*Update – There’s an updated version of this post with much more information on online payment gateways. Check it out

If you just got into ecommerce, I must say that you came at the right time. I remember being in 500 level in college and dreaming of starting an ecommerce website. It was such an exciting time for me because I was exploring all kinds of things. The most daunting of which was payment processing.

I remember reading about Eyowo at the time on Techloy and thinking to myself “Yes! This one would probably work”. Fast forward into the future and we don’t have that again. That’s how demanding and competitive things were in the past. And although they still are now, the technology is way more advanced and much better than we had it back then. In this post, we’d go through some of the most popular options for online payments in Nigeria today.

Interswitch WebPay

Accepts: Mastercard, VISA, Verve
License Fee: N160,000
Commission Fees: 1.5%

By far the most popular payment option of them all. Interswitch’s Webpay has been around the longest and is now seen as a dinosaur of some sorts. The platform might be functional, but not progressive enough. And if you haven’t heard of Interswitch, perhaps you’ve heard of Quickteller. Same company, different front end purposes.

I’v had to integrate a WebPay gateway into a simple CMS platform before – WordPress. It cost me and my client about 3 weeks and N160,000 to go live, with about 40 emails back and forth between myself and the Interswitch team. But while they might have drawbacks in technology, their popularity helps them remain relevant.

Click here to get started with Interswitch’s WebPay

PayStack

Accepts: Mastercard, VISA, Verve, International
License Fee: FREE
Commission Fees: Fixed N100 charge + 1.5% for local cards and 3.9% for international

If you want something more futuristic / modern, PayStack is it. I mean, just look at its homepage, that kinda sells it right?

paystackPaystack is backed by companies like Flutterwave and Andela, and it has the love of the developer community. Unfortunately I haven’t had a chance to implement an integration myself, but I have opened an account with them. Going to the “Request go live” tab shows me a simple form

paystack-go-liveAnd considering that this is step one of two, I’m guessing that it isn’t a lengthy process. Unlike some other platforms 😉 . Please drop a comment below if you’ve had a chance to complete integration. Let us know what the process was like and how long it took.

GTPay

Accepts: Mastercard, VISA, Verve, International
License Fee: N75,000
Commission Fees: 1.5% on local cards, 3% on international cards

GTPay was one of the earlier entrants into the market, right after WebPay. The platform – owned by GTBank – was built to help SMEs avoid the high cost of Interswitch’s WebPay. GTPay is essentially WebPay on steroids, with easier implementation guidelines and about half the license fee for WebPay. Integration is also much simpler

gtpay-payment-gateway

SimplePay

Accepts: Mastercard, VISA, Verve
License Fee: FREE
Commission Fees: Fixed N10 fee + 1.9% on local card and 3.5% on international cards

Perhaps the payment gateway with the most visible improvements is SimplePay. I started using SimplePay a few years back and although it wasn’t all bad, there were flaws. But the brand has received a total overhaul and now looks sleek and works quite well. I have successfully implemented SimplePay on about 4 websites within 1-2 days. The team is super responsive and the dashboard is intuitive.

Customers are provided with a simple popup to fill in their card details – similar to the one below – and enter a One Time Password (OTP) to complete their transaction.

simplepay-payment-gateway

Paga

Accepts: Mastercard, VISA, Verve, Paga wallet
License Fee: N25,000
Commission Fees: Fixed N20 + 1% on local cards

Paga is first a mobile money company before anything else. And according to its website, it boasts over 5 million customers. Paga also has additional services, one of which is a payment gateway system. I must confess that response from the Paga team while implementing can be quite slow and frustrating, but the platform works just fine.

It also lets you accept payments without a website. A feature which can come in handy if you don’t own an ecommerce website yet.

paga payment gateway

PHOTO CREDIT: www.africanbusinesscentral.com

While this is a good list to start with, it is important to note that there are many more payment systems out there for Nigerians today. A simple Google search usually turns up quite a number. This list represents most of the gateways I’ve had to use myself.

On a side note, I tried VoguePay quite a number of times for different clients and it just didn’t work. Most clients will come back after a few weeks to complain and we’d have to take it down and look for an alternative. Might be bad luck with me personally, but it was one too many.

Have you had any experience with these, or any other, payment gateways? Let us know in the comments box below.

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