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Hello Entrepreneurs, this article will discuss on the payment gateways in Nigeria.

In Nigeria today, many card processing companies let small businesses accept card payments in retail stores, on the Internet and even with a cell phone, but finding the right one for your company isn’t easy.

This article will focus on our top payment gateways in Nigeria, it will also highlight its features, all products/services are listed in no particular order.

Payment Gateways in Nigeria

1. Interswitch Webpay:

Interswitch provides payment services to businesses and individuals who want to start accepting local and international card payments online. A web merchant can receive online payment from cardholders via Interswitch WebPay or Webpaydirect.

Interswitch WebPAY and Webpaydirect have a simple page for any website seeking to offer visitors the facility to pay for goods or services by their bank-issued cards or other payment tokens, see a screenshot the interface below.

The integration to Interswitch WebPAY and WebPAYDirect are similar irrespective of your development platform or cart, but the difference lies in the product themselves.

Furthermore, WebPAYDirect product allows for a feature called “split” which lets the customer specify multiple banks to receive the money collected, they also provide customers with real-time reports while WebPAY allows for settlement to one bank and one account only.

Setup Fees:

There is a one-time integration fee of N150,000.

Charges:

For every subsequent successful transaction, a fee of 1.5% of the value of the transaction subject to a cap of N2,000 is charged. (i.e. for transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,333).

Integration:

Most noteworthy after you make payment and submit relevant documents to Interswitch, there are 3 integration options available to you.

• Self: Integration using your website developer, besides, you can review the integration overview to achieve this. Note that you can also use the demo merchant details provided here to start testing your code and integration immediately.
• WebShop: Integration using WebShop Shopping Cart
• Anatech: We can integrate it on your behalf.
• Finally, Open Source Plugins: Plugins can be used for the various content management systems such as Joomla, Magento, Prestashop, OsCommerce, WordPress, WooCommerce and Opencart for WebPAY.

2. GTPay:

GTPay is a product of GTBank, first of all, it is a secure internet payment gateway developed to help small business accept card payments online using debit Cards issued by banks on the Interswitch Network.

• GTPay plugs in seamlessly with the existing websites of customers and acts as a bridge between the customer’s website and financial institutions (Banks).
• Also, the payment solution provides a convenient alternative payment channel to all customers. Ensures transaction amount is deducted from cards instantly and merchant’s account credited within 24 hours.

Setup Fee:

FREE SETUP (Customers do not pay set-up fee)

Charges:

MasterCard/Visa (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000).
Interswitch Verve (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000).
MasterCard/Visa (International) – TRANSACTION FEE: 3% of transaction amount; no cap.
International Gateway Monthly Charge – N5,000.

To start with GTPay

• Complete the GTPay Application form
• Then send filled form along with Certificate of Incorporation to your Account officer
• For further enquiries, kindly send an email to epay@gtbank.com

3. VoguePay

VoguePay is a unique online payment gateway whose vision is to offer buyers and sellers a secure and easy-to-use means of transacting business online also VoguePay allows site owners to start accepting card payments online for their goods and services on their website without any setup fee.

Furthermore, the Gateway can process local and international Visa, Mastercard and Verve card. The setup process is faster as customers don’t have to go thru the Interswitch Certification process.

Setup Fee:

N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards).

Charges:

Deposit Funds:
Verve Card/ Naira MasterCard – 2.5%
Visa (Vpay) integration – 2.5%
International Payments: USD Debit/Credit Card Visa and MasterCard 4.5% (No Gateway Fees Applicable)
Withdraw Funds – 1% + 120 Naira

4. 2Checkout (2co)

2Checkout is an America based company, first of all, it allows Nigerian and other International Merchants to receive payments from customers using their Visa, MasterCard, Discover, American Express, Diners Club, JCB, PIN debit cards and PayPal.

Setup Fee

FREE SETUP (Customers do not pay set-up fee)

Charges

MasterCard/Visa (local) – TRANSACTION FEE: 5.5% + 45¢ successful transaction.
Interswitch Verve (local) – TRANSACTION FEE: 5.5% + 45¢ successful transaction.
MasterCard/Visa (International) – TRANSACTION FEE: 5.5% + 45¢ successful transaction.

5. Cashenvoy

CashEnvoy is the only Nigerian Payment Aggregator/Processor on Shopify. Also, the company has multiple security features on their gateway for theft.

Furthermore, Cashenvoy doesn’t charge for online different variants of cards – merchants can accept local and international – VISA, MASTERCARD, eTranzact and Interswitch cards. The company simplifies the setup process – by just receiving basic details and forms.

Charges

Send Money: To Business Account only – Free.
Make Payments: To Business Account only – Free.
Withdrawal Fund: ₦120.00 fee for withdrawals of ₦4,000.00 or less
Receive Funds: 1.5% + N25
International Cards: 3.9% + N12.60

6. Paystack

Paystack is a new Payment Gateway in Nigeria, it was founded by Shola Akinlade and Ezra Olubi who are both graduates of Babcock University

Charges

Setup: Free
Local Cards: 1.9% + ₦100
International Cards: 3.9% + ₦100
₦100 fee is waived for transactions less than ₦2500.

7. Flutterwave

With Flutterwave, you can accept Debit/Credit payments from customers in 154+ countries. Visa, MasterCard, Verve, all supported, your customers in the United States of America, South Africa and Nigeria can pay you directly from their bank accounts and your customers in Nigeria (M-Cash), Kenya (M-Pesa) and Ghana (soon) can pay you directly from their mobile wallets.

Charges

Setup: Free
Local Cards: 1.4% + ₦50
International Cards: 3.5% + $1

7. PayU

PayU has a local operations that spans across 17 markets which are Asia, Central and Eastern Europe, Latin America, the Middle East and Africa

They accept Local and International MasterCard, Visa, Verve, as well as other alternative payment methods – Online electronic bank transfer (EFT) and offline, they are also being used by Facebook to collect payment in Naira

However, they have 2 packages which are as follows

Setup: It is free but their White-label package has a fee
Local Cards:  not disclosed by them
International Cards: not disclosed by them

In conclusion, there are still other payment gateways in Nigeria available however we have the compiled this list based on functionality and affordability, are you using a better payment gateway? Finally, let us know your experience by commenting below.

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