Top 11 Payment Processing Companies in Nigeria

How many payment processing companies are there?

As of 2022, there are close to 1300 Visa registered independent sale organizations that essentially sell credit card processing to merchants and business owners.
Top 11 payment companies in Nigeria Nigeriantech.com.ng

Who is the largest payment processing company?

JPMorgan Chase. Chase Paymentech, the payment processing arm of the largest bank in the U.S., authorizes and processes payments in more than 130 currencies. And like its peers, it offers analytics, fraud detection, and security solutions

Which payment processing companies should you choose for your business?

Many business leaders struggle with this question. After all, payment gateway and digital payment can be fierce, and most especially if you are not a regular user.

With dozens of companies offering credit card processing and online payment solutions to choose from, it will be difficult for merchants to make decisions.

Here, we’ve compiled a list of the industry’s leading payment companies to help you decide.

Helcim

Helcim is one of the top competitors in the payments gateway market. It enables merchants and sellers to grow their businesses with hassle-free payment processing solutions.

Pros

  • Hassle-free to use
  • No monthly fee
  • Quick and convenient for customers

Cons

  • Complex user interface
  • Not suitable for high-risk industries

GETTRX

Based in Torrance, CA, GETTRX has over a quarter-century of expertise in the payment processing industry. The GETTRX team is committed to setting the standard by delivering the most advanced technological packages in payment processing, which makes their team one of the most knowledgeable in the industry.

GETTRX is also committed to pioneering new business opportunities for owners by delivering daily data that can improve a company’s competitive position in the marketplace.

Their vision and technical prowess are reflected in GETTRX’s vigilant focus on innovative solutions for the payments processing of today and tomorrow. With solutions for every business at the best rates, GETTRX will help save your business money.

Pros

  • Customized POS options
  • Secure online payments
  • Non-profit solutions

Cons

  • NA

PayPal

PayPal allows access to millions of PayPal sellers and merchants for payment processing. It is a market player of some of the world’s most prominent digital merchants, including Airbnb and Uber.

Pros

  • Fast, hassle-free setup
  • Offers mobile wallet options in-store
  • No monthly fees or contracts

Cons

  • Not suited for a high volume of transactions
  • It doesn’t have 24/7 phone support

STRIPE

Stripe has been one of the renowned payment gateways in the market for a decade. Transparent fee structure, smooth integration with all major e-commerce systems, and easy-to-use interface have been essential factors in helping Stripe become one of the top options for customers.

Stripe enables you to manage one-off payments, invoice on a recurring basis, or even handle in-person payments.

Stripe also ensures payment processing security and securely saves all credit card numbers and transaction details (using good AES-256 encryption keys).

Pros

  • Hundreds of integrations with business software
  • Custom pricing available
  • Accepts all mobile wallet payments

Cons

  • High-risk businesses must wait seven days for payment
  • Phone support upon request
  • Fraudulent activity may result in a hold on your funds

ADYEN

Adyen enables you to accept every payment made to your company from a single platform and provides you tools to manage risk and track results.

Adyen accepts more than 150 global currencies and 250 payment methods. Further, it lets you analyze transaction data to benefit from “data-rich insights.”

Pros

  • Ensure smooth streamline process
  • Ensure managing risk

Cons

  • No support for PayPal payments
  • Mixed reviews on functionality

PAYLINE

Payline has been in the payment gateway business for a decade. It offers transparent fees and a fruitful interchange-plus pricing model.

It is a custom payment gateway that allows you to set things up like recurring payments or other non-standard payment schemes. Also, it provides mobile solutions designed to accept payments via mobile apps.

Pros

  • User-friendly interface
  • The transparent interchange-plus pricing model

Cons

  • Monthly fee

2CHECKOUT

2checkout offers services in over 180 countries. It provides a comprehensive solution to ensure the payment process seamlessly. Also, it will let you access an advanced platform where you can manage your business’ finances and e-commerce efforts.

Pros

  • Good customer support
  • Robust API

Cons

  • Slow process
  • Need improvement in security protection

AUTHORIZE.NET

Authorize.Net is a recognizable and oldest payment gateway operating on the web. It has made the payment process hassle-free for businesses of any kind to accept payments on the web and in person.

As per your business needs, you can use Authorize.Net to issue invoices, set up recurring payments, and simplify the checkout process.

Pros

  • Ensure smooth streamline process
  • Ensure managing risk

Cons

  • No support for PayPal payments
    Mixed reviews on functionality

PAYMENTCLOUD

PaymentCloud supports various customer bases and offers solutions for eCommerce stores and other online business needs. Since high-risk companies face many barriers, they ensure the process seamlessly mitigates security risk.

Pros

  • Fast application approval
  • Easy to set up
  • Next day funding
  • Dedicated account manager

Cons

  • No pricing information on the website
  • Pricing varies by risk
  • May face early termination fees

CLOVER

Clover offers an extensive range of POS systems that work with its credit card processing service. It processes payments using its own POS systems. In addition, it provides four credit card processing plans: Register, Register Lite, Table-Service Restaurant, and Counter-Service Restaurant.

Pros

  • Easy to use
  • Smooth processing

Cons

  • Complex dashboard
  • Customer service needs improvement

ALIPAY

Alipay is a popular payment platform launched by Alibaba and has grown as an Eastern payments player. It can process payments through online, mobile, and in-store channels. The company claims over 1 billion users.

Pros

  • Real-time monitoring
  • Risk management

Cons

  • Stores detailed transaction history of users
  • Average reviews on functionality

How to Pick a Payment Gateway

Let’s find out what to look for in a payment gateway;

Does the gateway support your eCommerce platform?
Do you need more than one payment gateway?
What features do you need, specifically?
Does the payment gateway support the payment methods your customer base uses?
What fees are acceptable?
Does the provider have a good reputation?
Are you in a high-risk business?

Frequently Asked Questions (FAQs)

How Does a Payment Gateway Work?

Payment gateways enable buyers and merchants (and their banks) to carry out transactions digitally. For example, after swiping a card, the payment gateway makes sure the card is authentic, makes sure that they have enough money to cover the transaction, and lets the customer know if the purchase is accepted or declined.

What is the Difference Between Payment Gateways and Payment Processors?

Payment gateways and payment processors are alike because they connect the merchant’s and customer’s banks. However, payment gateways can identify that the cardholder is who they say they are, while payment processors alone cannot.

Do I need a Payment Gateway?

Payment gateways used to be beneficial for all types of eCommerce stores, but today they are a short-term necessity for almost all businesses. Especially after the covid-19 impact, people started fully considering digital payments and e-commerce and the sometimes usage of cash payments.

Wrapping Up

So, these are a few popular payment processing companies out there. Some companies have great advantages over others and do the required work seamlessly. Before choosing any of these options, ensure to consider their pros and cons to determine if they can match your business needs.

Major payment gateways supported in the United States

  • Adyen. Afterpay. Affirm. Amazon Pay. Authorize.net. BlueSnap. Chase Merchant Services
  • First Data Global Gateway e4. Global Payments. Heartland Payment Systems. Klarna Payments. MyVirtualMerchant. NMI
  • Sage Pay/Protx VSP Direct. SecureNet. Square. Stripe. USAePay. WorldPay Core.

Chinedu Okeke

Chinedu is the founder of Nigerian Tech. He is a tech enthusiast who has the passion for emerging trends in the tech industry. He is also a professional web content developer.

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