Why & How You Should Accept Online Payments Now - Biztorials

Why & How You Should Accept Online Payments Now

accept online payments

If you run a business in Africa/Nigeria and you don’t accept online payments already, you may be missing out big time.

Coming a long way from when only Interswitch held sway as the only online payment processor in Nigeria, the fintech industry has come full circle and it’s now mainstream. Don’t take our word for it – businesses are already taking advantage – processing a whooping one billion naira monthly on Paystack.com.

Flutterwave – another payment processor enabling inter-continental payment processing for online merchants also reported over one billion dollars in a little over fourteen million transactions.

The implications is that Nigerians and indeed Africans are starting to trust online transactions.

What does this mean for business?

It means more revenue channels. You can activate your online channels, ramp up activities on your social media pages or use Payment Pages to collect both one-off or re-occurring bills. You can also accept payments for your next training hassles free. You don’t even need a website.

How to Accept Online Payments

There are several ways to accept online payments. Depending on your business, accepting online payments may be as simple as creating a payment page on simplelink.ng or on paystack.com. You can also get your web designer to implement a simple plugin (if your site is based on any content management system like wordpress or Joomla) or an API from any of them.

How to create a Payment Page

      1. Simplelink.ng Payment Pages.
      Using simplelink by Simplepay.ng is simple. All you need is, signup on the website, enter your details and your bank account (According to their website: The only verification needed to verify you as a Merchant on SimpleLink is your Bank Account Verification. There is a One Time N150 verification fee which is surcharged on your first withdrawal) and start creating pages for different items and share the link anywhere on social media. When people click the link, they’d simply pay using their card and you deliver the goods. You can watch the video provided by the company below for more details or check out their FAQ Page.

      2. Paystack Payment pages.
      Paystack unlike simplelink.ng require an ID verification before you can accept payments but verification is almost instant. All you need is to create an account, add your bank details and upload a valid means of identification and you’re good almost immediately. Paystack lets your customers pay you directly from their bank account if they so desire. You can read up their FAQ page for more.

At What Cost?

Accepting online payments is way cheaper than it has ever been. Back in the days, Interswitch charged one hundred and fifty thousand naira for their API and still charged you a commission on transaction. But folks like Paystack and simplepay has liberalised the space. Now you can integrate API for free and pay as low as 1.5% plus one hundred naira capped at two thousand naira maximum.

Below is Paystack charges as obtained from their website:

Micro Transactions
The ₦100 fee is waived for transactions less than ₦2500

Local card fee caps
Fees for local cards are capped at ₦2000 – which means you won’t pay more than that for such transactions.

Simplelink on the other hand charges 1.9% plus Ten Naira capped at two thousand naira per transaction.
Below is their pricing lifted from their website:

1.9% + ₦10
For Local Cards
Fees for local cards are capped at ₦2000 – which means you won’t pay more than that for such transactions.
4.0% + ₦10
For International Cards


There are other players in this space – inclduing Amplifypay.com. If you are looking for an international payment company that could help you receive money, try Payoneer.

Have something to add to this piece, use the comments box.

Also published on Medium.