Bangladesh has grown tremendously in recent years, and with it has come enormous economic development. Bangladeshis now have more spending power than ever before, driving demand for retail goods across the country.
To meet this demand, businesses are searching for innovative ways to effectively handle their payments and enhance their earnings. As a result, several Fintech companies have sought to serve that function and meet demand by offering payment gateway services.
Continue reading to learn about the top ten payment gateways in Bangladesh and how to choose the best one for your needs.
Before we get there, there are a few things you should know about Payment Gateways.
How Does a Payment Gateway Function?
The payment gateway is an important part of the electronic payment processing system. It is concerned with customers transferring their information directly to the merchant bank, where the transaction is executed.
Payment gateways are rapidly developing as clients become more savvy or develop new desires. Previously, users had to swipe their credit cards into terminals and provide paper signatures.
With the development of chip technology, however, signatures might be replaced with a PIN or personal identification number. You can now make contactless purchases using your phone.
Online payment gateways necessitate an API that allows the website to communicate with the network, whereas in-store POS machines operate via a phone line or the Internet.
Top 12 Payment Gateways in Bangladesh
SSLCOMMERZ, Bangladesh’s oldest and largest digital payment gateway, was created in 2010. It has been a market leader from its start, and Bangladesh Bank recognized it for its exceptional performance and dependability. Assist them in understanding their merchant and SSL user obligations, as well as chargebacks for fraudulent transactions, refunds, and shipment requirements.
- Step A fee of 15000 BDT is charged.
- Visa and Mastercard transactions are subject to a 5% fee.
- Internet and mobile banking: 2%-4%
Another popular payment gateway in Bangladesh is Shurjo Pay. They were the first in Bangladesh to be granted a PSO license by Bangladesh Bank. They are well-liked by both customers and merchants. Although their sign-up price is more than most, they do not impose annual maintenance fees.
- Corporate customers must pay a BDT 10,000 sign-up charge and a BDT 10,000 integration cost.
- The sign-up charge for customers in the Education industry is BDT 10,000, and the integration fee is BDT 5,000.
- There are no annual or monthly fees.
- Visa and Mastercard fees are 2.5% for corporate customers and 1.5% for the education business.
- American Express fees: Corporate clients pay 3.5%, while the education industry pays 1.5%.
3. Easy Pay Way
Easy Pay Way is one of the most secure and adaptable payment gateways in Bangladesh. There are four basic plans available: Basic, Starter, Professional, and Corporate. Their commission rate is shown on the quote, and it is modifiable based on the volume of your transactions.
- Basic BDT 5,000, Starter BDT 10,000, Professional BDT 18,000, Corporate BDT 20,000 Setup Fee
- Fees per year: There are no yearly fees for Basic, Starter, Professional, or Corporate.
- Commission per transaction: Basic is 6.5%, Starter is 5%, and Professional is 3.9%. You can get a price for the corporation.
Paddle is a well-known payment gateway that operates both locally and internationally. They have both B2B and B2C clients and only work with SaaS, making them a major player. The nicest part about this platform is that there are no setup or monthly fees.
- There are no sign-up fees.
- There are no monthly costs.
- Following negotiation, commissions per transaction can be determined.
Aamarpay offers rapid and secure payment options that are popular among retailers because of their low rates and quick checkouts. As a result, they have established themselves as a major platform in Bangladesh. They also have a plethora of APIs that ensure the safety and security of transactions.
They have four plans to choose from: aamar SME, aamar B2B, aamar Enterprise, and aamar Corporate.
- There are four types of plans, ranging from BDT 4,000 to BDT 15,000 per month.
- There are no annual fees.
- Visa and Mastercard commissions range from 55% to 3.25%.
- For mobile payments such as bKash and Rocket, the commission ranges from 8% to 2%.
Payoneer is a low-cost and dependable online payment gateway that is available in over 200 countries across the world. It is very popular among Bangladeshi freelancers. To receive remittances, you can also link Payoneer to bKash.
- There is a 3% transaction fee.
- If your account has been inactive for more than a year, you will be charged a $29.95 fee.
7. Fast Spring
Fast Spring is one of the most dependable payment gateways, particularly for international purchases. If your company deals with foreign clientele, this payment gateway is ideal.
One of the best aspects of Fast Spring is that there is no long-term commitment required. They are ideal for eCommerce and have helped SaaS companies raise their income by 30%.
- There are no sign-up or contract costs.
- 5.9% + $.95 each transaction or 9% per transaction
Authorize.net is a popular online payment gateway in Bangladesh. They are a Visa subsidiary that is well-known for their rigorous privacy and security regulations. They also offer a pleasant and easy online payment experience.
- The setup price is waived.
- $25 monthly
- 1 cent per transaction
- Daily Batch Fee of $0.1
2Checkout is one of the country’s largest payment gateways, offering a wide range of business solutions. They also allow frictionless global transactions, which helps firms generate a lot of money. There is no sign-up or annual cost for their surfaces.
- There are no setup or annual costs.
- 3.9% + $0.45 commission per transaction, plus a 1.5% cross-border cost
Stripe is a global online payment API that provides both payment processing and a payment gateway. To use their services in Bangladesh, however, you must have a foreign company registration.
- Credit and debit card transactions include a 9% charge.
- 1% for foreign cards and currency exchange
- 3.9% for global sales and 1% for fast payments
PayPal is one of the most well-known B2C payment gateways in the world, and it is incredibly dependable and popular. One distinguishing feature is that they provide peer-to-peer transactions that are not available on other platforms.
However, in order to use PayPal in Bangladesh, you must be registered as a foreign firm.
- 2.9% + $0.3 cross-border fees per transaction for online transactions
- Micro Pricing: Domestically, 5%, and internationally, 5.5%
- Domestic personal transactions are free of charge.
PortWallet is one of Bangladesh’s fastest and most efficient payment gateways. They have an API system and internal processing solutions built in.
- The setup charge is BDT 5,000 for individuals and BDT 20,000 for enterprises.
- BDT 24,000 for enterprises annually
- Credit/debit card costs for starters are 3.8% + BDT 2 and 3.5% + BDT 1 for businesses. Online charges for starters are 3% + BDT 2 and 2.5% + BDT 1 for businesses.
Bangladesh has seen a significant surge in electronic and online payments in recent years, owing to the country’s rapid development. Payment gateways have become increasingly significant for both merchants and customers. Hopefully, this article has given you an insight of the payment gateway market in Bangladesh like best payment gateway SSLCOMMERZ and will help you pick who to work with.