Enovepay Logo

Top 7 Payment Gateways for Ecommerce Businesses in Nigeria

Top 7 Payment Gateways for Ecommerce Businesses in Nigeria

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?

Top 7 Payment Gateways for Ecommerce Businesses in Nigeria

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: 

1. EnovePay

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:

  • Ecommerce Plugin: EnovePay provides an ecommerce plugin for businesses using platforms like WooCommerce, Shopify, and Magento. This plugin simplifies the process of accepting payments from customers. 
 
  • Secure platform: EnovePay prioritizes security and risk management. The platform is secure and PCI/DSS compliant, ensuring that transactions are protected against fraud.
 
  • Fraud and Risk Management: EnovePay has robust systems to manage fraud and risk, ensuring the safety of transactions and funds.
 
  • Multiple payment options: EnovePay offers multiple payment options, including cards, mobile wallets, and bank transfers, giving customers the flexibility to choose their preferred payment method.
 
  • Multicurrency support: EnovePay supports collections and payouts in 33 countries and currencies across Africa and Latin America, facilitating businesses’ operations in different countries and regions.
 
  • Seamless  API Integration: EnovePay provides developer-friendly API and documentation. With a one-time integration, businesses can access all of EnovePay’s features, simplifying the setup and usage of the platform.

2. Squad by GTB

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:

  • Accept and initiate payments online using payment links or invoices. Businesses can share payment links via email, social media, or other channels to collect payments instantly.
 
  • Receive and confirm in-store transfers instantly using Squad’s virtual account service. Customers can transfer to a unique virtual account number linked to the business’s bank account. Transfers reflect immediately.
 
  • Get unique USSD codes for receiving payments. Customers can pay using the business’s USSD code from their mobile banking app.
 
  • Accept card payments on the go using the Squad mobile app. The app turns the business’s NFC-enabled smartphone into a mobile POS without the need for additional hardware, making it useful for making card payments in person.
 

Squad simplifies business payments with features tailored to the Nigerian market. Businesses can easily collect payments online and offline quickly and seamlessly.

3. Paystack

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:

  • Easy integration: Integrate Paystack’s API into your website or app with just a few lines of code. Plugins are available for popular ecommerce platforms like WooCommerce, Magento and OpenCart.
 
  • Payment pages: Customizable, secure pages to collect payment details. No need to build payment forms from scratch.
 
  • Recurring billing: Schedule and collect recurring payments automatically on set dates.
 
  • Split payments: Automatically split payments between accounts and wallets.
 
  • Invoicing: Create, customize and send payment requests easily.
 
  • Payment links: Share links to collect one-time or recurring payments via email or social media.
 
  • Batch payments: Make payouts to staff and vendors in batches.
 
  • Payment reports: Detailed reports on transactions and reconciliation.
 
  • Multiple channels: Accept payments online, in-store/POS, and via bank transfer.
 
  • Security: PCI DSS Level 1 certified. Uses best practices for data protection.
 

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.

4. Remita

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:

  • Secure platform with multiple layers of protection.
  • User-friendly dashboard for easy transaction managementy.
  • Robust reporting for tracking payments.
  • Options for integrating via API or plugins.
  • Accepts multiple payment methods – cards, bank transfers, mobile money.
  • Available as web, mobile and POS solutions.
  • Supports one-time and recurring payments.
  • Customizable invoices and payment links.
  • Instant payment notifications and confirmations.
  • 24/7 customer support.
 

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.

5. Interswitch

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.

6. Rave by Flutterwave

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.

7. DPO Group

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:

  • Online Payments: DPO offers a payment gateway that enables ecommerce merchants to accept payments online via credit/debit cards, bank transfers and mobile money.
 
  • POS Terminals: DPO provides countertop, wireless, and mobile POS terminals with integration capabilities to accept in-store payments.
 
  • Mobile Payments: Businesses can use DPO’s mobile payment apps and QR codes to accept in-person payments by scanning or entering mobile numbers.
 
  • Omnichannel Payments: DPO enables businesses to accept payments across multiple channels, including online, in-store, and mobile, within a unified payments ecosystem.
 
  • Fraud Prevention Tools: DPO’s platform includes fraud detection capabilities and secure payment protocols to minimize risks.
 
  • Local Payment Methods: DPO supports popular local payment options specific to African countries, like MPesa in Kenya.
 
  • Developer APIs: DPO offers API documentation and sandbox testing for easy integration with a business’s systems.
 
  • 24/7 Support: Merchants get access to customer support, technical guidance and account management.
 

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.

Conclusion

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

  • Integration options and ease of setup
  • Support for popular local and international payment methods
  • Reporting and reconciliation
  • Customer support
  • Pricing and fees
  • Fraud prevention and risk management
 

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. 

Tags :
Blog Post
Share This :

15 Responses

Leave a Reply

Your email address will not be published. Required fields are marked *

Categories