Top 12 Online Payment gateway for small and medium business in Nigeria

Top 12 Online Payment gateway for small and medium business in Nigeria1

Nigeria has seen a rise in online commercial activity and e-commerce in recent years, as more and more companies look for reliable and safe payment methods. The nation’s digital payment environment has been significantly shaped by the introduction of many payment gateways. We’ll examine the top 12 payment gateways in Nigeria in-depth in this post, along with their features and contributions to the thriving digital economy.

What is a payment gateway?

A payment gateway is a type of service that lets businesses and their clients make electronic or transferable payments. It is also known as an interface that lets users pay for products and services through a variety of channels, methods, or both.

A user will be sent to the payment gateway’s website to enter their credit card and personal information when they make a purchase or other transaction. The transaction will be finalized once this information has been validated and returned to the company’s website.

How do I choose my payment gateway for my business?

Selecting a payment gateway can be challenging, but this post will list the top 10 payment gateways available in the nation and discuss the important factors to consider before selecting one for your company. Commission per transaction, accepted payment methods or channels, transaction success rate, payment settlement time, onboarding convenience, and user-friendly interface are the requirements.

Following a comprehensive analysis of Nigeria’s present payment gateway market, the top ten list is as follows: Paystack, DusuPay, Squad, Paystack, Flutterwave, RexPay, Interswitch, Voguepay, Monnify, and OPay

Top 12 payment gateways in Nigeria

Top 12 Online Payment gateway for small and medium business in Nigeria

We have shortlisted some of the international payment gateway in Nigeria to help you in making a choice of payment platform for your small and medium businesses

1. Paystack

Paystack, which has emerged as one of Nigeria’s top payment gateways, tops our list. Paystack, which was founded by Shola Akinlade and Ezra Olubi and is currently owned by Stripe, provides companies of all sizes with easy integration choices.
The fact that you can accept payments using Paystack’s beginning account and that you don’t require a website to do so makes it much more intriguing. They give you the option to accept payments via invoices and their payment pages. Every payment that is made on your website is sent out the next day.

  • Cost: No setup fees.
  • Commission for transactions: 1.5% + ₦100 for local transactions, 3.9% + ₦100 for international transactions
  • Rave Transaction success rate: near 100% success rate
  • Time of settlement: The following day
  • Options for payment include cards, bank accounts, USSD, PoS, Visa QR, bank transfers, Apple Pay, mobile money, and Visa QR. Security is met by Level 1 PCI-DSS compliance.

Paystack gives its users an advantage by integrating some of the most well-known eCommerce platforms, including BigCommerce, Shopify, WooCommerce, Magento, Wix, and Drupal.

2. Rave by Flutterwave

The largest fintech company in Africa, Flutterwave, serves over a million businesses with payment solutions; among of its clients include Uber, MTN, and PiggyVest.
In addition, the Rave wallet features an integrated mapping feature that eliminates the risk of getting lost when traveling, as well as a geolocation feature that lets users identify businesses worldwide that take Rave payments.

  • Cost: There are no setup charges
  • Transaction commission: 3.8% for foreign transactions and 1.4% for local ones
  • 100% of transactions are successful.
  • Time needed for settlement: 24 hours
  • Payment methods include debit card, Visa QR code, mobile money, bank account, bank transfer, and PoS.
  • Security: Compliant with PCI DSS & PA DSS

You may also like: Using Email and SMS Marketing Synergy to Drive Business Growth in Nigeria

3. VoguePay

Without a doubt, VoguePay is a top-notch supplier of payment services. The checkout pages from VoguePay can be easily integrated by businesses or individuals in a matter of minutes.

Every consumer of the financial institution that uses voguePay to collect credit card payments is given round-the-clock technical support. Additionally, they provide incredibly cheap tax charge deductions to retailers who conduct business with the payment system.

When customers use voguePay for online transactions, they are assured of 100% top quality assurance. When your consumer uses the payment api to transfer money online, the flawlessly designed UI/UX check-out page is incredibly appealing and provides an excellent check-out experience.

Because people are drawn to attractive things, when you advertise to sell online, the checkout process will probably result in more conversions.

4. PayU

When using an online product, most customers like to hear that the product is guaranteed to be of high quality. For clients that utilize the payment links and checkout websites to get money, PayU provides precisely this. The PayU application interface is easy to use and straightforward to incorporate into your web store.

The finest payment option in Nigeria is provided by financial services with an African foundation. Its outstanding capabilities enable users to swiftly and safely receive money from both domestic and international sources.

This is eventually one of the most widely regarded payment gateways for business owners of any size who wish to collect money from clients anywhere in the world, with over 50,000 merchants and subscribers.

5. Interswitch WebPAY

Interswitch Group, provides companies with an easy-to-use and safe method of accepting online payments. Interswitch WebPAY has established itself as a dependable payment gateway for both e-commerce and physical enterprises thanks to its vast network and cutting-edge technologies.
However, the setup cost is a significant drawback. You would need to pay N150,000 as a one-time setup fee and 1.5% each transaction after that to use Interswitch. Nonetheless, transactions above N133,333 are subject to a flat price of N2,000, with a subsequent 1.5% fee applied to the smaller transaction.

  • Cost: N150,000.
  • Transaction commission: 3.8% for foreign transactions and 1.5% for local transactions (up to ₦2,000).
  • 100% of transactions are successful.
  • Time of settlement: The following day
  • Options for payment: bank transfer, card, USSD, and QR code
  • Security: Compliant with PCI DSS

6. Remita

SystemSpecs developed Remita, a payment gateway targeted at corporate companies, educational institutions, and government agencies. For organizations that need structured financial administration, it is the favored option because it makes receiving and sending payments easier.
A 2% transaction fee, up to ₦2,500, is applied; additional 2% is charged for foreign cards. eCommerce platforms like WooCommerce, Wix, Magento, and OpenCart are all supported by Remita. Although card transactions are resolved the following day, merchants are able to accept payments the same day.

  • Cost: There are no startup fees.
  • Transaction Commission: 2% cost up to ₦2,500; additional 2% charged for foreign cards
  • Success rate of transactions: N/A
  • Time of settlement: The following day
  • Options for payment include bank transfers, PoS terminals, debit/credit cards, and USSD transactions.
  • Protection: None

7. OPay

A mobile payment network called OPay has added food delivery, ride-hailing, and other on-demand services to its list of offerings. It has become well-known as a super app, offering users a variety of features, including payment processing, which makes it a practical option for anyone looking for an all-in-one solution.

OPay provides support for a variety of enterprises, including restaurants, digital agencies, and online shops, in addition to being an e-commerce gateway. Customers have three options for making payments: using their OPay Wallet, credit cards, or QR codes.

  • Cost: There are no setup fees.
  • Commission on transactions: N/A
  • Success rate of transactions: 100%
  • Time of settlement: One day
  • Options for payment include bank transfers, PoS terminals, debit/credit cards, and USSD transactions.
  • Security: Compliant with PCI DSS

The payment method for checkout is a convenient alternative to traditional card or cash payments.

8. Monnify by Moniepoint

Nigeria’s top fintech firm, Moniepoint, developed the payment gateway Monnify. Thrive Agric, Bankly, Cowrywise, and more well-known companies use Monnify as a payment gateway. It is an all-in-one electronic payment service provider that makes it easier, more convenient, and safe for retailers to process transactions.

Clients are able to select the settlement choices that best suit their needs. In addition to the standard 24-hour payment processing time, users have the option of daily, twice-daily, or rapid settlements. At the moment, Monnify only processes payments for clients in Nigeria; it provides virtual accounts and a checkout option. The supplier is well known for being reasonably priced, having the lowest costs in the sector. Customers can create an account with Moniepoint for free, and there are no maintenance fees.

  • Cost: free
  • Transaction commission: 1.5%
  • Transaction success rate: Not stated
  • Settlement time: The next day
  • Payment options: USSD, card, Internet transfer

9. Dusupay

African payment company Dusupay offers organizations lightning-fast, tremendously secure, and efficient infrastructure. The payment gateway supports businesses with up to 5,000 clients and may be set up for free. Additionally, consumers can choose for them to take Verve, Mastercard, and Visa.
However, their pricing structure is different from that of the other payment gateways available. For a very long time, hundreds of multi-million dollar businesses with B2B clients have trusted them.

  • Cost: Zero setup charges
  • Commission on transactions: 4.9% for cards, 3.5% for banks.
  • Success rate of transactions: Not specified
  • Time of settlement: One day
  • Payment methods include Amex, JCB, PayD, Rupay, Visa, MasterCard, Amex, and many more.
  • Security: Compliant with PCI DSS

10. RexPay

Leading fintech business Accelerex is based in Africa and is the parent company of its online payment gateway product, RexPay.

Merchants can collect online payments from clients by integrating RexPay’s seamless payment service into their choice application (Web/Mobile). It makes it possible for cardholder accounts to be debited in real time and for merchant accounts to be credited. RexPay facilitates payment processing across major payment schemes and card brands in Nigeria, including Verve, Mastercard, and VISA, as well as different payment methods (cards, accounts, transfers (Internet Banking), USSD, or QR Code).

There are no maintenance fees for users of RexPay, and account registration is free.

  • Cost: free initial setup
  • Transaction commission: for local firms, 1.5% up to N2,000.
  • 100% of transactions are successful.
  • Time of settlement: The following day
  • Options for making payments include bank transfers, bank accounts, mobile money, Verve, Mastercard, Visa, and QR codes, among others.
  • Security: Compliant with PCI DSS & PA DSS

11. eTranzact

The electronic transaction ecosystem in Nigeria is greatly dependent on eTranzact. eTranzact provides a multi-application and multi-channel platform that streamlines payment switching and processing, assisting companies in their digital transformation efforts.

12. Paga

Paga pushes Nigeria’s digital economy forward by introducing mobile payments. This platform meets the increasing need for easily accessible and convenient financial services by enabling customers to send and receive money using their mobile devices.

In conclusion, these top 12 payment gateways are essential in influencing the online payment environment as Nigeria continues to embrace digital change.

Whether it’s because of Flutterwave’s adaptability, Paystack’s user-friendly interface, or other complete solutions offered by third parties, these gateways have a major impact on the expansion of digital business and e-commerce in Nigeria. We currently use one or two of these payment gateways and do not forget to buy from us.

The ongoing development of these payment gateways will probably be very important in determining how Nigeria’s digital economy develops in the future as technology progresses.

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