Payment Processors for online Business -Top (5) Payment Platforms for Ecommerce sites
Online payment is becoming a very popular means of payment and this due to a lot of reasons such as ease of payment and comfort. With online payment, one can just use his/her card and transfer a huge sum or amount of money for a product without passing through the stress or fear of carrying a huge amount or sum of money around.
Finally with online payment platforms, one can pay for a good or product that is in another country and examples of online stores where this form or means of payment is being used are Aliexpress, Jumia, Alibaba, and Konga.
Below is a list of the top five payment platforms that you can use on your website:
Paystack is an online payment platform that was founded in the year 2015 by Shola Akinlade and Ezra Olubi. Paystack is one of the best payment systems that you can use to receive money online in Nigeria.
Before you can use Paystack to start receiving money on your website, you have to integrate it on your website and if you are using WordPress, then the first step is to install the plugin on your website then proceed to their support page and follow the instructions to install it on your website.
Finally, if you are using Craft Cms, then there is an article to guide you on how to install it on your website in addition to this there are video guides and tutorials to answer any question you might have on Paystack.
Escrow is among the least payment platforms but it is the best amongst any payment platform you can think about. The term escrow means a contractual agreement where a third party receives and holds the money for a deal and until the terms of the agreement are met, the money would not be released to the receiver.
Escrow is used by the popular online shop Aiexpress and the seller would not be able to receive his/her money until you have received the product you ordered for.
To integrate escrow on your website visit their official website www.escrow.com and follow the steps outlined on their homepage to sign up and please pay attention to the transaction you select because there are different transactions outlined on the homepage and the most common transactions are:
buying and selling of domains, buying or selling of vehicles, paying for service as you go with milestone payments.
Flutterwave was created by Olubenga Agboola in 2014 and it is headquartered in San Francisco, California United States. The charges for international and local transactions differ on Flutterwave with that of local being 1.4% while that of international being 3.4% of the amount you are sending.
With Flutterwave, you can receive payments from anywhere in the world and before you can use it on your website, you must integrate it like any other payment platform so visit their website www.fluterwave.com and click on create an Account to create a Flutterwave account.
Interswitch is another payment platform that allows you to receive money from abroad and within Nigeria. Interswitch was founded in the year 2002 and is headquartered in Lagos. Interswitch is available in five (5) different countries namely Nigeria, Germany, Kenya, Uganda, and Gambia.
To integrate Interswitch on your website then sign up as a merchant on Qucikteller and follow the instructions outlined on the page carefully because integrating Interswitch is a bit difficult compared to other payment platforms listed in this article?
Finally please note that during the integration of Interswitch on your website, there would be a code you have to copy so if you have no knowledge of HTML then pay someone or ask someone to help you out.
PAYU is a foreign payment platform that was created by Naspers in the year 2002 and it allows online merchants to receive payments on their website. PAYU has a Nigerian portal so visit the website Nigeria.payu.com and click on Merchant portal to sign up as a merchant.
Please note that if you are signing up on PAYU newly, then you would have to click on the click here to activate the account link and once you have done that, then you would be able to access all the properties of PAYU.
There are other payment platforms that we did not list in this article and one of them is Paypal which is the number one way of transferring and receiving money online but the downside of some payment platforms is that some countries are prohibited from using them.