Top 10 Best Online Payment Options in Nigeria 2020 See Full List

Filed in Articles, Technology by on October 9, 2020

Top 10 Best Online Payment Options in Nigeria 2020 See Full List.

Payment Options Nigeria: Online payment is the transfer of funds from your buyer’s account to your account through a trusted platform.

There are several ways that have developed that have allowed merchants to be able to receive money online ranging from merchant’s merchant account to third party payment processing.

It is easier to receive and send payments online because this is fast, time-saving and can be done when you are at home.

Such services are available every twenty-four hours in a week. The question here is what are the most popular online payment options in Nigeria? Below is a selection of the top 10 services you can make full use of.

1. eTranzact

eTranzact is a multi-application, multi-network, and also multi-channel electronic payment platform that supports all major networks including AMEX, VISA, and MasterCard.

eTranzact Platform is designed and built as an alternative to all transactions which is currently cash or checks based and the platform capability is such that any solution that is driven by consumer payment can be programmed on the platform.

eTranzact as a Switch processes payment requests from multiple channels like the Web, ATM, POS, mobile, etc. using automated procedures.

The switching platform authorizes transaction requests after running security checks on the payment cards.

The system ensures there are no security breaches during the transaction processing by encrypting all card information using tripleDES technology, thus protecting the card information.

2. VoguePay

This is a simple and secure way to send and receive payments globally. VoguePay’s global coverage allows consumers and businesses to safely make and receive payments in all major currencies, regardless of location.

Interestingly, VoguePay also offers a safe and secure platform to accept payment in bitcoin. You can accept one-time payments, set up subscriptions, and even receive donations.

3. Payarena

This Nigerian online payment service allows citizens to pay their bills and transferring finances, using ATMs and POS-terminals across Nigeria and buying Airtime for different local telecommunication networks such as MTN, Airtel, Glo, and others.

It works with MasterCard, Visa, and other bank cards. The establishment has different channels you can access.

It boasts a network of 40 thousand of POS-terminals and has ATMs you can use. It supports bill payment for most Nigerian service providers (electricity, television, etc.).

The service can be accessed from mobile phone, computers, and tablets every day and every minute. Like other online payment platforms, Payarena supports sending and receiving funds in different ways: from one card to another card, from a bank card to PayAttitude or Account, etc

4. FasteCash

This online payment platform is created to make online transactions simpler and faster. It mostly works with businesses that sell online and need a reliable system to accept money.

It offers two account types: normal and classic. The normal option is designed to help users shop online and pay for goods and services with their debit/credit cards, PayPal, or their FasteCash account.

Such an account has no fees. It also allows Nigerian citizens to transfer money to their families at no additional cost or withdraw money.

The classic option is designed for users and business people, who need to accept online payments, make payments, or sell their goods.

5. 2checkout

This payment system is aimed at businesses. 2checkout supports simple and quick online payments so it could be a good solution for small companies and medium-size businesses in Nigeria.

There is a fee for the payment process and it all depends on the country. For Nigerians, it is 5.5 percent plus 55 cents per transaction.

The discounts are possible for online shops that monthly deal with big sums of money (over 50,000 U.S. dollars).

6. QuickTeller

This is an online payment option that offers a big variety of services to users and companies. It is used by businesses to accept online payments on the site, through QuickTeller website, text messages, etc.

Users who want to use transactions through Visa and MasterCard can create an eWallet and tie it to their QuickTeller profile.

Such a method works with different types of bank cards and allows performing domestic and international transactions.

It is also possible to work with your Verve and Naira cards and even withdraw finances at the ATM without the physical card being in your hands.

QuickTeller deals with bill payments (and airtime payments (without extra fees) through the site. Sending money would cost you 100 Naira but it is free to receive finances through the service. The minimum amount you can send or receive is 50 Naira.

7. SimplePay

SimplePay Payment Gateway is a platform that allows any business or consumer with an email address to securely, conveniently, and cost-effectively send and receive payments online.

This network builds on the existing financial infrastructure of bank accounts and credit cards to create a global, real-time payment solution.

They deliver a product ideally suited for small businesses, online merchants, individuals, and others currently underserved by traditional payment mechanisms.

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.

SimplePay Payment Gateway suspends any account that is found to be involved in any fraudulent or malicious activity, including impersonating a representative or attempting to gain other user’s passwords.

PAYMENT LINK

8. Amplify

Amplify is the smartest way to accept and manage recurring payments in Nigeria.

Unique Selling Points Include:

  1. World-Class, Bank-Level Security: All transactions are processed via a PCI-DSS compliant and 3D secure payment gateway via an SSL encrypted channel.
  2. Get Your Money within 24 Hours: Payments made through Amplify will be in your establishment bank account within 1 day.
  3. Card Correction Technology: If there’s an issue with your customers’ card, Amplify will automatically retry until payment goes through, for up to 2 days.
  4. Multiple Payment Options: Accept payments in over 40 currencies from VISA, MasterCard, Verve, and American Express. Your customers will also be able to pay directly from their bank accounts.
  5. Accept Payments Without Needing A Website: You can accept payments without needing a coder. Create a simple form, send the link to your customer, and get paid.

9. CashEnvoy

This multi-channel platform works with individual users and businesses. The personal CashEnvoy account has many limits.

You are not able to send money or withdraw them through this system, but you can earn 0.5 percent on each transaction you make online with this service.

The business accounts are more flexible. Their users can pay, send money, receive payments and withdraw funds paying the 120 Naira of fees for withdrawing sums up to 4,000 Naira

10. VTN (VCASH)

The Virtual Terminal Network called VCASH supports sending and getting funds in Nigeria via Western Union system.

You can perform these transactions using the service website or through your smartphone. The establishment has the official license issued by the country’s Central Bank.

It is also possible to send money between VCASH accounts. You can create an account for personal needs and pay 99 Naira monthly for using it or start a merchant account at 299 Nair per month.

Users from Nigeria can also withdraw funds from their online accounts to Bank account. Such transactions usually take up to 7 days.

Thank You for reading through. please share with friends if you found this article interesting.

CSN Team.

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