3 Easy Online Payment Systems for Small Businesses in Nigeria

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In Nigeria, the online payment systems for small businesses have been revamped to become more efficient and accessible. With many online payment systems available, you can accept payments online easily and safely.

Here are 3 online payment systems for small businesses

Accepting payments online can help you scale your business. They are easy to manage and keep track of, and they also have a faster processing time. Your risk of losing cash is reduced. It is also pretty easy to set up. You also have to admit that it is important to bill your customers; they have to pay for your products and services. So you need to think of payment options that will work for you and your customers.

Online payment systems for small businesses
Online payment systems for small businesses

Online invoice

Online invoicing is the most convenient way of sending out invoices to clients. It’s easy, safe, and secure. The best part about online invoicing is that you can send your invoice online in just a few minutes with little effort.

You have to create the invoice using a word processing program and then email or fax the document to your customers. It is easy to set up and integrate into your platform, and it makes the process of sending an invoice and receiving payment faster. A good online invoicing solution should also offer more than invoicing, which should always include the ability to accept payment online.

The benefits of using online bill payment include:

  • Easy access – You can access your bank account information anytime from anywhere through an app or website.
  • Convenience – You don’t have to carry around heavy books filled with receipts when traveling between cities or countries because all you need is a phone or tablet device (or even a laptop) for this process! You’ll never miss out on important details again because everything happens instantly from start to finish once logged into their system!

Payment gateway

A payment gateway is one of the secure online payment systems for small businesses. It also allows you to accept payments online and send payments as well.

Payment gateways are great for small businesses because they allow you to make payments quickly, efficiently, and securely without having any knowledge of coding or programming.

The advent of Fintechs in Nigeria has made accepting online payments easy and it is getting easier by the day. Merchants can now receive payments for their products and make delivery to any part of the country.

Initially, it was just Interswitch and E-Tranzact that facilitated online payments in Nigeria. Then Nigeria banks came up with their own payment solutions and now there are other smaller competitive ones that also work well. Startups like Paystack, Remita, SimplePay, Voguepay, etc. offer affordable payment solutions to businesses

As a small business owner, you need to be sure that the pricing and cost of integration, payment flow, user experience, and developer friendliness are considered before deciding on which payment gateway to use. A payment gateway is mostly useful for eCommerce platforms that sell products online.

Online payment systems for small businesses
Online payment systems for small businesses

Payment link

Another new and easy way to accept online payment is the payment link. You can start receiving payments by just creating a link and sharing it with your customers. Payments can easily be made to you by using the link. Some merchants also use the payment link as an alternative to POS.

It is easy to set up and use, with a low transaction fee, which makes it suitable for small businesses that are looking for an alternative way of getting paid in Nigeria.

Payment Link offers several features including:

  • A safe and secure environment for your customers’ data;
  • An advanced fraud management system;
  • Ability to integrate with other platforms such as WooCommerce and Shopify;
  • Support for multiple currencies including USD, GBP, CAD, and EURO.


Bottom Line

The most important thing to remember is that it’s always best to have more than one payment method. Even though the first two options may be easy and fast, they still need to be reliable enough in case one goes down.

A good example would be if the system is not available at all times, like on weekends when many people are online shopping or using their computers, then having another option like PayPal might help save time for both parties involved.

We’ll keep giving you innovative ways to make your business activities easier depending on the type of business you operate.

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