Electronic payment (or ePayment) is a payment system that involves the use of computer networks, the internet and digital data storage systems to conduct financial transactions, rather than paying in cash.
At the moment, there are a lot of online payment systems to ensure that business transactions are made a lot easier. However, there are other benefits from using ePayment solutions such as:
- Security – There are no hassles or worries about carrying cash from the bank to make purchases anymore.
- Self Service – Why incur more overhead costs by hiring staff to oversee financial transactions? Most providers offer these services or make it easy for you to track and manage your inflows and expenditure.
- Speed – Nothing can beat ePayment solutions for speed. Even when managing numerous transactions, processes are faster and easier.
- Currency Switching –There are little or no problems when it comes to foreign transactions because solutions convert foreign currencies to the local legal tender, within the acceptable limits.
- Reach – Electronic payment solutions provide access to a wider market for offering products and services on a global scale.
Getting started is simple. Once a contact with any of the service providers is initiated, the process often takes only a few minutes or in some cases, a few hours.
1. eTranzact
eTranzact processes payment requests from multiple channels – Web, ATM, POS, mobile, etc, using automated procedures. A switching platform validates transaction requests after running security checks on the payment cards. The system ensures there are no security breaches during the transaction processing by encrypting and protecting all card information.
2. VoguePay
VoguePay is an online payment processor that offers buyers and sellers a secure and easy-to-use means of transacting business online. VoguePay allows site owners to receive payment for their goods and services on their website without any setup fee.
3. Quickteller
Quickteller is of tremendous advantage to most small businesses because it is a platform that works like a online store, where online payments for various products and services can be made. Also, merchants can allow buyers make payment for the goods by placing a link of the Quickteller payment platform on their websites.
4. Paga
Paga can be used to send money to anyone in Nigeria, either from their mobile phones, using other internet-enabled devices, or by going directly to a Paga agent. The company has a network of agents across the country where customers can go to, deposit cash into their Paga accounts and then conduct mobile transactions using those funds.
5. Simple Pay
SimplePay provides a gateway through an embedded payment form for desktop and mobile devices. With options for eCommerce brands, businesses, churches and schools, it has become a leading provider.
6. Kudi
Kudi provides a seamless bill payment platform through messaging. Unlike other providers, users simply chat to get bills paid. Kudi also does not require an app or website to use as it is integrated as a chat bot on Facebook.
A bit torn between these ePayment solutions? Choosing the right service provider may be a challenge. Here are two key things to note when deciding who to go with:
- A good knowledge about your customers and how they want to transact is the first step to take. Questions like what payment platform would be convenient or what risks will your customers be exposed to, should be asked.
- The cost of setting up an electronic payment solution for your business is important. It is necessary to know if your choice will be sustainable over a long-term period especially during seasons of low sales.
The need to embrace ePayment is no longer to be considered because it provides a competitive advantage at all times.
#ThinkDigital is an original 234Finance series that provides you with articles, resources and information to assist you in achieving better productivity whilst saving costs. Please let us know those you will be implementing and how well they have worked for you. Feel free to share using the hash tag, #234FinanceThinkDigital.
