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Email

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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.

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