Why use a Payment Aggregator & a Payment Gateway in Nigeria

Why use a payment aggregator and a payment gateway in Nigeria


Why use a Payment aggregator and a Payment Gateway in Nigeria

The question of multiple payment gateways and a centralized payment aggregator is one that all businesses in Nigeria and beyond must deal with. If the aim is to ease the pain point that users, clients, and customers face in transacting business with you, the question of payment aggregators and gateways must be solved. Here are the top reasons why you should attend to the issue with immediate attention. 

Payment aggregators are an important part of the payment ecosystem in any economy, particularly within the Nigerian business space where customer churn is high and the competition is stiff. It is even more important that payment aggregators are put to use to enable payments to be taken seamlessly and without stress. Which brings the question to the fore, “why use a payment aggregator and payment gateways in Nigeria?”  

Nigerian customers, like their counterparts all over the world, are on the lookout for ease, they are all about the things and processes that do not stress them. That is why as a business that is out to satisfy Nigerian customers and clients, you have to look out for their ease and ensure you put in the infrastructure to get them along in record time. 

One part of the process that cannot be overstretched is the payment. It is commonsense, if customers put stuff into their cart, they are ready to buy and when they get on the payment page, they find out that the payment form the business offers is not what they have. Except this business is the only one that is selling what they intend to buy, they will move on to another business that offers the same products with the payment systems that they have at hand. Why is that so? Because the average customer is paying for comfort as much as they are paying for the product that they are purchasing.  

Let us go on and examine the top reasons why businesses in Nigeria need payment gateways and payment aggregators:  

Better customer experience

The first reason why any business will and should invest in multiple payment gateways and a payment aggregator system will be in order to give their customers a better experience. With the payment process better streamlined, the friction is taken away and anyone can pay for products and services Multiple payment gateways and payment aggregators make the process seamless for users, customers, and clients giving them the freedom of choice. 

Increased conversion and upselling of customers 

Having multiple payment processors pays off by boosting your approval rates. It helps to avoid customers’ frustration when they form orders and proceed to payment to find out there’s no suitable payment option for them. Moreover, in case of any glitches on the provider’s side, you can reroute the transaction to another vendor instantly and seamlessly. Such flexibility and versatility save your sales. Like in the example given of the customers not finding the payment option that they seek, it is going to be difficult to upsell customers. With the multiple payment gateways, you can easily upsell your customers and make them buy more from you.  

Better compliance

The burden of compliance and risk mitigation are costly, you don’t want to be on the wrong end of the blade; taking payment is a risk and you have to be on the side of the law to be protected. Companies spend an estimated $180.9 billion annually on meeting risk and compliance measures, according to a survey of 898 decision-makers by LexisNexis. With payment aggregators, your business can be on the right side of the law.  As we know better, we do better. As a business, there are stipulated legislations to follow and rules to abide by. While the rules can get really cumbersome, you can be sure that you will be on the right side of the law and you would have solved a few compliance issues by using a payment aggregator system. 

Ease of use 

For a payment aggregator, the ease that comes with using Moneta is underrated. Not only do you have all of the payment gateways in one place; from Flutterwave to Paystack and the Nigerian Interbanking systems, but your business also enjoys the bookkeeping privileges that Moneta confers. The API is equally easy to integrate and oversee, you do not need to write endless lines of codes to monitor it. It is a win-win for everyone.  

Online Payment Security 

Another reason to use multiple payment gateways and payment aggregators is the online payment security infrastructure it brings with it. Payment aggregators are PCI DSS compliant and must follow additional security procedures. The information pertaining to sensitive transactions is transmitted securely and in an encrypted way and therefore complies with the encryption standard.  

Payment aggregators bring that extra layer of security to your business operations and in addition to each of the security measures put in place by the different payment gateways, the payment aggregator has its own security procedures, keeping customers and clients safe. 

Speed and Ease 

Nobody wants to click pay now and then wait for minutes before the process goes through. Everyone loves for it to be immediate and for the process to be seamless and proactive. This is an opportunity that payment aggregators confer on a business. If you enroll Moneta as your payment aggregator, you have access to all the foremost payment gateways in the country and beyond. In addition to the very fast NIBSS system that all of Nigeria’s run on, there are also integrations with Paystack, Flutterwave, and other leading payment gateways enabling your business to take payment seamlessly and for clients and customers to make payments without hassle.     


Why Moneta makes all the difference 

With Moneta, you get all of the advantages that a payment aggregator brings to the table and some extras alongside. As Nigeria’s foremost payment channel, Moneta brings together the largest aggregation of payment gateways in the country and allows businesses to take payment however it works for them. 

With Moneta, businesses, enterprises and government agencies do not need to worry about how best to take payment. The best of all worlds is made available via a singular integration with the Moneta API. We understand that business owners and directors of agencies have limited time on their hands, hence, at Moneta, we are willing to walk you through the process of instituting your payment aggregator with our easy-to-use API. 

There is also the speed of approval that Moneta boasts, you will not find a faster payment aggregator built for Nigerian business by a Nigerian fintech. Moneta, coupled with the financial reporting system that it has onboarded can help your business reach new heights as you can keep track of your numbers and understand the metrics behind how your business has been faring all along. 

There is also the advantage of improving customer touchpoints, with Moneta’s integrated system allowing multiple touchpoints, customers can even pay offline with the payment structure of their choice.