Today, more and more people are switching from traditional cash payments to reliable online payment platforms in Nigeria and globally. For most people, this is because the advent of blockchain technology and fintech services has made buying and selling a lot easier than it used to be. As a result, the mere thought of payment is now synonymous with terms like credit cards, ATM cards, E-waller, and virtual dollar cards. If you are also trying to find out more info about the various online payment platforms in Nigeria, you are at the right stop.
This post contains everything you need to identify and patronize the right online payment platforms in Nigeria. Furthermore, there is a note on what you need to know about online payment platforms and a list of the most reliable online payment platforms in Nigeria.
Let’s get started!
What are Online Payment Platforms??
It’s no news that business owners and vendors who operate on a ‘cash-only’ basis function in a limited space.
This is because cash-only operations, including buy crypto pay later services, only cater to clients in the same physical space. Thankfully, technological development has brought about many online payment platforms that offer digital, electronic, or internet-based payment platforms. This system of payment allows sellers to accept payments and buyers to send payments over the internet.
With these online payment platforms in and outside Nigeria, your clients can patronize your business from any part of the world.
Common examples of such platforms include:
Things To Know About Online Payment Platforms
In plain terms, online payment platforms offer online or internet-based payment methods that allow vendors to accept payments and sellers to send payments over the internet.
As a merchant or a company that wants to sell and receive payment via online payment platforms, you would need to create a merchant account. The merchant account is a special bank account where funds from online sales are held before they are transferred to a regular bank account. With this account, you can accept payments through different transaction channels like websites, e-commerce portals, etc.
On the other hand, you can open an account with Bitmama and receive your payment on the blockchain via cryptocurrency.
The smooth processing of online payments is facilitated by online gateways by transferring vital financial information from an online payment portal and the acquiring bank. The payment gateway checks the validity of the card information provided for payment and also encrypts the financial information of the payee’s card.
Another key component of online payment platforms in Nigeria is the payment processor. A payment processor is a company that primarily operates to facilitate online financial transactions between two parties. It does this by managing payment-related information, like a credit or debit card, from the sender to the receiving party’s bank account.
A payment processor is a company that primarily operates to facilitate online financial transactions between two parties. In addition, it facilitates transactions by managing payment-related information, like a credit or debit card, from the sender to the receiving party’s bank account.
Nigerian Online Payment Platforms
There are several online payment platforms in Nigeria.
This section would provide the key features of some of the top online payment platforms in Nigeria. However, you should note that the arrangement follows no order of importance or rating.
For any business owner leveling up to ensure and enable online payments for your goods and services, Paystack offers everything you need to accept payments because it’s a simple, secure, and affordable mode of operation.
At the moment, using paystack as an online payment platform allows you to receive online payments in NGN, USD, and also GHS.
Furthermore, setting up a paystack account is really easy and does not require any special tech or blockchain knowledge. With paystack, accepted payment methods include Credit and Debit Cards, Bank accounts, Bank Transfers, USSD, VISA QR, Mobile Money.
Flutterwave is another popular and reliable online payment platform in Nigeria. Furthermore, setting up an account and renewing your annual membership is absolutely free.
As a result, flutterwave allows you to receive both local and international payments with multi-currency support.
The methods of payment accepted by Flutterwave include;
Remita is a common online payment platform used by various companies and organizations in Nigeria to receive payments from clients or customers around the world. This online payment platform also helps you to make and receive payments on your site or your apps.
Furthermore, Remita remains very attractive to business owners because it offers multiple payment options like:
Although Remitta charges no setup or annual fees, the commission per transaction is 2% per local transaction and 4% per foreign transaction.
You should also note that, unlike flutterwave which offers multi-currency support, the accepted currencies on Remita are Naira and Dollars.
4. Vogue Pay
Vogue Pay is a simple and secure way to send and receive payments globally in all major currencies irrespective of location. This is also one of the top online payment platforms in Nigeria.
Unlike Paystack, Flutterwave, and Remita with a free setup fee, the setup fee for Vogue Pay is #1,500 (With Corporate Affairs Commission Certificate) and #2500( With Government Issued ID Cards)
However, Vogue pay charges no annual fee.
PayPal is a fast and safe platform to receive money or make online payments. Furthermore, PayPal Offers payment services for both personal consumers and businesses. Just like Paystack, Flutterwave, and Remita, the set-up fee for PayPal is free and so is the annual fee.
However, you should also note that the commission per transaction fee is 3%, with all major currencies as accepted currencies on PayPal. The payment methods accepted on PayPal include:
Why You Should Use Online Payment Platforms
As you already know, online payment platforms in Nigeria offer the many benefits and services listed above.
Furthermore, some other benefits of using online payment platforms include;
Instant Payment Processing
Wider Client Base
More Sales to generate.
Convenience and Flexibility
The Bottom Line
Technology has improved and is still improving our quality of life.
To help you out, the Bitmama and Chnagera teams constantly turn out new products and services to ease your financial processes. Finally, you can also enjoy all these benefits by downloading the Bitmama and Changera apps today.