Chioma Jacqueline Nwadinobi


Chioma Jacqueline Nwadinobi

Over the years many European countries have advanced on the use of online payment and they keep advancing but Africa is still lagging behind on the use of online payment technology, because of lack of knowledge of the benefits and how it makes transactions safer, smoother and easier. In a bid to catch up with the rest of the world the central bank of Nigeria has issued a new circular on the implementation of the cashless policy effected on September 18 2019, which states that 3% and 2% of 500,000 and above will be charged as processing fees for withdrawals and processing fees for deposits respectively if you are operating an individual account and 5% and 3% of 3,000,000 and above will be charged as processing fees for withdrawals and as processing fees for deposits respectively if you are operating a corporate account, this effect is already on in Lagos, Ogun, Kano, Abia, Anambra, Rivers state and FCT Abuja. The nationwide implementation of this policy will take effect on March 31, 2020. So it is best advised to use alternative channels for all payments above the set thresholds to avoid the stipulated fee, and this is where online payment technology comes in. This article explains what an online payment entails, and the best online payment technology to partner with.
So many people wonder what is online payment, how do I receive and make payments online, does it work for small scale business or strictly for the big boys like amazon and co.
Well, an e-commerce payment also known as online payment system facilitates the acceptance of electronic payment for online transactions. Also known as a subcomponent of Electronic Data Interchange, e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking. In a layman language it is an internet based method of processing economic transaction which allows a seller accept payments and buyer make payments over the web or over other internet connections. Yes. You don’t need to stress yourself to go to the bank to make that huge cash transaction, just at the comfort of your room you can use your phone or computer to do the transaction, saves you not just the stress but the time as well. Online payment systems typically are run by third-party corporations. These companies make profit by taking small percentage of every transaction made.
How does this work? Essentially your customer provides their credit card details, typically by filling out an online payment form that requests the card type, the card no, the CVV, the expiry date, the card holder’s address. And through an internet payment gate way you can process credit card orders from your website in real time the gate way captures the credit card transaction, encrypts the transaction information, routes it to the credit card processor and then returns either an approval or decline notice.


Chioma Jacqueline Nwadinobi
Chioma Jacqueline Nwadinobi


Now, if you are looking for a reliable payment gateway for your small scale or large scale business, I recommend Flutterwave.
Flutterwave founded in 2016 provides award winning technology core needed to provide business around the world a reliable payment gate way, their headquarters is in San francisco and they have offices in Lagos, Nairobi, Accra and Johannesburg. With $2.5 billion in payments process, 100million transactions processed, 50 bank partners in Africa and over 1200 developers build on flutterwave. They have investments from mastercard, CRE ventures, fintech collectives, 4DX ventures and RABA capitals among others. Raised over $20 million till date and it’s largest investors include Green visor capital and Greyeroft partners. As part of financing current Green visor capital chairman and former chairman and CEO of Visa Joe Saunders joined flutterwave board of directors.
They have two unique products: Rave and Barter
Flutterwave Rave is the easiest way to make and accept payments from customers anywhere in the world. For both simple payment links or to manage payouts for hundreds of people. Complete integrated global payment platform with 24/7 customer service. In partnership with Flywire, Arik, Uber, Jumia, Market hub. They accept card payments from customers in over 154 countries using Visa, Mastercard, Verve and more, your customers in the US, South Africa and Nigeria can pay you safely from their accounts or mobile wallet, customers using M-cash, M-pesa, Tigo, MTN, and Vodafone can all pay you directly from their mobile wallet. With Rave you avoid high conversion rate because the beautiful thing is that they support payment in your local currency, they support payment in Naira, US Dollars, Euro, British pound, and many more.
With rave you can collect payment from all channels where your business thrive, use sales mode in rave dash board to collect payments in your physical stores, restaurants, at events or anywhere you need to take payments in person. Integrate with their easy to use libraries, plugins and SDK’s and start collecting payment in your online store, website or app today. Get started with no set up, monthly fees, no contracts or fees for using their services, you can start up right away and only pay for transactions you accept just click on
Barter is designed to help you focus more on enjoying life and less on how to spend, send and borrow money. You can download the app on app stores and google play. Get notified of where your money is moving next and have full control over how much you’re spending.
If you’re saving for your next project or managing your small business, you need a partner you can count on.
With Barter, you can add your bank account to your app dashboard and manage funds in your local currency. Get detailed reports that show your spending patterns and insights.
And if you need a boost to get you to the next step, you can apply for easily repayable short-term loans, right in the app.

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