Statistics have shown that the available online payment system in Nigeria nowadays are better solution rather than a challenge
Online payment System can be described as a business transaction allowing transfer of money to be made only electronically through the use of the internet. It is fast, secured, and convenient and an alternative to traditional methods such as cash, cheques or in-branch bank transfer. OR
It is a payment system terminal that allows customers to pay for goods and services online electronically.
This online payment system does not only process payment for online vendors, and other corporate users but between customers, of which a little amount of fee maybe charged.
Characteristics of an online payment service
- Freely accessible: the online payment is made open to users with little or no charges
- Anonymity: it allows transactions to take place between sender and recipient
- Transparency: it allows the sender to see that the receiver has received the money.
Online payment System may also called ‘online wallet’ or ‘e-payment platform‘ and allows their customers to do the following:
- Add and withdraw funds directly from their personal bank account
- Transfer funds from one bank account to another at a low cost
- Make payment online with the use of debit or credit card
- Might not necessarily need a bank account to make payment of purchase, if you own a prepaid card.
The Nigeria Internet Market
Looking at the Nigerian internet market, we see an emerging platform for growth and business advancement. Still, 100 million users of the online payment service are not too small for business to thrive but, the result we see everywhere is less than 2% of medium to make payment on Nigerian websites.
As we know today, solution to accept payment online are available for every business, I still see business owners asking customers to transfer money into their bank account. A practice which that can reduce your sales by 50%.
As a business owner, your ultimate aim is to make sales and satisfy your customers. One of customer satisfaction that every customer will enjoy is – seamless way to pay.
For any online focus business in Nigeria, this is a big plus to your business. Get your customers pay for goods and services seamlessly. You can use any of the available online payment system in Nigeria to start taking Payments.
Here are some of the benefits of online payment services
- Easy and Flexible
- Reduction in costs
- It helps to facilitate needs and desires by enabling purchasing at any given time
- Credibility of your operations and portrays professional image are boosted
- It help to increase sales
Payments are a major and unique battleground putting banks, mobile operators, e-commerce players, and retailers against each other. What is the way forward?
List of Payment System Platform Providers in Nigeria
1. SkoyPay: Is a payment platform in Nigeria from Skoybus. Combining Technology and Rewards to bring about a payment system that gives benefits to every merchant on the payment platform. As an aggregator with Nigeria Inter-Bank Settlement System Plc (NIBSS), the company allow website owners to receive payments at a cost that is next to nothing and at the same time; help to reward their customers through various Cash Back Rewards Program available on the SkoyPay Platform.
- Low to nothing Set-up fee
- Low acquiring fee
- High Security
- User friendly
2. VoguePay: This processor offers buyers and sellers a safe, easy and convenient means of transacting businesses online. It permits site owners to receive payment for their products on their websites without any charges. This plan differs from other online payment processors due to its attributes that are guided by its principles
- User friendliness
3. SimplePay: caters for your needs, customizes the payment experience that works for your business through the use of the APIs (Application Program Interface).
4. GTPay: acts as a link between the consumers’ website and the banks. This processor smoothens payment online using debit cards issued by a financial institution on the interswitch network.
You may be interested in How to start a Visa Prepaid Card business in Nigeria.
This solution provides an easy and comfortable means of payment channeled to all consumers. It enables transacted amount being deducted from the card, instantly moves to the retailer or merchant’s account within 24hrs.
5. Cash Envoy: this platform allows business receive payment online. This payment platform integrates with websites that accesses payment from all major Nigerian debit cards; international Visa/ MasterCards etc. It was enacted by CBN to process web transactions and also a member of EPPAN (Electronic Payment Provider Association of Nigeria).
To ensure a wide acceptance of card in the society, general measures promoting the easy, secured and convenience use of the cashless payment must be initiated.
This article is for advice ONLY. We recommend you do your research properly when choosing a payment system to use for your business.