Online payment has evolved in the world and in Nigeria. Africa has really taken to Online payment systems for purchases of goods, services, utility bills and much more.
To receive payment online, there is need of a payment processor system which involves the use of electronic money, web processing solution and database updating when transaction is successfully completed.
Suffices to say that the transfer of money from merchant’s account to another account through a trusted platform. For those into affiliate marketing, adsense or other forms of online business that involves the transfer of funds from one platform to another by the use of electronic money or e-wallet as some platforms have it. You can say that the online payment process which most of you may be use to and some others may not know but today we will knowe the top best online payment processors in Nigeria.
For online payment, there is the involvement of a third party payment processing system. There is the gateway payment system and the payment processor system but we will discuss this two in details in another post.
Here are some Online Payment Processing Platforms in Nigeria
1. UBA UCollect
United Bank of Africa (UBA) Plc is the West Africa’s largest banking and financial services group as measured by asset base, number of customers, branch network and profitability.
It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services. As a leading player in the African financial services sector, the banks aspiration is to fly the flag of African excellence within the global financial community and to be a role model to other African businesses.
Today’s United Bank for Africa Plc (UBA) is the product of the merger of Nigeria’s third (3rd) and fifth (5th) largest banks, namely the old UBA and the erstwhile Standard Trust Bank Plc (STB) respectively, and a subsequent acquisition of the erstwhile Continental Trust Bank Limited (CTB). The union emerged as the first successful corporate combination in the history of Nigerian banking.
The UBA U-Collect is an Internet Payment Gateway service which allows Merchants accept online payments for goods and services. This solution accepts multiple card types available in Nigeria – VISA, Verve, MasterCard and e-Tranzact.
U-Collect on the web is the same as POS but on the web for businesses that have presence online. An example of U-Collect is what you see on Aero page when you select to pay for airline ticket online.
The platform support International VISA and MasterCard for selected industries.
This is a Payment Gateway system that allows transactions to be carried out with an email address to securely, conveniently and cost-effectively send and receive payments online.
It was designed with the intent of the users at heart through existing financial infrastructure of bank accounts and credit cards to create a global, real-time payment solution. With Simple Pay’s service, users send payments for free, be it from PCs or web-enabled mobile phones.
SimplePay Payment Gateway has a secured service that enables them not to allow any fraudulent or malicious activity, like attempting to gain other users passwords.
3. Fastecash, VTN and Softpurse
Fastecash, VTN and Softpurse allows users to receive money from members who are account holders with the same processor. Fastecash feature includes the use of an IPN that allows reception of payment.
They permit money to be in an e-currency which in this case is in Naira and so customers can easily make payments and withdrawals by their bank account. VTN is also used for making online payments in Naira. It allows funding your Graphcard account which could be used for a lot of purposes such as a virtual credit card, US phone number, US address and so on
Softpurse also is a growing means of online payment in Nigeria which is finding its base among online recharge card vendors.
These platforms I have not used either as an affiliate merchant or in ads payment, but I had to carefully make a bit of research on them and have found them growing on the rise as a payment processor platform.
4. GTBANK GTPay
When you talk about some of the best of the best, you can not go on without mentioning the GTPAY.
GTPAY is safe, secure and convenient web payment solution that enables online transactions both in local and international payment cards.
FEATURES of GTPAY
These are some of the features of the GTPAY from the GT Bank website.
• GTPAY accepts both locally and internationally issued cards including Interswitch, MasterCard and VISA.
• Timely transaction processing: Merchants get value next day after transaction takes place.
• GTPAY monitoring log: GTPAY comes with a unique, online monitoring console that allows merchants view transactions as they occur.
• Reduced sign-on fee: GTBank is a certified developer partner so we take on GTPAY integration for our merchants and as such the integration fee is waived for them.
- Setup Fee: ₦75,000
- Local Transactions: 1.5% of transaction amount (subject to a maximum of N2,000)
- International Transactions (MasterCard, VISA): 3% of transaction amount; no cap.
- International Gateway Monthly Charge: N5,000
Interswitch is a safe, secure, reliable, and convenient payment platform for electronic transaction processing in a multi-institution, multi-functional, Online/Offline environment.
The interswitch team designed it to implement and support payment infrastructure at the highest level of availability and transaction integrity. The system accept transactions from a diverse range of delivery payment channels which intelligently switchs to a variety of external networks.
Interswitchs has the Electronic Funds Transfer (EFT) switching application that supports major networks including Verve, Mastercard, and China Union Pay, in addition to other proprietary networks.
Interswitchs robust back office systems provide comprehensive settlement and reconciliation services along with free associated reports. This is what most webmasters use to integrate payment on blogs/websites along other online platforms that involves transactions online.
Interswitch currently offers 3 Internet Payment options.
• Paydirect – web with reporting,
• Paydirect – web without reporting
- Paydirect – web (with reporting)
Paydirect-web (with reporting) Integrates directly unto your website and Interswitch will provide elaborate reporting (dependent on integration specifications and reporting requirements), Things you get are: know who paid what, when, which bank it was paid into and what amount was paid online, real time from anywhere in the world.
2. Paydirect – web (without reporting)
Paydirect – Web (without reporting) – Integrates directly unto your website enabling funds to be received into your account without reporting it to you. Paydirect – Web (without reporting) offers cash deposit information and is often the product of choice for medium and small businesses.
3. Quickteller (with generic reporting)
Quickteller (with generic reporting) – is a payment platform where you can make online payments for various products and services on the go.
The moment you contact quickteller.com they do the job and gives you either codes on your site or link to paste on your website that redirects to quickteller so your customers and clients can make payments using the platform.
Quickteller provides options for online transaction with a host of value added services such as buying airline tickets, online recharge, utility bills payment and a host of other services.
- Setup Fee: ₦150,000
- Transaction Fee: 1.5%, subject to a cap of N2,000.
Zenith Bank GlobalPay is a web-based payment gateway. It enables one to accept payments on website from customers all over the world. With a one-time integration, it is easy to receive payments from a wide variety of locally and internationally issued credit and debit cards.
It provides your business with a global outlook that expands your potential customer base.
If you’re open for business on the web, you might as well be open for business to the world, and for that, GlobalPay is the perfect solution.
FEATURES Of GlobalPay
• Acceptance of locally and internationally issued cards – Interswitch, eTranzact, VISA and Mastercard.
• Online log for monitoring transactions – View transactions as they occur
• Real-time online payments processing – Receive payments into your account immediately the payments are made.
• Multiple card acceptance from one-off integration – One setup fee and one integration enables you accept multiple cards. No need to integrate separately for each card type.
• Real-time transaction reporting and management – Automatically generated records of transactions as they occur enable you keep track of transactions.
For webmasters, bloggers and web designers this won’t be new to you as you might have integrated this or others with woocommerce and other online shopping website. It processes payment requests from multiple channels – Web, ATM,POS, mobile, etc using automated procedures.
eTranzact is a multi-application, multi-network and multi-channel electronic payment platform that supports all major networks including AMEX, VISA and MasterCard. eTranzact Platform is credible to handle all transaction which are currently cash or check based and the platform capability is such that any solution that is driven by consumer payment can be automated on the platform.
Their payment processing service provides the following help to organizations:
Reduce the administrative overhead of cheque printing and returned cheques
Generate new Revenue streams
CashEnvoy is designed and owned by Electronic Settlement Limited, an independent, private sector led, limited liability Company. It is among the safest, easiest and convenient way to make payment, send money and get paid online. It allows payments and money transfers to be made through the Internet. Cash Envoy account can be funded with Nigerian debit cards or through online bank transfer from specific local banks.
CashEnvoy performs payment processing for online vendors, auction sites, and other commercial users. It charges a transaction fee for receiving money (a percentage of the amount sent plus an additional fixed amount).
Features Of CashEnvoy
- Merchants, receive Money Online
- Easily pay and settle other merchants on your platform.
- No integration, withdrawal or subscription fees!
- Easy to use, with complete transaction records.
- Receive payment and donations online with ease.
- Accept payment on your online store from debit cards and CashEnvoy account holders.
2CO is the authorized reseller for thousands of tangible or digital products and services. Their technology supports back-office functions including financial reporting, tracking, fraud prevention, affiliate tracking, customer service and sales tracking.
Features Of 2Checkout
- 2Checkout’s online processing provides your business the ability to accept payments from customers in over 200 countries.
- Our customized checkout pages allow your customers to make purchases in any of 8 payment methods, 15 languages, and 26 currencies.
- Multiple Currency Options: Accept payments on your site in more than 20+ different currencies from every corner of the world.
- You can get paid in dozens of currencies and multiple methods including, Electronic Funds Transfer that goes directly to your bank accounts, international Wire Transfer, or a 2Checkout branded Payoneer MasterCard.
- Customers can checkout in 15 different languages: Chinese (Traditional), Danish, Dutch, English, French, German, Greek, Italian, Japanese, Norwegian, Portuguese, Slovenian, Spanish (Latin), Spanish (European), Swedish
This is suitable for both small or large business. Paystack offers a secure platform to accept payments. It’s simple, secure and affordable.
Features Of Paystack
- Paystack is easy and free to get started and can easily be setup Paystack on your site or app even without a developer.
- Payments can be completed in 2-3 easy steps. Your customers can make hassle-free payments directly on your website.
- Paystack provides tools to help you grow: They offer reliable support and business solutions to measure and improve your growth.
- Setup Fee: Free
- Local Transactions: 1.5% + ₦100 (The ₦100 fee is waived for transactions less than ₦2500)
- International Transactions: 3.9% + ₦100
You must have seen them if you operate e-commerce website/blog. It is a secure way to send and receive payments globally. VoguePay’s global coverage permits transactions to be made safely in all major currencies, regardless of location.
It has also been known to support payment in bitcoin. You can accept one-time payments, set up subscriptions, and even receive donations.
- Multiple payment channels: Accept payment any way you want. Give your customers options.
- Developer friendly: Simple API documentation to make integration easy, even for non-developers.
- Easy Account Management: Opt for business or personal accounts based on your needs.
- Multi-currency support: Accept payment in multiple global currencies. Get paid in your default currency.
- Integration: Free (fees may apply for customisation)
- Merchant Verification: ₦ 1,500 (with CAC) and ₦ 2,500 (with Govt. issued ID cards)
- Local Transactions (Naira Cards): 1.5% Transactions above ₦2,500 1.5% + ₦30
- International Transactions (USD MasterCard & VISA Cards): 3.8% + 0.50 of currency transaction
PayU offers secure platform to accept payments. It’s simple, secure and affordable. PayU is a leading online payment service provider dedicated to creating a fast, simple and secure payment process for merchants and buyers. Our presence in 16 high growth markets in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa enable us to be experts in these countries as well as provide the best solutions for the local markets.
Offering over 25 payments methods locally and over 250 payment methods globally.
The platforms listed here have been tested and known to be credible, with time i will bring you updates. Just know there are still a lot of them out there which were not listed here but you can research them to know if it is best for you.