Being able to receive payment online means using a payment processor which involves using electronic funds, web processing solution as well as database updating when the process is successful.
It means the transfer of funds from your buyer’s account to your account through a trusted platform.
Now for a global audience, there are several ways which have evolved that has allowed merchants to be able to receive money online ranging from merchant’s own merchant account to third party payment processing.
1. GTBANK GTPay
GTPAY is a one-stop, safe, secure and convenient web payment solution that enables merchants receive payments from both local and international payment cards.
• International Acceptance: GTPAY accepts both locally and internationally issued cards including Interswitch, MasterCard and VISA.
• Timely transaction processing: Merchants get value next day after transaction takes place.
• GTPAY monitoring log: GTPAY comes with a unique, online monitoring console that allows merchants view transactions as they occur.
• Reduced sign-on fee: GTBank is a certified developer partner so we take on GTPAY integration for our merchants and as such the integration fee is waived for them.
2. INTERSWITCH InternetPay
Interswitch has a secure, reliable, and scalable platform for electronic transaction processing in a multi-institution, multi-functional, Online/Offline environment.
We design, implement and support payment infrastructure that deliver the highest level of availability and transaction integrity. Our systems accept transactions from a diverse range of delivery payment channels, intelligently switching them to a variety of external networks.
Interswitchs Electronic Funds Transfer (EFT) switching application, supports major networks including Verve, Mastercard, and China Union Pay, besides other proprietary networks.
The infrastructure is based on open-system architecture and uses relational database technology ,offering clientsportability, and reliability as they expand.Our open-systems architecture reduces/eliminates the considerable expense, of paying for proprietary hardware, software, and PCIDSS compliance.
Interswitchs robust back office systems provide comprehensive settlement and reconciliation services along with free associated reports.
Interswitch currently offers 3 Internet Payment options.
• Paydirect – web with reporting,
• Paydirect – web without reporting
• Paydirect – web (with reporting)
• Paydirect-web (with reporting) Integrates directly unto your website and Interswitch will provide elaborate reporting (dependent on integration specifications and reporting requirements), to enable you know who paid what, when, which bank it was paid into and what amount was paid online, real time from anywhere in the world.
• Paydirect – web (without reporting)
• Paydirect – Web (without reporting) – Integrates directly unto your website enabling funds to be received into your account, but no elaborate reporting is provided. Paydirect – Web (without reporting) offers cash deposit information and is often the product of choice for medium and small businesses.
• Quickteller (with generic reporting)
• Quickteller (with generic reporting) – is a payment platform that works like a payment shop or supermarket, where you can make online payments for various products and services.
• You may communicate that your services are available at quickteller.com and/or decide to place a link on your website that redirects to quickteller.com so your customers and clients can make payments using the platform.
• Quickteller is great for Internet savvy users who are already used to making payments online as itprovides them the option of enagaging with a host of value added services such as buying airline tickets, online recharge, payment for utility bills and a host of other services
eTranzact is a multi-application, multi-network and multi-channel electronic payment platform that supports all major networks including AMEX, VISA and MasterCard. eTranzact Platform is designed and built as a credible alternative to all transaction which are currently cash or check based and the platform capability is such that any solution that is driven by consumer payment can be automated on the platform.
eTranzact as a Switch processes payment requests from multiple channels – Web, ATM,POS, mobile, etc using automated procedures. The switching platform validates transaction requests after running security checks on the payment cards. The system ensures there are no security breaches during the transaction processing by encrpting all card information using tripleDES technology, thus protecting the card information. Our payment processing service helps organizations to:
Reduce the administrative overhead of cheque printing and returned cheques
Generate new Revenue streams
SimplePay Payment Gateway allows any business or consumer with an email address to securely, conveniently and cost-effectively send and receive payments online.
Our network builds on the existing financial infrastructure of bank accounts and credit cards to create a global, real-time payment solution. We deliver a product ideally suited for small businesses, online merchants, individuals and others currently underserved by traditional payment mechanisms.
Simple Pay’s service, which lets users send payments for free, can be used from PCs or web-enabled mobile phones.
SimplePay launched this service so that anyone with an email account can send or receive credits. Each credit is valued at N1.00. SimplePay Payment Gateway members may redeem their credits for the cash equivalency at any time by selling these credits back to SimplePay Payment Gateway, in the form of a withdrawal from the system.
You can believe there should be one universal online payment system and will strongly compete to be the provider of choice.
SimplePay Payment Gateway will however suspend any account that is found to be involved in any fraudulent or malicious activity, including impersonating a representative or attempting to gain other users passwords. Any decision made by, its officers, or representatives will be final’
CashEnvoy is the safest, easiest and most convenient way to make payment, send money and get paid online. It is an e-commerce business that allows payments and money transfers to be made through the Internet.
A Cash Envoy account can be funded with Nigerian debit cards or through online bank transfer from specific local banks.
CashEnvoy performs payment processing for online vendors, auction sites, and other commercial users. It charges a transaction fee for receiving money (a percentage of the amount sent plus an additional fixed amount).
CashEnvoy is owned by Electronic Settlement Limited, an independent, private sector led, limited liability Company located in Lagos Nigeria focused on providing secure and convenient online solutions.
• Merchants, receive Money Online
• Easily pay and settle other merchants on your platform.
• No integration, withdrawal or subscription fees!
• Easy to use, with complete transaction records.
• Receive payment and donations online with ease.
• Accept payment on your online store from debit cards and CashEnvoy account holders.
6. UBA UCollect
The UBA U-Collect is an Internet Payment Gateway service which allows Merchants accept online payments for goods and services. This solution accepts multiple card types available in Nigeria – VISA, Verve, MasterCard and e-Tranzact.
U-Collect on the web is the same as POS but on the web for businesses that have presence online. An example of U-Collect is what you see on Aero page when you select to pay for airline ticket online.
The platform support International VISA and MasterCard for selected industries.
United Bank of Africa (UBA) Plc is the West Africa’s largest banking and financial services group as measured by asset base, number of customers, branch network and profitability.
It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services. The bank employs more than 17,000 staff (Core and support) who serve their over 6 million personal, business, public sector and institutional customers through their offices in Nigeria, Ghana, Cameroon, Cote d’ Ivoire, New York, London and the Cayman Island.
As a leading player in the African financial services sector, the banks aspiration is to fly the flag of African excellence within the global financial community and to be a role model to other African businesses.
The United Bank of Africa (UBA) Plc has largely been a Nigerian and West African Bank. As the largest financial services company (by balance sheet size, branch network, customer base and profitability) in West Africa and the biggest listed company in Nigeria (by market capitalization, December 2007), the group has been recognized as a leader within the financial services industry in the region and a key driving force of the region’s economic development. UBA now has presence in seven African countries, spanning West, Central and East Africa, with main operations in Nigeria and Ghana, two of the most vibrant economies of Africa.
Today’s United Bank for Africa Plc (UBA) is the product of the merger of Nigeria’s third (3rd) and fifth (5th) largest banks, namely the old UBA and the erstwhile Standard Trust Bank Plc (STB) respectively, and a subsequent acquisition of the erstwhile Continental Trust Bank Limited (CTB). The union emerged as the first successful corporate combination in the history of Nigerian banking.
7. ZENITH BANK GlobalPAY
GlobalPay is a web-based payment gateway that enables you accept payments on your website from customers all over the world. With a one-time integration, you can receive payments from a wide variety of locally and internationally issued credit and debit cards.
This solution gives your business a global outlook and vastly expands your potential customer base.
If you’re open for business on the web, you might as well be open for business to the world, and for that, GlobalPay is the perfect solution.
• Acceptance of locally and internationally issued cards – Interswitch, eTranzact, VISA and Mastercard.
• Online log for monitoring transactions – View transactions as they occur
• Real-time online payments processing – Receive payments into your account immediately the payments are made.
• Multiple card acceptance from one-off integration – One setup fee and one integration enables you accept multiple cards. No need to integrate separately for each card type.
• Real-time transaction reporting and management – Automatically generated records of transactions as they occur enable you keep track of transactions.
8. 2Checkout (2CO)
2CO is the authorized reseller for thousands of tangible or digital products and services.
Established in 2000 and headquartered in Columbus, Ohio, 2CO provides turnkey e-commerce solutions to thousands of business customers around the world. 2CO’s proprietary technology supports back-office functions including financial reporting, tracking, fraud prevention, affiliate tracking, customer service and sales tracking.
Since inception 2CO has maintained a steady and maintainable growth. The company’s approach is geared towards providing quality service to new and existing clients without feeling the need to expand at a rate that would sacrifice service to our clients.
• 2Checkout’s online processing provides your business the ability to accept payments from customers in over 200 countries.
• Our customized checkout pages allow your customers to make purchases in any of 8 payment methods, 15 languages, and 26 currencies.
• Customers can checkout in 15 different languages: Chinese (Traditional), Danish, Dutch, English, French, German, Greek, Italian, Japanese, Norwegian, Portuguese, Slovenian, Spanish (Latin), Spanish (European), Swedish
• Multiple Currency Options: Accept payments on your site in more than 20+ different currencies from every corner of the world.
• You can get paid in dozens of currencies and multiple methods including, Electronic Funds Transfer that goes directly to your bank accounts, international Wire Transfer, or a 2Checkout branded Payoneer MasterCard.
9. Alertpay (Now Payza)
The main currency with which your account will be domiciled is in the US dollars and for alertpay (which was later aquired and now Payza), you could withdraw to your Nigerian domiciliary account.
Payza also affords you the ability to receive payments not just from account holders but also from credit card holders who may want to pay you with their credit cards. But in setting an Payza credit card platform, you would have to submit your website for verification and approval.
Also it appears credit card users from Nigeria would have to verify their credit cards once for a start before they begin using it on your proposed website.
One good thing about Payza is that it uses Instant Payment notification to alert you or your ipn handler that a payment has been made and you could use it to update your inventory as well as send an email (behind the scenes) to your buyer. Alertpay is now known as Payza.
10 Fastecash, VTN and Softpurse
These ones hold your e-currency in the naira and you can easily make payments and withdrawals by just using your bank account.
It allows you to receive money from members who hold accounts with the same processor. One dynamic feature of Fastecash is that it also uses an IPN once you receive payment thus enabling you to satisfy customer’s virtual purchases using an ipn handler.
We have not used Softpurse yet but it is also a growing means of online payment in Nigeria especially among recharge card online vendors.
VTN can be used also for sending and receiving naira online and is also allows you to fund your Graphcard account which could be used for a lot of purposes such as a virtual credit card, US phone number, US address and so on
So there you have it, you can list other Online Payment Processing Platforms in Nigeria in the comment section that you think is cool.