Being a part of PayHere entitles users to enjoy using the services of a payment aggregator that lays claim to having the largest merchant base in Sri Lanka. The 2020 Global Startup Ecosystem Report published by Startup Genome and the Global Entrepreneurship Network recognised PayHere as the leading payment gateway in the country with the largest customer base.

The company opened its doors to more Sri Lankan businesses at the beginning of the year, increasing the number of registered merchants to 3,000. PayHere says it rejoiced at this momentous milestone as it’s the first Central Bank of Sri Lanka (CBSL) approved non-banking payment service provider to gain this accomplishment.

Since its inception in 2016, the company has processed more than Rs. 3.5 billion payments. It intends to celebrate the milestone by expressing its gratitude to the organisations that have chosen to strive towards excellence by placing their trust in one of the best payment aggregators in the country.

These achievements have been accomplished as a result of the company’s commitment to realising its vision of empowering every Sri Lankan business with online payments. PayHere has been able to shift clients’ operations online from offline mediums in unprecedented times, and thereby contribute to the country’s efforts to establish a digital economy.

The services it offers are due to partnerships established with Sampath Bank and Seylan Bank through a special payment acquiring model regulated by CBSL through General Direction No. 1 of 2018 of the Payment and Settlement Act.

PayHere strives to offer a unique experience with superior conversions for merchants by processing payments from Visa, MasterCard, American Express, Discover, Diners Club International, FriMi, Genie, eZ Cash, mCash and Sampath Vishwa through online payment methods.

Furthermore, the organisation supports cross border foreign currency payments in US and Australian Dollars, UK Pounds, Euros and more in an effort to bridge the gap in the quest to reach global markets.

Challenging the status quo has always been a delight for PayHere, motivating it to gear any business in Sri Lanka to enjoy the luxury of using a payment gateway. To this end, the company has introduced service plans to cater to any type of business at any stage of its life cycle, paving the way for startups and small businesses to join without incurring setup fees.

Users also have the flexibility to use the service without any fixed monthly costs with PayHere Lite.

As businesses grow, merchants have the ability to switch between the PayHere Lite, PayHere Plus or PayHere Premium packages without being charged conversion costs. Given the variety of value added services – ranging from recurring billing to automated charging – many medium and large-scale businesses have chosen PayHere to capitalise on its hassle free integration.

The PayHere links and invoices create a platform where merchants can receive direct payments without having to direct payers to a website.

Many businesses preferred to operate through social media at the peak of the COVID-19 restrictions. In such a scenario, these entities found solace as PayHere provided them with an advantage through easy to setup plug-ins offered for a variety of shopping cart platforms.

The company’s transparent knowledge base comprises articles on how to use the service; and it explains that this has been regarded as a saviour by many businesses, which have managed to integrate the solution themselves or with the help of software development teams.

PayHere looked to tackle the challenge of converting the tech averse to ‘technophiles,’ creating a user journey that differs drastically from the traditional ways of adopting payment gateways.

The onboarding process was taken online and it eliminated the need to visit an office to merely fill forms. The need for multiple payment solutions – regardless of whether they were security deposits or maintenance fees that were payable upfront – were discarded and the fee structure simplified.

With the ease of monthly and processing fees that are charged automatically, as well as a fully automated settlement process with guaranteed payout cycles, merchants could conduct business while focussing on growth.

The mastermind behind PayHere – Founder and CEO Dhanika Perera – has been able to attract a team that believed in the company’s destiny to become Sri Lanka’s preferred payment gateway service. This team has managed to contribute to the local economy by supporting exports on a macroeconomic level and lending a hand to entrepreneurs at the grassroots level, while overcoming a variety of challenges and hindrances.

Instead of sulking over the lack of a payment infrastructure, the company was able to create and become the solution to take Sri Lanka to the world. PayHere says it is thankful and excited to deliver more wonders in financial technology in the future.

Furthermore, PayHere invites Sri Lankan businesses to realise their dreams by joining hands with the payment gateway.

– Compiled by Randheer Mallawaarachchi
INTERVIEWEE DETAILS
Dhanika Perera
Founder
CEO
COMPANY DETAILS
Telephone:5339339
Email:support@payhere.lk
Website:www.payhere.lk