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A payment gateway is an online service that authorizes and processes debit/credit card or paypal payements for online marchants and businesses.
According to wikipedia, A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The payment gateway may be provided by a bank to its customers, but can be provided by a specialised financial service provider as a separate service, such as a payment service provider.
A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank.
check wikipedia for more information
Payment Gateway | PayStack | Flutterwave | VoguePay | CashEnvoy | DUSUpay | Remita | Interswitch Webpay | 2Checkout | Amplify | Paypal |
Setup Fee | Free | Free | N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards) | Free | Free | Free | NGN 150,000 | Free | Free | Free |
Annual fee | Free | Free | Free | Free | Free | Free | Free | Free | Free | Free |
Commission per transaction | Local Cards: 1.5% + NGN 100
International Cards: 3.9% + NGN 100 NGN 100 fee is waived for transactions less than NGN 2500 Other fees: NGN 10 – 50 depending upon the amount BVN Resolve API: NGN 10 per API call |
Local – 1.4%
International – 3.8% |
Naira cards = 1.5%. (Transactions above NGN 2,500 = 1.5% + NGN 30)Withdrawal: 0.99% + NGN 99VoguePay wallet & Walletfund transfer: 1%
International currencies: Transaction fee: 3.8% + |
Withdraw funds: NGN 120.00 (fee for withdrawals of NGN 4,000.00 or less)
Receive payments: Local: 1.5% + NGN 25.00 | International: 3.9% + NGN 12.60 |
Card – 4.9%
Bank – 3.5% |
Local – 2%
Foreign – 4% Minimum – NGN 100 Maximum – NGN 2500 |
For transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,333 | 3.9 % + $0.45 USD
1.5% cross-border fee |
1.4% + NGN 20 when a customer makes a transaction in Naira.
The maximum amount charge won’t be more than NGN 2000 For International Transactions: 3.8% + NGN 20 |
3% |
Payment methods accepted | Card, Bank account, Bank transfer, USSD, Visa QR, Mobile money, POS (coming soon) | Local – Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, Visa QR
International – Mastercard, VISA, AMEX |
Visa, MasterCard, Bank Transfer, VoguePay Wallet | MasterCard, GTBank, Interswitch, eTranzact, Visa, Verve, Suregifts, Flatterwave, Cashenvoy Wallet, Mobile money | Rupay, Visa, MasterCard, Amex, JCB, Maestro, PayD and many more | Internet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order and Electronic Purse. | Nigerian cards, Verve, MasterCard and Visa | American Express, Visa, MasterCard, JCB, Neteller, PO, Skrill, Paypal, Bank Transfer, Interswitch Verve | VISA, Mastercard, Verve, and American Express | Credit/Debit Card Visa, MasterCard, Discover American Express, Bank Transfer |
Fraud & Risk management | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Accepted Currencies | GHS, NGN, USD | BIF, CAD, CDF, CVE, EUR, GBP, GHS, GMD, GNF, KES, LRD, MWK, MZN, NGN, RWF, SLL, RWF, SLL, STD, TZS, UGX, USD, XAF, XOF, ZMK, ZMW, ZWD | Naira (N), USD ($), Euro (€), GBP UK Pound (£), Ghanaian Cedi (GHS) and South African Rand (ZAR) | Multi-currency support | These countries local currencies – Ghana, Nigeria, Cameroon, Uganda, Kenya, Tanzania, Rwanda, Burundi, South Africa | Naira, USD | Naira only | All major Currencies |
More than 40 currencies | All major currencies |
Set up type | Online | Online | Online | Online | Online | Online | Online | Online | Online | Online |
Onboarding & Approvals time | 30 minutes | Immediate | 1-5 days | NA | NA | NA | 1 – 2 weeks | 24-48 hours | 1 day | 1-2 days |
Recurring Billing | Yes | Yes | No | No | No | Yes | No | Yes | Yes | Yes |
Charges on Refunds | No extra charge | No extra charge | No extra charge | No extra charge | No extra charge | No extra charge | No extra charge | No extra charge | No extra charge | No extra charge |
SDK Stacks | PHP, Android, Nodejs, iOS, Java, Python, R, ReactJS, React Native, Ruby, VueJS, Xamarin, Yii, NativeScript, Groovy, Erlang, Flutter, Angular, Cordova, | PHP, Node, Python, Android, iOS | PHP, .net, Java | PHP | JSON | .Net, Java, Android, PHP, Python | JavaScript, iOS, Android | Java, Ruby, .net, C#, Python | JSON | Java, .net, PHP, Python, Node, Ruby |
Settlement time | Within 24 hours | Within 1 day | For local transactions, this is T + 1 days while it is for T + 5 for international transactions) | Instant | Within 1 day | 1 day | NA | Weekly – Transfer to Bank Account | 1 day | Payment into PayPal Account Instantly. |
Payouts support | No | No | No | Yes | No | No | No | Yes | Yes | Yes |
Split payments | Yes | Yes | Yes | No | No | No | No | Yes | Yes | Yes |
Choosing the best payment gateway provider for your e-Commerce platform is alaways a difficult process. While choosing, you should ensure that customer payment experience is smooth, fast and secure. This will help to increase trust among the customers and ensure that they come back to purchase other products or services in the future.
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