What are the payment gateways available in Sri Lanka?
What is a payment gateway ?
A payment gateway is a technology that enables online businesses to securely accept and process payments from customers over the internet. It is a software application that connects a website or mobile application to a payment processor, allowing customers to enter their payment information and complete a transaction.
When a customer makes a purchase on an ecommerce website or mobile app, the payment gateway securely transfers the customer’s payment information to the payment processor, which then verifies the information with the customer’s bank or credit card company. If the payment is authorized, the payment processor sends a confirmation message back to the payment gateway, which then completes the transaction and transfers the funds to the merchant’s account.
Payment gateways also provide an additional layer of security by encrypting sensitive customer information during the transaction process, helping to protect against fraud and ensuring that customer data remains confidential.
Payment gateways typically support multiple payment methods, including credit and debit cards, e-wallets, bank transfers, and more. They also provide merchants with tools to manage and track transactions, issue refunds, and monitor chargebacks.