PayCly is one of the best payment service providers in Sierra Leone. A payment service provider (PSP) is a company that provides you with online payment solutions for your high-risk business. Payment solutions include high-risk merchant accounts, payment gateway, credit card processing, etc. A payment gateway, merchant account and a website or application are the fundamental requirements of any online business.
A payment gateway is a technology that enables payment transactions by transferring payment details between involved entities. Before transmitting the payment details, it performs many security checks and tokenizes & encrypts the details in order to safeguard the payment. It acts as a bridge between merchants’ web or app payment portals and merchant accounts. On the other hand, a merchant account is similar to a commercial bank account as it carries out all banking tasks, including accepting, holding and withdrawing the funds you receive from your clients.
Why Do You Need a Payment Gateway in Sierra Leone?
Despite having a low internet penetration rate, Sierra Leone’s e-commerce industry is expanding more quickly than anticipated. Internet penetration in the 8.06 million-person nation was 30%. People in Sierra Leone are welcoming the market’s digital change in every way. People are now enjoying making purchases from ecommerce marketplaces online. E-commerce sales were $175.10 million in 2022, and by 2027, they are projected to be $478.20 million. Similar to this, people visit online betting sites to place their bets, and their love of the foreign exchange market is evident from the volume of transactions made there. Additionally, Sierra Leoneans also increasingly like playing at online casinos.