What it is
Merchant services let a business take payments by card, QR code and online. Banks and payment providers offer card terminals (POS), LankaQR acceptance, payment links you send by message, and gateways for websites and apps; funds are settled to your business account.
The cost is mainly the merchant discount rate (a percentage of each card sale) plus any terminal rental, setup or gateway fees. QR payments often cost less than cards.
How to compare
Merchant discount rate by payment type
Local cards, foreign cards, Amex and QR are often priced differently.
Settlement time
Next-day versus longer settlement changes your cash flow.
Terminal rental and setup fees
Fixed monthly fees weigh heavily on low-volume businesses.
Online options
Payment links and gateway plugins matter if you sell online or on social media.
Reporting and reconciliation
Clear reports cut month-end work.
What the bank will ask for
- Business registration and owners' NICs
- A business current account for settlement (often with the same bank)
- Proof of business premises or website
- Description of goods/services and expected monthly card volume
Requirements vary by bank and facility size; this is the usual starting list.
Related business services
Business Current Accounts
The everyday account a business runs on — cheques, transfers, online banking — and how to pick one that fits your volume of transactions.
Business Cash Management
Collect, hold and pay money efficiently across accounts and branches — bulk payments, collections, sweeps and real-time visibility.
Corporate & Business Credit Cards
Cards for business spending with company-level limits, staff cards and spend controls — and how to compare them.
Not sure which bank fits your business?
Send one enquiry; we'll come back with the options that match.