Top 7 Online Payment Gateways In Nigeria
Online payment gateways in Nigeria have witnessed huge demand with the increased usage of e-commerce sites in Nigeria. Local businesses are now exposed to the plethora of opportunities that it presents and how it can help them to achieve success and gain competitive advantage. If your business is not online yet, then it’s high time you consider it. There has been a significant transformation in the market. Firms that are yet to have an online presence might be phased out in no distant time.
We have therefore compiled a list of online payment platforms that work for businesses in Nigeria. This is not meant as an endorsement of any one of them. However, its purpose is to create awareness about their existence and usage.
Etranzact was launched in September 2003. It is a multi-network payment gateway as it supports all the key networks including AMEX, Visa, and Mastercard. It has an ability to credit multiple accounts simultaneously. The platform was built as an alternative to all cash and cheque transactions.
CashEnvoy has been rated as the easiest and most convenient way to make payment and receive money online. It is owned by Electronic Settlement Ltd in Lagos Nigeria. It’s a Web application that allows its users to send money without disclosing their financial information other than the bank account and debit card. It accepts all the main Nigerian debit cards, MasterCard and VISA. CashEnvoy charges a minimal fee for processing online payment for vendors and commercial users. Cashenvoy users can fund their account with Nigerian debit cards or through bank transfer from designated banks.
UBA UCollect is a payment gateway service that enables merchants to accept payment online for goods and services. It accepts multiple cards type, MasterCard, Visa, and Verve. It also supports international cards from few selected industries. Its payment process is simplified, and it supports multiple currencies—Naira, Dollar, Pound, Euro, etc.
Zenith Bank GlobalPay
Globalpay is a Web based platform that allows merchants to receive payment on their website globally. It accepts both local and international issued cards. It has great features of enabling real time reporting and management. There are no delays in receiving payments and merchants have an online log for monitoring transactions as they occur. Globalpay is ideal for companies that are open for business globally and not restricted to local markets. The platform accepts local and international issued cards such as Interswitch, eTranzact, VISA and Mastercard.
Interswitch is the largest payment gateway in Nigeria. It is a safe and reliable platform that has always ranked high on the top list for several years. It provides payment integration and advisory services to organizations and governments. It enables super switch real time transactions for individuals to access their funds through various banks in Nigeria such as the Point of Sale (POS) and Automated Teller Machine (ATM). Over the years, Interswitch has been able to build a stable platform that has made payments easier for all through their Quickteller and Webpay platforms.
Quickteller is designed to enable its users to pay for services from the comfort of their homes, services such as Bill payments, airtime top-up, DSTV and electricity bills, etc. Interswitch Webpay facilitates payment for goods and services for buyers online through their bank issued cards.
GTpay is a quick and convenient payment gateway developed by Guaranty Trust Bank Plc to facilitate payment online through debit cards. It accepts Nigerian cards such as Interswitch, Visa, and Mastercard which is directly linked to a GTbank account. GTpay integration allows merchants to get value for every transaction the next day and to also has a monitoring log to keep track of operations as they occur. It has a global reach and thereby helping local businesses to increase sales.
VoguePay is rated among the best payment gateways in Africa. This might be due to its flexibility and cheaper services compared to other platforms. Custom integration into a website is facilitated using a ready-made plugin which can be downloaded and installed to WordPress and this ease the stress of gateway integration into a website. VoguePay works with Unified payments, Interswitch, and eTranzact. They strive to make online payments and transactions easier, cheaper and accessible to all Africans.
As e-commerce stores continue to witness an influx of users and increase in patronage daily, coupled with the introduction of cashless policy for transactions; there are chances that there would be better ways of making and receiving payments online in the future. Those businesses that caught up with the train early enough will have the bank to smile to and have a competitive edge over others that were resistant to the change.