September 30, 2017

Best Payment gateway for online business in 2017

Payment gateway in Nigeria

Online business in Nigeria today is generally growing at a steady rate, and this has been hugely helped by the increasing prominence of Payment gateways, which enable people to pay and receive money online using mostly their debit and credit cards with relative confidence. This discourse is not exhaustive, hence the onus is on you as a prospective Merchant to do your own due dilligence before making a definitive decision on which payment gateway to adopt. Since you are reading this post, I believe you are on the right path:

Interswitch (Webpay)

Interswitch is the main online payment processor in Nigeria, while most of the other payment  gateways are aggregators with a link to Interswitch. The WebPAY Payment Page is a simple page that can be called from any website seeking to offer visitors the ability to pay for goods or services via their bank issued cards or other payment tokens. Webpay supports several payment methods including MasterCard, Verve, China Union Pay. Note however, that as at the time of writing this post, Visa card is still not yet supported. Nevertheless, the system is quite robust, and scalable for any form of electronic transaction.

There is a one-time integration fee of N150,000 and for every subsequent successful transaction, a fee of 1.5% of the value of the transaction subject to a cap of N2,000 is charged. (i.e. for transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,333).


eTranzact is the second leading online payment gateway in Nigeria with operations in other countries including, Ghana, Kenya, Zimbabwe, Cote d’Ivoire, and UK. This electronic payment platform supports most of the payment options available such as VISA, AMEX, and MasterCard. It is a good way to conduct check or cash-based transactions. It can be conveniently accessed on PoS, ATM, Internet, and Mobile.

The security of this payment platform is ensured with the encryption of all transaction information in order to enforce authentication and validity of all transactions. This is however not unique to only etranzact.


This is a secure internet payment gateway developed by GTBank to facilitate payments online using debit Cards issued by banks on the Interswitch Network. It plugs in seamlessly with the existing websites of customers and acts as a bridge between the customer’s website and financial institutions (Banks). Using GTPay is a safe, secure, and convenient payment method with some benefits such as:

  • Convenience for both you the merchant and your clients in carrying out online transactions.
  • International Acceptance: GTPAY accepts both locally and internationally issued cards including Interswitch, MasterCard and VISA.
  • Timely transaction processing: Merchants get their money within 24 hours of a successful  transaction.
  • GTPAY monitoring log: GTPAY comes with a unique, online monitoring console that allows merchants view transactions real-time.
  • Reduced sign-on fee: GTBank is a certified developer partner so  GTPAY integration fee is waived for merchants.


VoguePay is another prominent online payment gateway in Nigeria. The company offers an exciting suite of amazing services that make online payment easy. The service is available to both offline and online entrepreneurs via the use of SMS account management, and you can make payments and receive from any part of the world hassle-free on the Vogue Pay platform.

VoguePay offers two entry levels: Personal account and Business account. Signing up for both is completely free while their withdrawal fee is one of the lowest in the industry.

You do not need a website to sell with VoguePay:
1. Register an account and get your merchant status verified.
2. Use or integrate any of their free payment channels into your site (buttons, links, shopping carts, or API).
3. Get payment for your products/services via your website, email invoice, social media sites, or even SMS.
As a VoguePay merchant, you can securely make and receive payments from VISA and eTranzact card holders. Those using MasterCard will need to sign up if you want to receive payment from them.  Also note that to operate the business account and enjoy more benefits, you’ll need to provide evidence of registration with CAC or a valid ID card.


The SimplePay gateway is another platform which facilitates online and offline payments in the Nigerian ecosystem. You can determine how you want to be able to access your funds via your registered bank account  – every day, every 7 days or every month. There is a charge of N105 for each transfer to your registered bank account, except for FCMB bank account. Using this platform, you as a merchant can both receive and pay money for goods and services.

They currently offer 2 entry levels- Simple link, and Simple Pay. With SimpleLink, you can start receiving payment within 2 minutes. It is efffective for Websites, Social Media, SMS and Whatsapp. No integration is needed. SimplePay, is the more popular product however and it’s suitable for large ecommerce websites. Integration plugins are  available for wordpress, magneto and opencart. APIs for recurring billing and Android SDK is also available.  Unlike Interswitch however, you have to do the integration yourself or you hire a developer.


This payment gateway simplifies sending and receiving money online very. CashEnvoy is owned by Electronic Settlement Ltd, a Nigerian company. By integrating with CashEnvoy you can accept payment from all the major Nigerian debit cards, international Visa/Mastercards and also from the CashEnvoy wallet. You can also fund your wallet through online bank transfer via some designated banks or through Nigerian debit cards. Two entry levels are available, the Personal and the Business accounts respectively. The Personal account is for buyers and strictly for making payments while the Business account is for Merchants and supports both making and receiving payments. There is a withdrawal fee of ₦120.00 fee for withdrawals of ₦4,000.00 or less applicable to the business account.

Some of the other benefits of using CashEnvoy include access to complete transaction records to keep a string on your account, and also free integration or subscription. You can also accept payment from other CashEnvoy account holders or from debit cards.


Formerly known as Alertpay Payza is a leading figure in the global online payment gateway ecosystem. Though not a Nigerian company (its headquarter is in London), its services are readily available to Nigerians as well as other countries. Payza like some of the other platforms we already mentioned, also offers 2 entry levels: Personal and Business. As a merchant, you’ll need to signup for the latter, registration for both is however free. The platform supports Credit cards, Prepaid cards, Debit cards, Bank accounts and even Bitcoin! You can find their full service fees schedule here.


Some other online Payment gateways that deserve an honourable mention include UCollect by United Bank for Africa (UBA), GlobalPay by Zenith Bank, and Payu.


As more and more Nigerians become comfortable with using their cards online, every forward-thinking entrepreneur should be strategising on the most effective approach to tap into the vast resources now available. You really no longer have an excuse to not take advantage of this new trend. It’s either you move with time, or time leaves you behind. In case you are wondering about how to set up an online store so that you too can start receiving payments online, simply click on the link for a step-by-step guide.

Don’t forget to like, share, and of course drop your comments! Very important. Have a nice day…

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