Perhaps one of the greatest paradigm shift witnessed by the world of trade is the introduction of eCommerce. It is being practiced in virtually every part of the universe and on a daily basis; it is increasingly becoming the preferred trading platform for customers as a result of the enormous benefit associated with it.
The growth of eCommerce websites was not limited to developed countries alone as the growth is even faster in African countries (especially Nigeria). A study conducted in 2016 revealed that eCommerce is growing at an average rate of 16.8% in the rest of the world while that of Africa is growing at 25.8%. The testament to this growth is the continuous increase in the number of eCommerce store springing up from the left, right and center of the country and their continued increase in users and economic worth.
Nigerians (the seller and buyer) have been using these eCommerce stores because the payment medium installed in these e-stores have been performing excellently.
Virtually all payment gateways available on Nigerian eCommerce websites are doing pretty well but we will be examining only the top five payment gateways in Nigeria.
The Top Five Payment Gateways in Nigeria for ecommerce websites
- Paystack: Paystack is a relatively new payment gateway designed to make payment seamless for customers and business owners and they have been doing extremely well in this area. For a big business or a start-up business, account opening with Paystack is absolutely free and integration with your website is one of the fastest you will experience. They facilitate card (Visa, Verve, and MasterCard) payment, direct payments to a bank account and are also on the verge of integrating USSD payment into their payment gateway. Not only do they make payment easy, they also provide technical support when necessary.
- Interswitch WebPay: Interswitch is a household name synonymous with online payment in Nigeria. They are one of the payment gateway pioneers that accepts Nigerian debit Card for online transaction. They provide four integration options for anyone interested in using their services. CWIP (Certified WebPAY Integration Partner), Self-Integration, WebShop and Open Source Plugins. The open source plugins are much more preferable for eCommerce website owners as it is compatible with virtually all the web shopping carts available. All prospective customers who intend to integrate an Interswitch payment gateway into their website will be required to pay a one-time integration fee of ₦150,000.00. Subsequent payment through their medium will attract 1.5% of the value of the transaction or ₦2,000.00 (whichever is lower).
- Vogue Pay: Vogue Pay is one of the online platforms that offer eCommerce website owner the opportunity to make and receive payment via multiple payment modes. VoguePay accepts local and international cards, e-wallet transfers and Bitcoin payments. In addition, it has a simple Application Programming Interface (API) that makes integration easy for non-developers. To set up an account with them, you will be required to pay ₦1,500 (with a copy of Corporate Affairs Commission Certificate) or ₦2,500.00 (with a Government issued Identity Card). For a list of the price list regarding deposits and withdrawals, please click here.
- GTPay: In a bid to pursue the cashless policy of the Central Bank of Nigeria and ease payment across the country, GTPay (A subsidiary of GT Bank Plc.) was established to give eCommerce website owners the opportunity to benefit from the quality services associated with the GT name. They accept both local and international cards and also ensure that merchants get credited within 24 hours. The registration fee is seventy-five thousand Naira accompanied with a copy of your CAC Certificate.
- Rave: Another seamless payment gateway on our list is the Rave Payment Gateway. You can receive payment from anywhere in the world with your rave payment gateway. The setup fee is absolutely free and it has one of the cheapest transaction fees for local and international currencies. Please note that the payment gateways mentioned on this page all have their varying terms and conditions. Before choosing any of the aforementioned, please read their terms and conditions properly. Furthermore, the Payment Gateway listed here are all PCI DSS (Payment Card Industry’s Data Security Standards) certified. This means that they all use the strongest cryptographic methods to protect the electronic information that users provide during payment. In addition, they all have security badges on their payment gateway platforms from top security companies like Norton, McAfee and MasterCard Secure Code. Finally, the key to having a smooth and easy transaction on your eCommerce website requires more than having the best or a collection of the best payment gateways available. It has more to do with having the right website development firm. A firm that has over the years developed several eCommerce websites and has worked with multiple payment gateways is all you need. For an eCommerce website that will offer you the right platform to transact your business in the easiest and most profitable way, contact ebrand promotions.
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