What is online payment?
Online payment simply refers to payment done electronically. It is a system that involves the use of a computer networks, internet and digital data store system to exchange monetary funds. When payments are made into your bank account via the internet, you have just received an online payment.
I have critically examined reasons why every business (small, medium and large scale business) needs an online payment processor platform. Globally, there are lot of online payment system ranging from an online payment system that ensures that payment are made direct into your bank account from your customer’s bank account without going through a third party gateway to the one that are being process by third parties. What about in Nigeria? Are they no online payment solutions for Nigerians?
Imagine you as an entrepreneur in Nigeria, you developed a business idea just as we have here on online business tips and you intend creating a website for this-to market and sell your products and services online but all of a sudden, you got sucked and quit the business because there is no fast and easy means of receiving the payment of your products from your customers.
The utterances and complaints I received from most of our Nigeria online business owners about receiving payments for their products and services here in Nigeria lead me into this research for best online payment solution for Nigeria.
So, in this post I will show you the top and best online payment processor platform in Nigeria and the merchants’ online payment websites.
Top Online Payment Processor Platforms for Nigeria
Below are the top Online Payment Solutions in Nigeria;
1. INTERSWITCH InternetPay
From INTERSWITCH, Interswitch has a secure, reliable, and scalable platform for electronic transaction processing in a multi-institution, multi-functional, Online/Offline environment. We design, implement and support payment infrastructure that deliver the highest level of availability and transaction integrity. Our systems accept transactions from a diverse range of delivery payment channels, intelligently switching them to a variety of external networks.
Interswitchs Electronic Funds Transfer (EFT) switching application, supports major networks including Verve, Mastercard, and China Union Pay, besides other proprietary networks. The infrastructure is based on open-system architecture and uses relational database technology, offering clientsportability, and reliability as they expand.Our open-systems architecture reduces/eliminates the considerable expense, of paying for proprietary hardware, software, and PCIDSS compliance.
Interswitchs robust back office systems provide comprehensive settlement and reconciliation services along with free associated reports.
Interswitch currently offers 3 Internet Payment options
• Webpay (with and without web reporting)
• webpaydirect-this can be integrated directly onto your website and Interswitch will provide elaborate reporting (dependent on integration specifications and reporting requirements), to enable you know who paid what, when, which bank it was paid into and what amount was paid online, real time from anywhere in the world.
Webpay can be with or without web reporting. Webpay without web reporting is also known as paydirect.
• webpay (with web reporting)-this can also be integrated directly onto your website enabling funds to be received into your account, but no elaborate reporting is provided.
• Paydirect (web without reporting) offers cash deposit information and is often the product of choice for medium and small businesses.
• Quickteller– is a payment platform that works like a payment shop or supermarket, where you can make online payments for various products and services. You may communicate that your services are available at quickteller.com and/or decide to place a link on your website that redirects to quickteller.com so your customers and clients can make payments using the platform. Quickteller is great for Internet savvy users who are already used to making payments online as itprovides them the option of enagaging with a host of value added services such as buying airline tickets, online recharge, payment for utility bills and a host of other services.
To start with interswitch, get interswitch ATM card. Interswitch ATM cards are debit cards issued by Nigerian banks. These cards are issued to almost every account holder banking with a Nigerian bank. To ensure that your ATM card will work on website please check the back of your ATM card to see if the Interswitch Logo is present, as there are other uncommon payment cards in Nigeria. If you do not have an Interswitch debit card you can visit the nearest branch of your bank for information on how to apply for one.
For further information on INTERSWITCH InternetPay, visit interswitch official website http://www.interswitchng.com
From eTranzact-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 designed and built as a credible alternative to 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.
eTranzact as a Switch processes payment requests from multiple channels – Web, ATM,POS, mobile, etc using automated procedures. The switching platform validates transaction requests after running security checks on the payment cards. The system ensures there are no security breaches during the transaction processing by encrpting all card information using tripleDES technology, thus protecting the card information.
Our payment processing service helps organizations to:
• Reduce the administrative overhead of cheque printing and returned cheques.
• Generate new Revenue streams.
About eTranzact– ETranzact was launched in September 2003, and has today evolved into a brand with global reach extending its innovative services to include products which cut across virtually all aspects of the e-payment space; ATM, Internet, POS, and Mobile. The company currently has operations in six other countries around the world; South Africa, Ghana, Zimbabwe, Kenya, Cote d’voire and United Kingdom.
Since Inception, eTranzact has deployed its mobile payment solutions to banks and non bank financial institutions alike and was recently granted the license by the Central Bank of Nigeria to provide Mobile Money services to individuals with a special focus on the unbanked.
For more information about eTranzact, visit the eTranzact official website: http://www.etranzact.com
From SIMPLEPAY– SimplePay allows any business or consumer with an e-mail address and a bank account to securely, conveniently and cost-effectively send and receive payments online or through their mobile phone. Our network provides a global, real-time merchant transaction processing solution. SimplePay for merchants is ideally suited for small businesses, online merchants, individuals, and others currently underserved by traditional payment systems.
Simple Pay’s service, which lets users send payments for free, can be used from PCs or web-enabled mobile phones. Simplepay gateway can easily be integrated with paying or selling on your website and facebook.
SimplePay Payment Gateway suspend any account that is found to be involved in any fraudulent or malicious activity, including impersonating a representative or attempting to gain other users passwords. Any decision made by, its officers, or representatives will be final.
About Simplepay-SimplePay was founded on 2013. It Started operations in 2014 in Abuja, Nigeria. They received funding from Seedstars, a Swiss-based venture builder, and are now poised for explosive growth throughout Nigeria.
For any question about simplepay, visit the simplepay official website: http://www.simplepay4u.com
From Cashenvoy– CashEnvoy is the safest and most convenient means to make and receive payments online, within Nigeria. CashEnvoy.com is a web application that aids the transfer of money from person-to-merchant using the web application and personal email addresses.
The service allows account owners to send money without sharing financial information, with the flexibility of payment using their bank accounts and debit cards. It is safe because account holders will not have to expose account details on the numerous websites they do business on. It is convenient, because users don’t have to carry about cards to process transactions. Apart from using it to pay for goods and services online, it can also be used to donate money for a cause.
CashEnvoy is approved by the Central Bank of Nigeria to process web transactions – BPS/PSP/GEN/PSM/02/010.
CashEnvoy usually 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).
About CashEnvoy– With over 300 merchants, over 10,000 users and millions and millions of Naira processed, we have made great strides since our launch in November 2009. “Up” is the only way to go.
CashEnvoy is owned by Electronic Settlement Limited, an independent, private sector led, limited liability Company located in Lagos Nigeria focused on providing secure and convenient online solutions.
For further inquiry about CashEnvoy, visit the CashEnvoy official website: http://www.cashenvoy.com
From VoguePay– Voguepay is a unique online payment processor whose vision is to offer buyers and sellers a secure and easy-to-use means of transacting business online.
VoguePay allows site owners to recieve payment for their goods and services on their website without any setup fee.
VoguePay distinguishes itself from other online payment processors with its array of features that are guided by its core values:
– User Friendliness
VoguePay aims at continuous improvement of its services and consistent introduction of new value adding features and maintenance/upgrading of existing ones.
We believe that receiving money on your website should be easy enough for anyone to implement, this explains why we have carefully created several tools to make integration of VoguePay into your site a snap.
If you have a joomal, drupal website or wordpress blog you can download any of voguepay free joomla modules, drupal extension or wordpress plugin that integrates VoguePay button into you existing website or blog..
If you don’t use any of the above content management system, you can generate an HTML code to paste on your website to allow you accept payment for a single item at a time.
You may also generate a free shopping cart that allows your customers to select multiple items on your website before proceeding to our payment page.
For further information about Voguepay, visit the voguepay official website: https://www.voguepay.com
6. 2Checkout (2CO)
From 2Checkout- 2Checkout.com is an online payment processing service that helps you accept credit cards, PayPal and debit cards. With our international payment processing features, you have the opportunity to sell globally and reach a truly international audience.
We give your customers the option to select from any of 15 languages and 26 currencies through the checkout process giving them a familiar and comfortable experience. 2Checkout Mobile can help you monitor your account details and manage your online business on the go. Now you can view sales, issue refunds and check payments on your mobile device.
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.
About 2Checkout– 2Checkout was established in 2000 and the headquartered is in Columbus, Ohio, 2CO provides turnkey e-commerce solutions to thousands of business customers around the world. 2CO’s proprietary technology supports back-office functions including financial reporting, tracking, fraud prevention, affiliate tracking, customer service and sales tracking.
Since inception 2CO has maintained a steady and maintainable growth. The company’s approach is geared towards providing quality service to new and existing clients without feeling the need to expand at a rate that would sacrifice service to our clients.
You can visit 2Checkout official website: http://www.2checkout.com for further inquiries.
7. GTBANK GTPay
From GTBANK GTPAY– GTBANK GTPAY is a one-stop, safe, secure and convenient web payment solution that enables merchants receive payments from both local and international payment cards. Both locally and internationally issued cards including; Interswitch, MasterCard and VISA are accepted by GTPAY. Merchants get value next day after transaction takes place. GTPAY comes with a unique, online monitoring console that allows merchants view transactions as they occur.
GTBank is a certified developer partner so they take on GTPAY integration for their merchants and as such the integration fee is waived off for them.
About Guaranty Trust Bank Plc– Guaranty Trust Bank plc is a foremost Nigerian financial institution with vast business outlays spanning Anglophone West Africa and the United Kingdom. The Bank presently has an Asset Base of over 2 Trillion Naira, shareholders funds of over 200 Billion Naira and employs over 5,000 people in Nigeria, Cote dIvoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.
The Bank was established in 1990 and since her inception, the bank management has a corporate banking bias and strong service culture that have enabled it record consistent year on year growth in clientele base and key financial indices.
Further information about GTBANK GTPAY; visit the official Guaranty Trust Bank Plc Website: http://www.gtbank.com
8. UBA UCollect
From UBA U-Collect– U-Collect is a Consolidated Internet Payment Gateway Solution which integrates multiple payment solutions available in Nigeria – VISA, Verve, MasterCard and e-Tranzact. U-Collect is a solution which allows merchants to accept card payments from customers who desire to do online purchases using their various cards.
It is a gateway that connects merchants, cardholders, and financial institutions, offering the assurance of secure transactions and timely payments.
The UBA U-Collect platform support International VISA and MasterCard for some selected industries.
About United Bank of Africa (UBA) Plc– UBA’s history dates back to 1948 when the British and French Bank Limited (“BFB”) commenced business in Nigeria and the erstwhile STB and CTB both in 1990. Following Nigeria’s independence from Britain, UBA was incorporated in 1961 to take over the business of BFB. Although today’s UBA emerged at a time of industry consolidation induced by regulation, the consolidated UBA was borne out of a desire to lead the domestic sector to a new era of global relevance by championing the creation of the Nigerian consumer finance market, leading a private/public sector partnership at supporting the acceleration of Nigeria’s economic development, and growing the institution from a banking to a one-stop financial services institution, while spreading its footprints across Africa to earn the reputation as the face of banking in the continent.
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.
Visit the Guaranty Trust Bank Plc official website: http://www.ubagroup.com for further information
9. ZENITH BANK GlobalPAY
From Zenith Bank GlobalPay– Zenith Bank GlobalPay is a web-based payment gateway that enables merchants with functional websites accept card payments from customers worldwide.
With a one-time integration, merchants can receive payments from a wide variety of locally and internationally issued debit, credit and prepaid cards.
GlobalPAY accepts MasterCard, Visa, Verve and Etranzact cards. This solution gives your business a global outlook and vastly expands your potential customer base.
With Zenith Bank GlobalPay you can receive payments into your account immediately the payments are made. ONLY one setup fee and integration enable you accept multiple cards. No need to integrate separately for each card type. Real-time transaction reporting and management are also supported.
About Zenith Bank Plc-Zenith Bank Plc is a leader in financial services, with headquarters in Nigeria, and subsidiaries in the United Kingdom, Ghana, Sierra Leone, Gambia, and South Africa (Representative Office), offers premium solutions to its teeming customers. Over the years, the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking. We define service standards in our environment as we are in business to always deliver exceptional services to our ever expanding clientele.
Further information; visit, Zenith bank Plc official website: http://www.zenithbank.com
From Diamond bank DiamondWebPAY– Diamond WebPAY payment gateway is a multiple card-accepting online payment solution for a most rewarding buying and selling experience on the internet. This service will enable your customers (cardholders) to initiate online payments irrespective of the card they carry, be it Visa, Verve or Mastercard from any part of the world.
Paying with a card on a DiamondWebPAY
For a complete and successful online transaction, your customer will follow these steps:
Step 1: Browse at a webpayment-enabled site for goods or services to buy
Step 2: Select item(s) you wish to pay for.
Step 3: Select type of card; Visa, Verve or Mastercard.
Step 4: Select the pay icon.
Step 5: Enter card details: embossed card number, Card PIN, expiry date and the card 3 digit number behind your card.
Step 6: Click enter (ok) to confirm card details and value of goods to finalize purchase.
For further inquiry about DiamondWebPAY, visit the official diamond website: www.diamondbank.com
11. Fidelity Bank PayGate
From Fidelity Bank PayGate– Fidelity Bank PayGate is a robust enterprise software platform that provides a consolidated internet payment gateway for interaction between merchant websites and Internet payment processors for purposes of accepting card payments over the Internet. The system provides customized payment capabilities that can be tailored to peculiar business needs, with flexible backend reporting, data export functionalities, and optional straight integration to corporate legacy systems.
Some of the features of Fidelity Bank PayGate include;
• Ability to spend in both Naira and any other foreign currency
• You can make ATM withdrawals
• Ability to make POS/Online Payments
• EMV chip and Pin secured.
• Secured by Verified by Visa (VbyV)
Other Online Payment platform that work in Nigeria
From Payza-Payza is the leading global online payment platform that specializes in e-commerce processing, corporate disbursements, and remittances for individuals and businesses around the world. The e-wallet platform provides Payza members worldwide with convenient and flexible loading and withdrawal options, such as localized bank transfers, global bank wires, credit/debit card, checks, and prepaid cards, among others. Payza also affords you the ability to receive payments not just from account holders but also from credit card holders who may want to pay you with their credit cards. But in setting Payza credit card platform, you would have to submit your website for verification and approval. But credit card users from Nigeria would have to verify their credit cards once for a start before they begin using it on your proposed website.
The Payza online payment platform lets you send and receive money, shop, make online payments or get paid from almost anywhere in the world. Payza Payment system online is also known as E-wallet.
Payza online payment platform purchased the Alertpay system in 2012.
Payza offers its services in 197 countries and in 21 different currencies, including foreign exchange services, online payment international transfer, withdraw, receiving payments online personally or for business purpose, and more.
Visit Payza official website: https://www.payza.com for further inquiries
13. Liberty Reserve
Liberty reserve is an online payment system and provider of digital gold currency (LR-gold). LibertyReserve is one of the oldest and safest online payment processors. You can store your funds privately in gold, Euro or USD.
They are an offshore company incorporated in Costa Rica, launching their USD backed digital currency (LR-USD) in 2002 and they also have a Euro backed digital currency (LR-EUR). Their gold backed digital currency was launched in 2008. Liberty Reserve is a member of the Global Digital Currency Association (GDCA), a voluntary regulatory body in the industry.
For more information about liberty Reserve, visit Liberty website at www.libertyreserve.com
From FASTECASH– FasteCash is a payment solution system with the vision to make e-commerce a workable reality in the Nigerian community. It makes online transaction possible and easy by helping customers and recipients to transfer fund in real time for a product/service. Money can also be sent to friends and relatives either as a gift or for other reasons through the online service.
The parties involved in an online business, transaction or deal must have FasteCash accounts to carry out such a transaction. Every FasteCash account user receives instant notification in his/her email box for any online transaction that is being carried out.
You can sign up for FasteCash account for free, using your email address and a specially and personally chosen User name. Your email and User name are unique because nobody else has them except you.
Two different accounts can be open with Fastecash. One of them is normal account and the classic account. classicClassic Account is for individual, business or organization that needs secure, fast and reliable way of accepting payment online with IPN handler to satisfy customer’s virtual purchases.
The URL of the FASTCASH website is http://www.FasteCash.com, visit the site for further information.
15. Virtual Terminal Network (VTN VCASH)
From VTN VCASH– Virtual Terminal Network is a revolutionary hybrid Web/Mobile payment platform designed solely to aid the growth of ecommerce in Africa and first deployment is in Nigeria. VTN VCASH allows you to transfer and receive money locally and through Western Union using your phone or online, plus much more. VTN allows Nigerians a simple and secure way to pay for goods and services online locally and to move and/or access funds no matter where they are nationwide by using any computer connected to the web or their GSM phones, with instant settlement of funds without any risk to their bank account and no inherent risk to banks.
All VTN cash transactions pass through the Banking system and the physical cash resides in the designated banks.
Some features of VTN VCash that interest me are;
• VTN has a feature that allows you to lock your account such that nobody can have access to your account even if your password and pin are compromised. Not many solutions around can boast of this security features
• VTN allows you to become an affiliate and invite friends to join. We pay you 5% commission of the processing fee each time they receive payments from a vtn use. It’s automatic. Imagine referring an account like a utility company? Please do not tender your resignation just yet
• VTN allows you to be a reseller of our electronic pin. You can start your business and be selling pins from home or office. We provide you all the tools and training to get started. You can advertise and have thousands of customers buying pins from you to load their VTN account. Why would people want to buy pins from you?
Visit VTN official website https://virtualterminalnetwork.com for further information
From GRAPHCARD– Graphcard.com is an ecommerce platform built for the 1/3 of a billion estimated internet users without access to the traditional credit cards to make payments with online. As an intermediary, we work exclusively with the leaders in the prepaid card industry to facilitate ecommerce. We also provide personal shopper service, package holding and shipping services.
About GRAPHCARD-Graphcard’s ecommerce platform, established 2003 was developed to enable local and remote internet users without credit cards to equally participate in the global e-commerce, thereby fostering equilibrium and knowledge interchange among Internet users world-wide.
Netnaira is a Nigerian online payment processor Nigerians can use to make and receive payments over the Internet for goods and services in Nigeria.
Netnaira is verified and secured.
For more information visit netnaira official website http://www.netnaira.com
From SoftPay–Softpay was launched so that anyone with an email account can send or receive SoftPay Naira. Each SPN is valued at ₦1.00 NGN. SoftPay Users may redeem their SPN for the cash equivalency at any time simply by filling out the request form when logged into your SoftPay account.
At SoftPay your business is important to us and you will always receive fair treatment as we strongly compete to be the provider of choice.
For further inquiry about softpay, visit softpay official website: http://www.softpay.org
Onlinenaira is a payment gateway for Nigerians for buying and selling of goods and services over the Internet. OnlineNaira is a safe, fast and secure way to pay for products and services online .
20. EYOWO and SOFTPURSE
These two Nigeria online payment platform are down as of the time this article was written. I added them because they are well known online payment platform for Nigerians.
In summary, there are still other online payment processor platforms for Nigerians that I have not mentioned but I selected the 20 well known online payment platforms. It is also good you understand how some of these online payment processor system work.
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Bye for now!