For an e-commerce business to thrive, a means to accept payment over the internet would be very necessary. In most cases, this would be through a website or app. For the purpose of this write-up, we would be sharing how to accept payment online in Nigeria through a website.
- Some online e-commerce cart systems
- Leading Local Online Payment Gateways in Nigeria
- International Online Payment Gateways
- How to accept payment online
The post presupposes that you already have an e-commerce website that includes a modern online cart system. In addition to developing an e-commerce system from scratch, there are several web software out there that make this possible. The systems are typically fully-fledged e-commerce platforms that come with a storefront for customers and backend for the merchant to control the entire system. They would typically include features like multi-currency support, anti-fraud screening, etc. Any of the listed systems can be obtained by buying web hosting from Web4Africa and installing them from the hosting control panel.
39 Online e-Commerce Cart systems
- WooCommerce: this is a popular plugin based on WordPress
- WHMCS: this software is popular with web hosting, domain name, software, Internet Service Providers (ISPs) and related businesses
- Open eShop
- Zen Cart
- Loaded Commerce
- thirty bees
- Open Source Point of Sale
- Invoice Ninja
- Thelia 2
- Logic Invoice
- PEEL SHOPPING
- Maian Cart
Leading Local Online Payment Gateways in Nigeria
The Nigerian payment gateways typically support all local payment methods in Nigeria. These include Naira Visa cards, Naira Mastercards, Interswitch Verve cards, cash tokens, USSD, instant bank transfer in addition to the array of mobile payment schemes offered by 3rd parties.
- Interswitch: the company offers solutions including WebPay, WebPayDirect and QuickTeller, to support e-commerce businesses.
- GTPay: powered by GTBank, this enables merchants who bank with GTBank to accept payments online, after an application and approval process by the bank.
- PayStack: this gateway supports local and international card payments, GTBank *737#, Visa Q, and Internet Banking for some 7 banks. PayStack is currently one of the more popular gateways in Nigeria presently.
- Rave by FlutterWave: a very modern gateway backed by local and international technology. It supports over 150 currencies and is used by leading brands.
- Paga: a locally-grown gateway that focuses primarily on mobile payment.
International Online Payment Gateways
These gateways are available to merchants in Nigeria but tend not to support the Nigerian currency, Naira.
- PayPal: this popular gateway offers Business Account options for Nigerian merchants to accept payment online from Nigerian and international customers.
- 2Checkout: it enables merchants to accept international cards, in addition to PayPal.
- Wallets: the following online wallets get some usage in Nigeria and also offer merchant accounts – Skrill, Perfect Money, WebMoney, Bitcoin (through 3rd party gateways like Luno)
How to accept payment online
The general principle is that a business or merchant needs to open an account with any of the service providers listed above. The provider would generally require some business documents, in accordance with the Know Your Customer (KYC) laws in their respective countries. These are needed, to protect the provider against fraud, and to curb money laundering.
Once the merchant account is approved, they would then offer a dashboard and Knowledgebase.
The dashboard would offer detailed information about money inflow, customer information, risk assessment of each payment, withdrawal records and other important information. They also come with settings that enable the merchant to customize their experience.
The Gateway’s Knowledgebase would contain detailed technical information about how the merchant can connect their e-commerce cart to the gateway’s API. This enables the merchant’s technical personnel to integrate the gateway fully into the cart. Some other customizations could include fraud screening, refund flows, currency acceptance etc. The depth (or lack of) of the Knowledgebase can vary from one gateway to the other.
As a principle, many gateways offer a sandbox where the merchant can test their technical integration. They then only approve or enable a Live environment when the tests have passed the minimum technical requirements stipulated by the payment gateway.