It is no news that choosing the right payment gateway is a crucial determining factor to the success of your e-commerce portal.
Below is a quick glance of the cost implication of 10 of the major online payment processing platforms in Nigeria today, this list is inexhaustible, but it is based on personal experience and inquiry made within each of these platforms.
You will notice that we have quite a number of banks on this list, since the ₦25bn recapitalization mandate from the CBN, the online payment platform has grown geometrically year on year as most banks have recognized the need to boost their e-banking channels in the face of competition. While Nigerian banks are scrambling to have their fair share of the market, they are joined in the online payment processing market by other online processing outfits. The advantage of this is that competition has improved drastically in the industry.
Majority of these platforms provide easy documentation for a seamless step by step implementation process, while technical support is also available to ensure on time completion.
UBA UCollect platform comes off as one of the most cost effective solution, as Interswitch still stays at the most expensive due to their veteran status in the payment processing space in Nigeria, It may interest you to know that majority of these banks’ platforms are a facet of the almighty Interswitch’s payment processing Switch, hence one of the reason’s why Interswitch are confident enough to increase their prices from ₦150k to ₦200k.
High setup fees doesn’t necessarily translate to “expensive” choose your payment platform based on the type of transactions you plan to process on your online.