When Paystack, the recurring payment company was launched in April, it was all every industry observer could talk about.
But indeed, many months before Paystack, many local startups had thrown their hats into the world’s FinTech scene.
These companies have allowed Nigerian businesses receive one-time payments, programme recurring billing, send money smoothly across different currencies and manage their accounting.
There are now so many options available for startups to receive, send and track payments. With so many options to choose from, it could become hard to find one that fits your needs perfectly. In this article, we’ll list the top payment tools available in Nigeria, and how they work.
Of course, we’ll start with Paystack. Paystack was the belle of the local FinTech ball when it launched back in April, 2016. It’s still the belle of the ball now. All the love it’s getting from local founders does not only come from YC’s validation (Paystack was incubated at YC), but also because the platform works.
“Bye Interswitch, We integrating this ASAP!” says one founder when he discovered Paystack. There’s been a lot of versions essentially saying the same thing. People love Paystack.
Paystack allows you programme recurring payment for your business in mere minutes. And on the customer end, it’s even easier to pay bills. All the user needs to do is follow a link.
Flutterwave is basically Paystack on steroids. It helps businesses programme recurring payments and helps users pay easily. But there is more to Flutterwave’s magic. The company also provides infrastructure for existing financial institutions to scale transfers across countries and currencies.
Flutterwave is available in more than 36 African countries and big corporate organizations such as Etisalat, MTN, Kenya’s KCB bank, and Access Bank use the platform.
Interestingly, Paypal has started accepting Bitcoin so that users can make and accept cryptocurrency payments. The tool was one of the first used by freelancers. It provided a way to receive debit and credit card payments without partnering a credit card processing company. Of course, that saves you from facing the sometimes high monthly transaction fees deducted from your account.
Paypal also offers personal and business accounts, its own debit and credit card, a revolving credit line and business loans. The tool allows you to accept payments in foreign currencies while handling the currency exchange process for a token.
Stripe is an Irish technology company, operating in over 25 countries, that allows both private individuals and businesses to accept payments over the Internet. Though the tool was built for developers to create custom payment solutions, it can as well be used in its basic form.
Its features include integrated mobile payments for iOS and Android, coupons and recurring billing. The global payment option is even better. It works with over 100 currencies and uses Bitcoin. You can also accept digital payment services like Apple Pay, Android Pay and AmEx Express Checkout.
“Amplify is the smartest way to accept and manage recurring payments in Nigeria,” says the company website. And that’s not just PR speak. Amplify does what it says.
The platform works like Paystack complete with the finance tracking and reporting features. But it’s also branching into other ancillary CRM services such as word-of-mouth marketing for small business, reviews and reputation management and a loyalty module.
Remember when we said, there were many local payment processing systems before Paystack came on the scene? We were talking about Paga.
Paga is one of the pioneer payment processing gateways in Nigeria. Paga started as a mobile money platform, but it had since taken on a merchant side that helps businesses accept payment. They work with more than 5,000 businesses in Nigeria.
If Paga is spotting the wisdom hair of an old age pensioner, BuxMe is growing its first curl of baby hair. But the tool has a lot going for it, already. Although it’s positioned as a consumer tool, it could be a useful tool for a small business. It’s easy to send and request money from anyone, using either their phone number, or email.
For small businesses, it’s a great way to receive money from clients.
Simplepay is a secure payment platform like Amplify and Paystack. They offer one-time payments, recurring billings and something more; escrow service. Pricing is reasonable at 1.9% + N10 (2 cents) for every transaction.
Wepay is loved by businesses because of its fraud detection tools. The online payment processing tool is completely customizable. It is capable of direct bank transfer, recurring payments, multi-party payments as well as accept all major credit cards. Credit card processing fees are 2.9 percent plus $0.30 per transaction while ACH payment processing is 1 percent plus $0.30 per transaction. Charge backs are $15.
Payza allows individuals send money around the world for free while businesses can accept online payments from over 190 countries on their website. Like Wepay, Payza also has a fraud detection system in place. Payza charges 2.9 percent plus $0.30 per received funds. It is completely free to send funds on Payza.
Feature image via Etihad Airways