I need someone that will give me a headup on how one can start a payment processing company without becoming a reseller of Interswitch like voguepay, simplepay, cashenvoy, etc are currently doing.

How can one have a direct connection with Mastercard, Visa and other cards and process the card payments through his portal. Just like what 2checkout.com and payu.com are doing.

cc: adewasco2k, please push it to front page to get wider audience.

Thanks.

They won't deal with you except through a bank to do the acquiring of the card transactions. The least you can do is to use Global Pay which is available through Access Bank, StanbicIBTC, Zenith Bank but their fees are a bit outrageous. 3% per transaction and 5k monthly maintenance charge.

bigtt76:
They won't deal with you except through a bank to do the acquiring of the card transactions. The least you can do is to use Global Pay which is available through Access Bank, StanbicIBTC, Zenith Bank but their fees are a bit outrageous. 3% per transaction and 5k monthly maintenance charge.

3% per transaction is outrageous. I will like to approach the Cards directly through a bank. It will be cheaper.

Trust me it's not cheaper. Except you can assure of volumes in transaction count of 100k or more will charges be lower for you. I had cause to contact them directly hence my knowledge of this.

CreativeWeb:


3% per transaction is outrageous. I will like to approach the Cards directly through a bank. It will be cheaper.

Why would you want to start such a complex business. ...?..i owned a payment processing company so I can authoritatively tell you you need deep pockets to make it happen

Deep Pockets

CreativeWeb:
I need someone that will give me a headup on how one can start a payment processing company without becoming a reseller of Interswitch like voguepay, simplepay, cashenvoy, etc are currently doing.

How can one have a direct connection with Mastercard, Visa and other cards and process the card payments through his portal. Just like what 2checkout.com and payu.com are doing.

cc: adewasco2k, please push it to front page to get wider audience.

Thanks.

You will need to get a license from Visa and Master card in order for you to charge directly, however I heard it is very expensive. Furthermore, after you probably go through that stress, it would take you hell to build your reputation so people can trust you.... for example, I don't put my card info if don't see "WebPay" by interswitch.... some don't even put their card details anywhere.

Also for some strange reason. Interswith has a strong relationship with Nigerian banks and I heard none of the Nigerian banks would deal with any company that isn't Interswitch.... so overall, I would tell you it is not feasible to do that

FincoApps:


You will need to get a license from Visa and Master card in order for you to charge directly, however I heard it is very expensive. Furthermore, after you probably go through that stress, it would take you hell to build your reputation so people can trust you.... for example, I don't put my card info if don't see "WebPay" by interswitch.... some don't even put their card details anywhere.

Also for some strange reason. Interswith has a strong relationship with Nigerian banks and I heard none of the Nigerian banks would deal with any company that isn't Interswitch.... so overall, I would tell you it is not feasible to do that

It's feasible. We want to disrupt the industry and give Interswitch a serious pressure. Monopoly kills innovation. We need serious competition in the e-payment industry in Nigeria.


Deep pocket is not the issue.

Connection with banks is not a problem.

I just need to sample opinions and get to wrap my head around this business model.

Just tell me everything you know about the industry.

Don't just bother telling me the reasons why I will not make it. I can't believe that because e-payment industry in Nigeria does not belong to Interswitch alone. We are coming in and we are not backing out.

CreativeWeb:


It's feasible. We want to disrupt the industry and give Interswitch a serious pressure. Monopoly kills innovation. We need serious competition in the e-payment industry in Nigeria.


Deep pocket is not the issue.

Connection with banks is not a problem.

I just need to sample opinions and get to wrap my head around this business model.

Just tell me everything you know about the industry.

Don't just bother telling me the reasons why I will not make it. I can't believe that because e-payment industry in Nigeria does not belong to Interswitch alone. We are coming in and we are not backing out.

I agree with most of your points because I personally don't like the 100% dependence on Interswitch in Nigeria. So you can go ahead.... I support

As for bank support... I hope you know what you are saying...

FincoApps:


I agree with most of your points because I personally don't like the 100% dependence on Interswitch in Nigeria. So you can go ahead.... I support

As for bank support... I hope you know what you are saying...

It can't be true that all the banks in Nigeria want to deal with Interswitch alone. That cannot be possible. Again, I say, bank connection is not the problem. Aside that one of us is a bank guru of many years experience, I can tell you that what we are bringing to the table is irresistible. Any bank that will turn down our proposal will have itself to blame when the game is up.

Have you read about Blue Ocean Strategy? Google it.

CreativeWeb:


It's feasible. We want to disrupt the industry and give Interswitch a serious pressure. Monopoly kills innovation. We need serious competition in the e-payment industry in Nigeria.


Deep pocket is not the issue.

Connection with banks is not a problem.

I just need to sample opinions and get to wrap my head around this business model.

Just tell me everything you know about the industry.

Don't just bother telling me the reasons why I will not make it. I can't believe that because e-payment industry in Nigeria does not belong to Interswitch alone. We are coming in and we are not backing out.

I like your spirit, this are the kind of people I love to work with, people that challenge the norm . Ride on bro. Well I don't know much but if you have the bank support, approach this card bearers like MasterCard etc, you may start with one of them first then look for a services you can sponsor and will be so captivating and cheap that users won't think twice to pay, the reason I said this is because most Nigerians do pay on delivery except you do ATM cards too and POS services , I believe there is an unholy alliance between interswitch and the banks

Following

CreativeWeb:
I need someone that will give me a headup on how one can start a payment processing company without becoming a reseller of Interswitch like voguepay, simplepay, cashenvoy, etc are currently doing.

How can one have a direct connection with Mastercard, Visa and other cards and process the card payments through his portal. Just like what 2checkout.com and payu.com are doing.

cc: adewasco2k, please push it to front page to get wider audience.

Thanks.

I have been thinking about this lately.

You would need a huge capital to even begin the process

Same here. I have an ecommerce startup and I would like to see how the payment gateway guys got their start.
When people say deep pockets,how deep is deep? One man's ocean is another's pond

abeyusuf:
Same here. I have an ecommerce startup and I would like to see how the payment gateway guys got their start.
When people say deep pockets,how deep is deep? One man's ocean is another's pond

Guy no be yam, deep pocket is not enough

Well there's a service called openbanking.ng or Open Banking Nigeria that gives direct access free of charge but you need a lot of certifications and PCI compliance to be granted access to their API.

any update on this, please?
I want to partner with anyone that can provide a white-label service.

DanTheGeek:
Well there's a service called openbanking.ng or Open Banking Nigeria that gives direct access free of charge but you need a lot of certifications and PCI compliance to be granted access to their API.

I need more clarity on this? how can I contact you?

Tag me along. I'm interested