What are the best payment gateways in Nigeria? What exactly is a Payment Gateway?
Before we go any further, it’s worth noting that online payment platforms are more properly referred to as “payment gateways.”
As a result, you must have a better understanding of what we refer to as a payment gateway, how it works, and why it is important.
A payment gateway, from a technical standpoint, is a financial technological means by which online business owners receive money from their customers or clients via card.
Customers fill out financial checkouts before booking your service or ordering your product online.
Payment gateways are the virtual prototype of how physical business owners collect payments from every transaction they make with their customers.
It is the interface with which your customers and clients must interact before they can complete the transaction on their end.
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What Is the Importance of Having an Online Payment Gateway?
“Why do we have online payment platforms?” you must have wondered. “Are they really necessary?”
Having an online payment platform for your company is just as important as anything else you do. After all, at the end of the day, you want to collect money – from your clients and customers.
Let’s take a look at top 10 payment gateways.
Top 10 Best Payment Gateways In Nigeria
Paystack is a payment gateway that accepts online payments.
Paystack was founded in 2015 by Ezra and Shola. According to Techcrunch, the startup has exited the ecosystem and has been acquired by Stripe.
In other words, Stripe now has control of it. Paystack is without a doubt one of Nigeria’s leading online payment gateways.
This is due to their excellent service and the fact that they have been in business for a long time.
They currently have over 60,000 customers. This is not an exaggeration because many people, both inside and outside of Nigeria, rely heavily on Paystack.
Paystack is one of the fastest in terms of speed, because you can set up your store or integrate it with your website in under 10 minutes.
The customer, on the other hand, can make a purchase in under two minutes.
If you want to integrate a payment gateway without breaking the bank, Paystack is a great option.
The reason is straightforward: they do not charge any integration or unnecessary maintenance fees.
They only collect crumbs from any transactions you process with them. In other words, if you don’t sell anything in a day, Paystack won’t collect anything.
2. Webpay by Interswitch
You must have paid with Interswitch Webpay at some point. They are one of the most important online payment gateways in Nigeria and throughout Africa.
What distinguishes them is the way they facilitate financial transactions across various card schemes such as MasterCard, Payoneer Card, Verve, Visa, Diners, JCB, American Express, and Discover.
In other words, your customers have a variety of card payment options.
That is critical because some Nigerian customers leave some online stores or decline certain payments because their card is not among the options available.
As a result, it is sufficient to state that Interswitch Webpay’s financial inclusion is their strength.
First and foremost, Interswitch has a visually appealing user interface that will appeal to almost anyone. Not only that, but their interface provides a pleasant user experience because it is simple to navigate and interact with.
They can process large and fast e-transactions without crashing or malfunctioning due to their high-tech capacity.
However, you must pay a one-time fee of $150,000 before you can integrate an Interswitch payment gateway.
Webpay is one of the best payment gateways in Nigeria.
Vogue Pay takes pride in the quick processing of local payments through well-secured application programming interfaces.
Regardless of the nature of your business — marketplace, subscription, or store—Vogue Pay provides a modern payment solution with an excellent user experience.
One of the reasons Vogue Pay is so popular is the unusual speed with which payments are processed. Nobody likes being delayed in any way.
The good news is that Vogue Pay integration is quick and painless. And you’ll have money in your account within minutes.
Furthermore, they will send your funds directly to your account numbers, so you won’t have to worry about it.
Vogue Pay also includes security and analytics features. What are these used for? To be more precise, you can measure and track your revenue.
You can also secure your payment gateway by incorporating authentication methods such as Google authenticator to prevent fraud.
Vogue Pay’s multi-currency and multi-card capabilities make it suitable for a global audience.
And each of them will have different options for finalizing their transactions with you.
The good news is that you only need #4,000 to set up your Vogue Pay gateway.
If you want to reach a larger global audience, you’ll need Fliqpay’s services. They offer cross-border payment solutions to companies all over the world.
Their ideal use cases are supplier, salary, and customer payments.
You can always use your dashboard to keep track of your payments and other important information.
As a result, payments can be made and received from anywhere in the world. They currently accept over 14 popular African currencies.
Of course, you can rest assured that their currency exchange rate is both friendly and reasonable.
Fliqpay is a payment gateway that is certified, licensed and regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
They are also PCI DSS compliant, which is the highest level of security audit certification for a payment gateway.
As a result, your funds are secure and unlikely to be compromised by hackers.
In terms of billing, Fliqpay has no hidden fees and only charges a 1% transaction fee.
PayU is a leading online payment platform that accepts up to 400 local payment methods and is available in 50 emerging markets.
It is not aimed solely at the local audience. They are instead localizing in each country.
PayU India, PayU Nigeria, PayU Egypt, and so on are examples.
Every country has a direct relationship with its local banks and FinTechs.
As a result, they can provide efficient local payment processing. Their service is a perfect blend of local expertise and cutting-edge technology.
PayU Plus is the name of their gateway solution. It is ideal for companies that want to collect money from their customers through their online store or website.
With that integration, your customization and branding will be preserved, making your customers feel even more at ease.
Now, here’s why you should think about using PayU, especially if you have a large business.
PayU can process a large number of transactions at the same time without any hiccups or glitches.
We will recommend PayPal for a variety of reasons.
To begin with, there is no need for an unnecessary integration fee before you can set up your PayPal gateway.
Not only that, but there are no monthly or hidden fees. It’s similar to being free. They only deduct $0.10 per transaction.
Isn’t that fascinating?
You also don’t have to be concerned about whether or not it will work well with your processor.
Paypal is compatible with almost every payment processor. On that note, you can receive PayPal funds in 25 different currencies and 202 different countries.
Customers can pay with almost any credit card. You’ll also have access to a dashboard to keep track of your funds and ensure proper analytics.
You have two PayPal gateway options:
Payflow link and Payflow Pro.
Payflow Pro is a software application that allows you to manage your finances
The former is free, while the latter requires payment.
Cash Envoy has been in business for over 15 years and is ready to receive large payments from your clients.
As a Nigerian business owner, Cash Envoy is one of the useful options for getting started with online payments.
They have a strong, secure, and quick payment solution that allows them to outperform their competitors.
You will not be charged any fees for integrating, withdrawing, or maintaining their gateway into your website or mobile app.
Everything is completely free, which should pique your interest.
In this day and age, data protection and privacy are essential for any online transaction.
Cash Envoy has a strong data protection policy in place to keep hackers from stealing your information or robbing you online.
They also have a PCI DSS certificate, which attests to their legality.
Furthermore, they went above and beyond to obtain approval from the Central Bank of Nigeria as a web payment solution.
As a result, they are members of the Nigerian Electronic Payment Providers Association.
GlobalPay is one of Nigeria’s best online payment gateways. It’s ideal for any company that wants to reach a global audience.
Payment acceptance is simplified with global pay. It enables your customers to make purchases using both foreign and domestic credit cards such as Etranzanct, Verve, MasterCard, and Visa.
They accept a wide range of top global currencies as one of the best international online payment gateways in Nigeria.
In other words, with just one integration, your customers will be able to pay in multiple currencies and cards.
Their security system is one of the best in the industry because of their 3-D Security Hi-Tech facility, which can crack hacking, halt a suspicious move, and ensure a smooth financial guardianship.
If you offer online services such as advertising or consultancy, or if you sell digital products such as photography, music, videos, arts, or courses, 2Checkout is the ideal solution for you.
They have established strong legal ties with over 200 countries.
As a result, you’re pretty much covered in terms of taxation and assistance from local payment institutions.
Even if you do not currently have a website, 2Checkout will assist you in obtaining well-designed landing page templates that will ensure maximum conversion.
These templates include all of the necessary web copy and pricing, so you won’t have to do much work.
Furthermore, 2Checkout provides an effective dashboard from which you can monitor your activities, track your performance, and better manage your subscribers.
Amplify is the tenth best payment gateway in Nigeria. If you run a subscription or recurring business, we recommend Amplify.
It’s simply the best fit because it was custom-made for you. Their ongoing funding will help you build a stronger relationship with your customers.
With Amplify, you can accept payment in more than 40 currencies from around the world using popular cards such as MasterCard, Verve, and Visa.
Amplify also performs a trick: if your payment is about to bounce, amplify will perform a payment switch and retry until it clears.
Amplify secures your funds because they are PCI DSS compliant and duly certified.
Furthermore, they ensure that every payment is backed up and encrypted in their appropriate firewall security.