Below are all you need to know about the similarities and differences between Nigerian three top payment gateways
SIMILARITIES
- They are all tech companies that helps corporate and individual business to receive payments from their customers.
- All these gateways receive can receive payment from ATM cards (VISA, Verve and Mastercard).
PAYSTACK PRICING
For Local Transactions
1.5% + NGN 100
- ₦100 fee is waived for transactions under ₦2500
- Local transactions fees are capped at ₦2000, meaning that’s the absolute maximum you’ll ever pay in fees per transaction
For International Transactions
3.9% + NGN 100
- Get paid by your customers from all over the world
- International cards are charged and settled in Naira by default, but you can also choose to get settled in USD.
Transfers
Transfers of NGN 5,000 and below – NGN 10 per Transfer
Transfers between NGN 5,001 and NGN 50,000 – NGN 25 per Transfer
Transfers above NGN 50,000 – NGN 50 per Transfer
Virtual Accounts
Dedicated Virtual Accounts (DVA) – 1% per transaction (capped at NGN 300)
Terminal
Live SmartPeak P1000 -NGN 100,000 per device
Test SmartPeak P1000- NGN 85,000 per device
Card Transactions on Terminal
0.5% capped at NGN 1,000
USSD Transactions on Terminal
1.5% + NGN 100 capped at NGN 2,000. (NGN 100 waived for transactions under NGN 2,500)
Bank Transfers on Terminal
1.5% + NGN 100 capped at NGN 2,000. (NGN 100 waived for transactions under NGN 2,500)
FLUTTERWAVE PRICING
Flutterwave charge 2.9% of amount to be paid per transaction on local cards and 3.8% of amount to be paid on international card transactions
MONNIFY PRICING
FOR
ACCOUNT TRANSFERS
1% Fee is capped at N1000 per transaction.
OR
₦500 Flat rate
VAT Exclusive
FOR
CARDS
1.5% Fee is capped at N2000 per transaction.
VAT Exclusive
MAJOR DIFFERENCE BETWEEN MONNIFY PAYMENT GATE AND PAYSTACK AND FLUTTERWAVE GATEWAY
Monnify integration allows users to generate virtual dedicated accounts for their customers which individuals can send money to for wallet funding purposes. However, both flutterwave and paystack does not have this feature.