Top Online Payment Systems In Nigeria
Published: 29 Sep 2013
For many SMEs, admitting online payments provides lots of benefits. Customers now look forward to this facility and it can greatly increase your liquidity. Nowadays, shoppers often use the internet for fast service as most transactions are paid for with credit/debit card. You need to make some pre-arrangements with your bank in order to accept cards online. As an entrepreneur you must be wondering what online payments are opened to you. You need not worry any longer as I have compiled and analysed the top reliable online payment platforms available in Nigeria for you.
1) GTBANK's GTPAY
This is one of the safest and expedient web payment solutions that empower you to get payments locally and internationally.
- GTPAY admits both local and international issued cards comprising Interswitch, MasterCard and VISA.
- Value is always given next day immediately after transaction.
- GTPAY has a unique, online monitoring console that enable you view transactions as they happen.
Guaranty Trust Bank is one of the top Nigerian financial organisations with huge commercial outlays covering most Anglophone countries in West Africa and the UK. GTBank Asset Base is currently of over 2 Trillion Naira and its shareholders fund is over 200 Billion Naira. Its total number of staff is over 5,000. GTBank has a corporate banking predisposition that have aided it record stable annual growth since its commencement in 1990.
2) INTERSWITCH INTERNETPAY
Interswitch provides you with a secure and reliable platform for e-transaction processing in a multi-functional, on and Offline setting. Interswitch's Electronic Funds Transfer (EFT) switching app, backs key networks plus Verve and MasterCard. The arrangement is based on open-system design and utilises relational database tech, offering client's reliability as they grow. Interswitch presently has three Internet Payment options:
Paydirect-web (with reporting) - Fits directly unto your webpage and Interswitch provides detailed reporting so you know who paid, when, amount, which bank, all in real time from anyplace in the globe.
Paydirect - Web (without reporting) - Fits directly unto your webpage permitting moneys to be received into your account, without detailed reporting.
Quickteller (with generic reporting) - works like a payment shop where you can make online payments for different products and services. Quickteller is great for Internet savvies that already make payments online as it offers them the choice of engaging with a host of value added services like airline tickets purchase, online recharge, utility bills etc.
Interswitch Ltd is a combined payment firm that offers tech incorporation, consulting services, and transaction processing infrastructure to government, banks etc. Through its Super Switch, Interswitch has been able to provide online, real-time transaction switching that allow companies and individuals access their funds in all the 24 banks in Nigeria and across a range of payment channels like the ATMS, POS terminals, Cell Phones, etc.
ETranzact is a multi-app and multi-channel electronic payment system that supports every key networks plus VISA and MasterCard. ETranzact system is built as a reliable substitute to all cash or check transactions and the system's capability is such that any solution that is driven by user payment can be automated on it.
ETranzact is Nigeria's number one multi-app and multi-channel e-transaction switching and payment processing company. ETranzact operates in Nigeria, Ghana, Kenya, Zimbabwe, South Africa, Cote d'Ivoire, and United Kingdom and is presently expanding to more countries. ETranzact started in September 2003, and today it has developed into a trademark with international reach spreading its pioneering services to comprise products like ATM, Internet, POS, and Mobile. From its Commencement, eTranzact has set up its mobile payment solutions to banks and non-banking institutions and has been recently granted license by the CBN to run Mobile Money services with special emphasis on the unbanked.
As long as you have an e-mail, SimplePay Payment system lets you securely and expediently send and receive payments online. SimplePay's service, which allows you send payments for free, can be used from Computers or smartphones. SimplePay unveiled this service so that anyone with an email can send or receive credits. Each credit costs N1.00. SimplePay Payment members can exchange their credits for the cash equivalence any time by vending the credits back to SimplePay Payment.
CashEnvoy is a safe, easy and most convenient way to make payments and as well get paid online. It is an electronic-commerce business that permits payments and cash transfers to be made through the net. You can fund your CashEnvoy account with Nigerian debit card or through online bank transfer. CashEnvoy executes payment processing for online merchants, auction sites, etc. They charge a transaction fee when you receive money.
CashEnvoy.com is a web app that supports the transfer of cash from person-to-merchant through web app and personal e-mails. The service permits you to send money without giving financial data, with the flexibility of payment through their bank accounts and debit cards. It is safe because account owners will not need to render account particulars on the webpages they transact on. It is convenient, because you don't need cards to process transactions. Aside from using it to make online payment for goods and services, you can also use it to make donations for a cause. CashEnvoy is ratified by the CBN to administer online transactions - BPS/PSP/GEN/PSM/02/010. CashEnvoy belongs to Electronic Settlement Ltd, a limited liability company situated in Lagos, Nigeria. CashEnvoy is an associate of Electronic Payment Providers Association of Nigeria.
6) UBA's UCollect
The UBA U-Collect is an Internet Payment service which helps traders to accept online payments for goods and services. This online payment solution admits numerous card varieties that are available in Nigeria such as VISA, Verve, MasterCard and ETranzact. U-Collect on the internet is similar to POS, but on the internet it is for businesses that have presence online.
UBA Plc is West Africa's largest banking and financial service group if you consider their asset base, customer base, number of branch and profitability. UBA offers private and commercial banking, insurance services, corporate & investment banking, etc. UBA's staff strength is more than 17,000 - Core and support - who serve the over six million private, commercial, public sector, etc. from their offices in Nigeria, Ghana, Cameroon, Ivory Coast, New York, London and Cayman Island.
As the leading financial services corporation in West Africa, and one of the majorly listed establishments in Nigeria, UBA is known as a leader in the financial industry and a major driving force of the West Africa's economic development.
Today's UBA is from the merger of Nigeria's third and fifth biggest banks then, i.e. old UBA and former Standard Trust Bank Plc correspondingly, and then a later acquirement of the onetime Continental Trust Bank Limited. The merger became the first fruitful business amalgamation in the history of Nigeria's banking industry.
The history of UBA can be traced to 1948 when the British and French Bank Limited, BFB, started business in Nigeria. After Nigeria's independence in 1960, UBA was set up as a corporation in 1961 to take over BFB. In the present day, UBA Plc is among Africa's foremost financial establishments providing universal banking to over 7 million clienteles with 700 Business Offices in 19 African countries with presence in Paris, New York, London.
7) ZENITH BANK GlobalPay
GlobalPay is a web-based payment system that allows payments on your website from shoppers globally. With a one-time integration, you can be given payments from a wide range of locally and internationally issued credit/debit cards. This payment solution provides your business a global outlook and can massively expand your prospective client base. Since you are open for business on the web then you are as well opened for business with the world and as such, GlobalPay is a perfect solution.
- It can accept locally and internationally issued cards like Interswitch, eTranzact, VISA plus MasterCard
- It has online log for monitoring transactions so you can view transactions as they take place
- Allows you to receive payments into your account once the payments are made.
- It has one setup charge and an integration which allow you accept various cards so you need not integrate individually for each card type.
- It automatically generates records of transactions as they transpire so you can keep track of transactions.
- Offers global reach for your commerce
- No deferments in getting your money
- Many card acceptances from only one integration
- Cuts organisational overhead
- Increases purchasing power
- Boosts security through a 3-D Safety application
- Affords great convenience
- Grows sales and cashless transactions
Zenith Bank Plc is one of the frontrunners in financial services, with H.Q. in Nigeria, and branches in the UK, Ghana, Sierra Leone, Gambia, and South Africa. Zenith Bank offers premium solutions to its numerous clients. Long time now, the Zenith Bank trademark has become one and the same with the employment of cutting edge techs in banking.
8) 2Checkout (2CO)
2CO is an accredited reseller for many tangible or digital merchandises and services. 2CO was established in the year 2000 and it has it's headquarter in Columbus, Ohio. 2CO offers ready-to-use e-commerce payment solutions to a lot of business clients around the globe. 2CO's branded tech supports back-office tasks as well as financial recording, tracking, scam prevention, customer service and sales tracking. Since its inauguration, 2CO has kept a firm and sustainable growth. The firm's method is geared towards given that quality service to new and existing clienteles without feeling the need to expand at a speed that could give up service to customers.
Clients can checkout in any of the 15 diverse languages listed below:
1. Chinese (Traditional)
13. Spanish (Latin)
14. Spanish (European)
2CO admit payments on your website in over 20 various currencies from every part of the globe. You can get paid in lots of currencies and with various methods comprising: E-Funds Transfer that goes right into your bank account, international Wire Transfer, or a 2CO branded Payoneer MasterCard.
9) Payza (formerly Alertpay)
As for Payza - which was formerly Alertpay before they were acquired - you could draw funds to your Nigerian domiciliary account. Payza also affords you the opportunity to receive payments not only from account holders but also from credit card holders who may wish to pay you with their credit cards. To set up a Payza credit card platform, you would be asked to submit your site for confirmation and authorisation. Credit card users from Nigeria need to verify their credit cards the first time before they begin to use it on their planned site. Payza uses Instant Payment notification to alert you of payments made and you may use the alert to update your record and send emails to your customers too.
Payza is a prominent international online payment system that major in e-commerce handling, corporate pay-outs, and transfer of funds for individuals and companies around the globe. The e-wallet affords Payza users globally expedient loading and withdrawal opportunities, like local bank transfers, international bank wires, credit and debit card, etc. Payza provides its services to 197 nations, in 21 diverse currencies and with over nine million users.
As a lot more people in Nigeria are getting to use the internet, particularly with the newly introduced Cashless Policy of the CBN, there is the likelihood that more ways of receiving money online will now be available. It will boost better service from the existing service providers.