Payment gateways are the system merchants use to accept credit or debit card transactions from customers in any part of the world, including Nigeria. Selecting an online payment processor in Nigeria could be difficult, especially if you wish to establish an eCommerce or operate an online subscription service that requires you to collect payments online.
In that case, we will be looking into the best online payment gateways between Paystack and Flutterwave in Nigeria and how you can use them in your business and effortlessly perform countless transactions from Nigeria and anywhere in the world.
#1 Paystack
Paystack, located in 126 Joel Ogunnaike St, Ikeja GRA 101233, Lagos, Nigeria, specializes in developing financial technology to help Nigeria’s most successful companies succeed in the online world. They make it simple for businesses in Africa to accept secure transactions through various global and local payment options by offering powerful tools to assist them in accomplishing that without the fear of losing money or customers.
Important info about Paystack
# 1 Who can use Paystack for business? Nearly all companies and organizations in Nigeria and Africa can use the Paystack payment gateways. They can accept various payments from their customers, whether registered or not. However, businesses like Non-Governmental Organizations (NGOs), Betting companies, Financial institutes, Drug stores, and Travel Agencies are tagged as ineligible with no registration documents.
#2 How to activate American Express card payments for your Nigerian business? While registering your business with Paystack, you will be asked whether you require international payments for your business. If you choose yes and fulfill all the requirements, international payments will be granted when your business is activated. To confirm whether you already have access to international payments, you can visit your dashboard preferences. The box beside ‘Accept international payments’ will be ticked if you have access.
#3 Can one Paystack account be used for multiple businesses on Paystack? The answer is Yes. By default, the account you have with Paystack is connected to the number of Paystack companies you’ve created or joined as team members. They will use your account email address to connect all your businesses. It simply implies that you possess one Paystack account at all times, but you can have several Paystack companies.
#2 Flutterwave
Located in 8 Providence Street Lekki, 900001, Lagos, Nigeria. Since the establishment of Flutterwave in 2016, the company has provided the easiest and most reliable payments solution for businesses in Africa and globally. With Flutterwave, you can seamlessly make transactions in various foreign currencies like dollars and pounds at a friendly rate.
Important info about Flutterwave
#1 Who can use Flutterwave for business? The overall eligibility requirements to use Flutterwave for your business sorely depend on the country and type of account you’re creating. According to the Flutterwvae team, if you are a registered business owner in Nigeria, we will be required to provide the following documents;
- Corporate bank account details,
- Valid means of ID,
- The operating license of where the business is controlled,
- Operational business address
- Monthly transaction history
# 2 What can a business owner without a certificate of incorporation do? The Flutterwave team advises that they first start with an individual account for the individuals with such issues. When they eventually register their business in the future, they can easily send an email address to hi@flutterwavego.com with the certificate of incorporation and their corporate bank account information for their account to change to a business account.
#3 What is the cost of creating a Flutterwave account? The good news is, Flutterwave doesn’t charge any money for account creation, so you are qualified to open an account with Flutterwave and complete the setup for instant transactions. However, the Flutterwave system only charges fees on each performed transaction.
The importance of integrating a payment gateway in your business:
A payment gateway is a vital part of any business, especially those that operate online because it allows customers to pay for goods or services on the spot without the stress of physically going to the merchant’s store to make the payment.
Currently, there are a lot of payment gateways that small businesses can choose from in Nigeria, which can make it challenging to decide which one is right for your company. So, that’s why I decided to make a quick outline below on choosing the right payment gateway for your business that operates in Nigeria.
How to choose the right payment gateway for your business in Nigeria:
When it comes to selecting a payment gateway for your business, there are a few things you need to take into account. Things like:
- Cost: Payment gateways can be expensive, so finding one that fits your budget is important.
- Security: This feature is a significant factor for every online business owner. That’s why you should consider the level of security offered by the gateway you choose to go for.
- Ease of use: You’ll also need to find a gateway that’s easy to use and not difficult to integrate with your ecommerce platform.
- Features: Different payment gateways offer different features, so make sure you choose one with the features you need.
- Support: Finally, make sure the payment gateway you choose offers good customer support because you will certainly need it.
So, those are the few vital things you need to consider when selecting a payment gateway for your business. And remember, it’s important to thoroughly do your research to find the best one for you.
Conclusion
As technology is quickly advancing in Nigeria and the world, it is recommended to take your business online. And you know every online business requires a good, secure, and reliable payment gateway. That’s why I researched the best online payment gateways in Nigeria and selected Paystack and Flutterwave to discuss in this article. However, there are many other great payment gateways you can explore and decide the best for your business needs. So, feel free to leave a comment, and I’ll be available to respond to you.
