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June 14, 2024
Imagine this: A customer finds that perfect item on your site. Their heart races as they add it to their cart. They’re ready to buy, but then… they hit a snag. The payment process is complicated, or their preferred payment method isn’t available.
Just like that, you’ve lost a sale and, perhaps, a customer.
But what if there was a way to avoid this scenario? What if you could offer customers various easy, secure, and efficient payment options?
This is where payment gateways come in, as the bridge between ecommerce businesses and a smooth checkout process.
In today’s growing ecommerce industry, where the click of a button can connect a business in Lagos to a customer in Abuja, one thing remains crucial – seamless transactions. As an ecommerce business owner in Nigeria, you already know that the ease with which your customers can make payments on your platform can make or break their shopping experience and, ultimately, your revenue.
In this blog post, we’ll explore the top 7 payment gateways for ecommerce businesses in Nigeria. These gateways not only ensure your transactions are smooth and secure, but they also cater to the diverse payment preferences of your customers. They Include:
EnovePay offers an innovative payment gateway solution with a diverse range of products designed to streamline merchants’ financial transactions. Their platform includes various products tailored to different merchant needs, such as local fund collection and seamless payouts distribution.
Recently, they have introduced a white-label solution, alongside point-of-sale services and eCommerce plugins, catering specifically to online businesses using platforms like WordPress, Shopify, or Magento. These solutions empower businesses to effortlessly collect payments from their customers.
Their suite of products supports over 33 countries across Africa and LATAM, with the exception of the point-of-sale service, which is currently available only in Kenya. However, these other solutions enable businesses of all sizes to expand their reach and cater to a global customer base seamlessly.
Key features of EnovePay include:
Squad by GTB is a payment solution by Guaranty Trust Bank that enables businesses of all sizes to make and receive payments easily. With Squad, businesses can:
Squad simplifies business payments with features tailored to the Nigerian market. Businesses can easily collect payments online and offline quickly and seamlessly.
Paystack offers modern businesses in Africa an easy way to collect online and offline payments from local and international customers using Mastercard, Visa, Verve, and bank accounts.
Some key features include:
Paystack aims to provide the most developer-friendly payment platform for African businesses looking to collect payments from their customers anywhere in the world easily.
Remita enables individuals, businesses, governments, and financial institutions to make and receive payments online and offline. It offers a superior customer experience with smooth transaction processing.
Some key features of Remita include:
Remita aims to provide a seamless payment experience for merchants and customers. Its focus on customer service and transparent reporting makes it a popular choice for businesses in Nigeria looking to expand their digital payment capabilities.
The Interswitch Payment Gateway provides a seamless payment service that you can integrate into your preferred application (Web/Mobile). It is integrated into the Interswitch infrastructure, which facilitates real-time debits from cardholders’ accounts and onward credits to the partner client’s account. It is supported by major card brands, such as Verve, MasterCard, and Visa.
Interswitch is a payment gateway that offers a range of features to ensure secure and reliable payment processing. One of the key features of Interswitch is its secure platform, which is designed to safeguard sensitive customer information and prevent unauthorized access. In addition, Interswitch also offers advanced fraud and risk management tools to help minimize the risk of fraudulent transactions.
Another advantage of using Interswitch is the flexibility it provides in terms of payment options. With Interswitch, customers can choose from a range of payment methods, including credit cards, debit cards, and bank transfers. The platform also supports multiple currencies, making it easy for businesses to accept payments from customers in their preferred currency.
Interswitch is also highly customizable, with a range of features that can be tailored to meet the specific needs of individual businesses. This includes the ability to integrate with a range of e-commerce plugins, allowing businesses to optimize their online payment processing and streamline their operations.
Overall, Interswitch is a reliable and secure payment gateway that offers a range of features to help businesses manage their payment processing in a safe and efficient manner.
RAVE by Flutterwave enables businesses to accept payments easier, faster, and safer. The RAVE integration tool is for businesses and corporations looking for a quick and efficient way to accept payments online.
With RAVE, you can accept online payments in the following currencies: Nigerian Naira (NGN), Kenyan Shillings (KES), Ghanaian Cedis (GHS), US Dollars (USD) and South African Rands (ZAR).
RAVE is PCI-DSS level 1 compliant, so all transactions that pass through our systems are automatically afforded the highest level of security in online payments. Integration with RAVE by Flutterwave makes it easy for businesses using Rave for online payment to accept invoice payments.
Once you have activated the payment with RAVE option from your Invoice account, you can accept invoice payments immediately. Please note that funds received using this option will automatically reflect in your RAVE account.
DPO Group is a leading African payment service provider that offers online, POS and mobile payment solutions. DPO enables businesses across Africa to accept and make payments through multiple channels.
DPO Group facilitates payment processing between consumers, businesses, and financial institutions. Its payment solutions are designed to support various industries, including retail, hospitality, education, and more.
Some of the key features and services offered by DPO Group include:
DPO Group aims to make payments frictionless for African businesses while ensuring safety, flexibility and ease of use. Their unified payment solutions enable organizations to streamline financial transactions across all platforms.
In summary, ecommerce businesses in Nigeria have several great payment gateway options to help them accept and make payments online. EnovePay, Squad, Paystack, Remita, Interswitch, Rave by Flutterwave, and DPO Group provide secure, feature-rich solutions for various business needs.
The best payment gateway for your ecommerce business depends on your specific requirements. We recommend prioritizing the features and capabilities that are most important for your business model and customers. These could include
By integrating with a suitable payment gateway, ecommerce businesses in Nigeria can provide a seamless payment experience and expand their reach to customers across Africa and globally.
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