Top 5 Merchant Solution Platforms In Nigeria

As a business owner, you must be wondering the best merchant solution platforms in Nigeria for your business transactions.

Technology is continuously advancing to improve our lives and make it easier, especially in the financial sector. In this past decade, we have seen an emergence of various financial technologies that are simplifying the way we carry out everyday business transactions.

Yes! The outlook for the future is exciting even in Nigeria, thanks to digital and electronic payment solutions provided by top-notch digital payment platforms.

However, in our society, these technologies haven’t been entirely accepted by businesses that could benefit from the various perks of digital or online payment. This is partly because of slow penetration of these technologies and a lack of trust that business owners feel towards these payments solution providers.

But this can improve over time as more business owners become aware of top merchant solution platforms available here in Nigeria.

These merchants solution platforms will assist their businesses to make the much needed and profitable switch to a more modern way of carrying out transactions. Although most companies are ready to embrace this new technology, choosing the best out of the numerous platforms seems to be the only problem. 

Hence, if you are looking to partner with a top and reliable merchant solution platform in Nigeria or knowing about them, then we have got you. 

Top Merchant Solution Platforms in Nigeria 

We have considered the top merchant solution platforms in Nigeria to help with electronic payment, and without further ado, here they are:

1. Interswitch

Interswitch has a secure and reliable platform for the processing of electronic transactions in multi-functional, online, and offline environments. The Interswitch system supports and designs payment infrastructure and is always available for carrying out operations 24/7. 

Its integrity is top-notch, and they accept transactions from various payment channels. The Interswitch platform supports lots of networks like MasterCardVerveChina Union Pay, and several other systems. These cards supported by Interswitch make it easier for the government to carry on with its cashless policy as people can use them on point-of-sale (POS) machines in places like supermarkets, fuel stations, etc. 

The Interswitch infrastructure was built based on an open system architecture that offers merchants their reliability and reduces expenses. Interswitch offers it’s merchants three payment options, which are PayDirect(web with report), PayDirect(web without reporting), and Quickteller

  • The PayDirect with a report can give you details on transactions that you have carried out. It ensures you are aware of who paid money into your account, the bank it was paid into, the amount, time, and place the transaction took place. 
  • The PayDirect without report doesn’t give you detailed information. 
  • The Quickteller platform is more like an online shop, and you can buy good online and make payments through a Quickteller application. As a business person, your clients can also make payments through the Quickteller app; you can send money to other platforms, and also recharge your phone. 

The Interswitch platform is an excellent solution to the financial problems merchants face as it connects both individuals and businesses, allowing access to their funds in all banks through various payment channels. 

2. eTranzact

eTranzact is another reliable platform for electronic payment that supports major networks like visa, MasterCard, and AMEX. It is a trusted alternative to every cash or cheque transactions. As a merchant, you can rely on the transact platform anytime, anyway, because it solves any financial problems taken to the platform. 

The best part about the platform is, they don’t just go ahead and approve transactions. Instead, they run security checks on every payment made through its platform. And they ensure there are no breaches during the transaction process. The transact also permits payment requests through various channels, which include POS, ATM, mobile transactions, and web. 

3. GTPay

GTPay is a safe and very convenient web payment solution that ensures that merchants receive and make payments both internationally and locally. GT Bank supports GTpay, and it accepts payments through Interswitch, MasterCard, and Visa

Their transactions are swift and fast, and merchants get the value of their operations almost immediately. The best part is, it ensures that merchants get an overview of their transactions and monitor it as it occurs. And it also encourages cashless transactions.

4. VoguePay

VoguePay is another payment platform which is very effective but isn’t very popular. Their services are quite impressive and swift. Just like Interswitch and the other platforms listed above, VoguePay also solves the problems of receiving and making payments for merchants without visiting the bank. 

The platform also works 24/7; hence, it gives room for merchants to carry out e-transaction anytime, any day, and anywhere. The VoguePay platform also offers merchants the opportunity to take their business a step further. Using the platform, you can receive payments from all over the world, hence giving you the chance to expand your business beyond the shores of Nigeria. 

5. Paystack

Paystack is another excellent electronic payment platform. Although it seems to be new in business, it still tops some of the old e-payment platforms. Paystack is very beneficial as it allows merchants to make payments and also receive payments from their customers. 

It helps the cashless policy work better and assures merchants that their transactions are safe. Their operations are transparent and straightforward. The best part is they deal with both international and local transactions. Hence if you trade in dollars, then this platform is safe for you. 

For merchants who use Paystack, their transactions are secure. The platform offers manual anti-fraud protection that protects its users from fraudulent activities. In case you want to carry out an audit on all your transactions, it provides you a piece of well-detailed information about every transaction carried out with accuracy. 

So you can easily monitor all of your transactions. Thousands of businesses in Nigeria use the platform already, which goes to prove how effective it is. 

Conclusion 

Merchants no longer need to worry about performing transactions and how safe it will be, and they no longer need to carry bulk cash around as the solution has already been introduced in the country. 

All merchants need to do is embrace the new technology of electronic transactions and run their businesses swiftly and smoothly without any fear or worry.

If you’re looking for a quick loan, then you must read this piece on the best quick loan apps in Nigeria.

Leave a Comment