How to Choose a Payment Gateway to Boost Revenue from Your Site

A payment gateway is an e-commerce platform-integrated service designed as a channel for sending and receiving money online. Getting paid entails asking customers for information, including credit/debit card numbers, expiration dates, and CVV codes. The customer makes payment once the form has been filled out, and that money is then moved from the buyer’s account to the seller’s account (that of the merchant).

People are increasingly paying and being paid through these methods. For instance, the use of crypto payment gateways is becoming more popular. According to a report, over 15,000 businesses worldwide now accept bitcoin payments or provide bitcoin ATMs.

Suffice to say: online payment gateways are ideal for merchants and growing businesses that want to simplify the payment experience for their customers and increase their revenue. When your clients pay you through a payment gateway, the funds appear immediately in your bank account, improving your cash flow.

Choosing the right payment gateway, on the other hand, can be a challenge. There are a plethora of factors to consider! So many options! How do you know which one is right? Is it even important which one you pick?

It is, in fact.

Therefore, this article aims to help you decide which payment gateway to use in Nigeria. As a bonus, you’ll also learn how to accept cryptocurrency payments in your online store.

Choosing a Payment Gateway: Key Points to Keep in Mind!

Consider these factors when choosing a payment gateway in Nigeria.

  1. What is the platform’s level of security?

According to a study, over 5500 incidents of online payment fraud were recorded in the previous fiscal year. So, what security measures and practices should you check for when choosing a payment provider?

  • Check for technologies like SSL, S-HTTP, SET, PCI, and so on are in place.
  • Compatibility with extra personal security features such as 2-factor authentication, address verification, a safe login screen, password recovery, and so on.
  • Examine their trust score on several rating websites, as well as client reviews.
  1. What is the total cost of ownership, including any transaction fees?

The total cost of ownership is a financial estimate that buyers and owners may use to assess a product or service’s direct and indirect expenses. As a result, when selecting a payment gateway, make sure you understand the fee per transaction and any expenditures that may arise over the software’s lifespan.

These are some examples:

  • Fees for installation
  • Fees for each year
  • Monthly charges
  • Fees for upkeep
  • Refund charges

Some payment gateways charge an initial setup cost, a monthly fee, and a small fee for each transaction handled. As a result, it’s a good idea to compare prices and services to pick the best suits your demands. However, a good payment gateway provides extra benefits to users, such as

  • Compared to other traditional payment systems such as credit cards, Minimal fees may charge far more than a bitcoin transaction.
  • Automated payments should be free of charge to eliminate the need for repetitive and time-consuming data entry of client information.
  1. Is the payment gateway accessible to foreign clients?

It is critical to choose a worldwide payments processor that accepts a wide range of localized payment methods. It is also critical to select one that accepts payments in several currencies if you need to sell your goods and services globally.

Even if your present clients are in a specific location, you should consider the possibility of growing in the future. This would necessitate the purchase of software that is compatible with various currencies, including crypto and fiat.

Here are some more reasons to choose a global-friendly solution.

  • Traditionally, worldwide payments processing necessitates entering data into several bank portals, accompanied by high costs and overhead.
  • If you don’t work with a cost-effective worldwide payments processor, you may have to pay high conversion costs when making global payments to a supplier in a foreign currency.
  1. What additional features are included?

Payment Gateways have two major functions: core functions and value-added functions. End-user-oriented payment and merchant-oriented purchasing services are covered by core functions, whereas value-added functions offer functional support throughout the business lifecycle.

The list below contains some of the next important functionalities to look out for.

  • Integration should be simple.
  • Extensive reporting
  • Options for billing.
  • compatibility with mobile devices
  • There should be several login possibilities.
  • Buttons for checking out
  • Policy on returns and refunds
  • Email confirmation.
  • Payment links.
  1. Can customers receive quality support whenever it’s needed?

Payment gateways must be simple to use and responsive. In other words, your preferred payment system should not impair the user experience of your website by making the process excessively sluggish and complicated.

It is critical to evaluate the level of support provided by a gateway. A crypto payment service provider should be able to respond to your questions quickly. Ideally, the gateway should provide you with round-the-clock customer service and the best solutions to any technical issues you may have, as well as practical aid whenever users require it.

  1. How long does it take for a payment to be processed?

The speed at which various payment methods operate varies greatly. Some gateways lack the necessary capacity to complete the transaction quickly, keeping the customer waiting. In that case, you should look for reviews and other reputational markers to determine true performance. Of course, reputation is essential for various other factors, including support and stability, so do your research. Transactions should be as quick as possible. This improves operational efficiency while also offering a pleasant experience for business users.

The Best Payment Gateways in Nigeria

Because there are so many gateway providers to choose from, we’ve narrowed it down to a few of the most well-known and reliable players.

Here’s a quick summary.

  1. Remitano Pay

The Remitano Pay is a simple application that enables users to instantly pay for products and services using cryptocurrencies without first converting them to fiat money. The crypto payment processor, Remitano, handles payments in six cryptocurrencies: bitcoin, ether, tether, ripple, litecoin, and bitcoin cash. Businesses will benefit from this payment option since it will make local and cross-border transactions simpler and less time-consuming. Individuals and businesses of all kinds and types, including online dealers, may benefit from this cryptocurrency payment method.

Interesting Remitano Pay features include:

  • Free monthly installation and 0% transaction fees
  • Three main products: payment gateway, invoices (for businesses with a website, and product payment links (for businesses without a website)
  • Instant coin deposits
  • Works with crypto wallets, fiat wallets, credit cards
  • 40% referral commission
  • Round-the-clock customer support as opposed to other services that could take up to 3 days to respond
  1. Paystack

Paystack enables both small and big companies to accept payments through credit cards, debit cards, and other payment methods on one platform.

You don’t need a website to get paid since this payment gateway enables companies to receive money through their payment pages or invoicing. Except for weekends and public holidays, all payments generated on your website will be sent the next business day.

Furthermore, Paystack can process international payments, and their fees are typically 1.5 percent for local cards and 3.9 percent for international cards.

Interesting Paystack features

  • Integration with Cards, bank accounts, USSD, Apple Pay, Visa QR
  • Automated payments
  • KYC
  • Storefront (for multiple goods), invoices and product links
  1. Flutterwave

Flutterwave’s technology allows consumers to pay in their local currency, and Flutterwave takes care of integrating banks and payment vendors into its platform, so companies don’t have to bear the cost and hassle of doing so.

Customer debit/credit payments from consumers in 154+ countries may be accepted via the Rave payment service provided by Flutterwave. Customer bank accounts in the United States of America, South Africa, and Nigeria may be used to pay straight from their checking accounts.

Interesting Flutterwave features

  • POS
  • Integrations with Debit and Credit Cards, bank account, credit and debit cards, M-PESA, Shopify, bank transfer, Visa QR, USSD.
  • Credit card issuance
  • Payment links and invoices
  1. PayPal

PayPal is a very user-friendly payment method. Create a PayPal account and add a “Pay by PayPal” button to your website. A Pro account is required to use PayPal’s enhanced payment and checkout features. Other features include phone credit card payments, online invoicing, and in-person payments.

Interesting PayPal features

  • Reporting/Analytics
  • Data Import/Export
  • Order Management
  • Access Controls/Permissions
  • Mobile Access
  • Multiple Payment Options
  • Compliance Management
  1. Stripe

Stripe is an online-only credit card processor with low processing rates and few additional fees. Using the free and simple API, developers can easily create their own unique online e-commerce experience. The cost of an additional e-commerce solution for businesses with limited technological resources will be higher.

Interesting Stripe features

  • Integrations with digital wallets, bank debits and transfers, buy now, pay later, cash-based vouchers
  • Account reports
  • Recurring payment
  • Invoicing and payment links


Ensuring that your business has a payment gateway is critical for its operation and keeping up with trends. You can refer to this guide when you’re ready to begin accepting payments so you can go forward with confidence, knowing that you selected the most appropriate payment gateway for your needs.

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