment experience your customer will have.
When choosing a payment gateway for your business, it’s imperative to think about the types of payments it can process. Ensure it provides the choices of payment that your customers are seeking — for instance, bKash, Nagad, a number of mobile wallets, Visa, Mastercard, American Express, internet banking, or debit cards. Also, check into the transaction fees and pricing structure. Some gateways charge a percentage per transaction, and some may have a flat monthly rate. The right model will depend on the volume of business transactions and the profitability goals of your business.
Also take the level of security into account. Check that your payment gateway is PCI-DSS compliant with strong fraud protection in place to keep your business and customers safe from fraud. Evaluate the integration process. If your business accepts payments through the payment gateway, will you be able to integrate it with your e-commerce system? This seamless integration will be like smooth sailing for your customers at the time of checkout. Lastly, look into the customer support provided by the payment gateway. An attentive, supportive customer service team can easily deal with any problems that may arise so they won’t cause any interruptions in your payment systems. Some payment gateway aggregators also provide multi-currency functionality, so that you can receive international payments from global customers, should you decide to make your e-commerce store international beyond Bangladesh.
Integrating Payment Gateways into Your E-commerce Website
Deploying a payment gateway on your e-commerce site is essential for accepting online payments and processing them flawlessly in Bangladesh. The process will generally involve you receiving the required credentials from the payment gateway provider — API keys or merchant IDs, for example. With these credentials, you’ll need to implement the payment gateway’s API into your e-commerce. This usually means writing code that encrypts payment data, processes transactions, and manages responses. A lot of the popular shopping cart systems have pre-made plugins or extensions which make it easy to integrate and connect into payment gateway aggregators such as Aamarpay or SSLCommerz. Make sure that your integration follows PCI-DSS to provide secure transactions and to secure your customers’ payment information. Comprehensive testing also needs to be done post-integration to make sure that all the payment flows are working, such as Successful/Failed Transactions and Un-refund processing. Nice and simple integration of a payment gateway not only gives us a great customer payment experience, but also builds trust, leading to higher business repeat and growth in the competitive Bangladeshi e-commerce market. It speeds up the checkout process and gives the customers more ways to pay, which can lead to higher conversions and more satisfied customers.
Future of Payment Gateways in Bangladesh
The prospects of payment gateways in Bangladesh appear good due to the rise of e-commerce and the rise of mobile financial services (MFS). With the uptake in online payments by consumers, payment gateway aggregators and fintech companies are introducing new, secure, easy-to-use, and very user-friendly payment solutions. Bangladesh Bank also works effectively in ensuring the stability and security of the payment systems by formulating regulations like the PSO license. The adoption of new technologies such as blockchain and AI may also improve fraud detection and data security.
Multi-currency support will become even more critical as e-commerce businesses in Bangladesh grow their presence overseas and are able to take international payments easily. In addition, this emphasis on creating a better payment experience — not only for merchants but also customers — will result in more intuitive user interfaces and easier onboarding architecture. Banking partnerships, including with DBBL, BRAC Bank, and City Bank, and MFS providers such as bKash and Nagad will play a major role in building a payment system that is strong and inclusive for people with variegated needs in the Bangladesh market. It is innovation, compliance, and customer experience that will ultimately shape the future of payment gateways in Bangladesh.
