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Nairaland Forum / Science/Technology / Webmasters / How Can One Start A Payment Processing Company Without Using Interswitch? (3902 Views)
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How Can One Start A Payment Processing Company Without Using Interswitch? by CreativeWeb(m): 5:49pm On May 26, 2016 |
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. |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by bigtt76(f): 6:27pm On May 26, 2016 |
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. 1 Like |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by CreativeWeb(m): 8:34pm On May 26, 2016 |
bigtt76: 3% per transaction is outrageous. I will like to approach the Cards directly through a bank. It will be cheaper. |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by bigtt76(f): 4:10am On May 27, 2016 |
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: |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by appsintell: 5:34am On May 27, 2016 |
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 |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by yomalex(m): 5:36am On May 27, 2016 |
Deep Pockets |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by FincoApps(m): 8:34am On May 27, 2016 |
CreativeWeb: 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 |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by CreativeWeb(m): 11:12am On May 27, 2016 |
FincoApps: 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. 4 Likes |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by FincoApps(m): 12:30pm On May 27, 2016 |
CreativeWeb: 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... |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by CreativeWeb(m): 1:37pm On May 27, 2016 |
FincoApps: 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. |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by cbrass(m): 1:27am On May 28, 2016 |
CreativeWeb: 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 |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by talk2hb1(m): 3:56pm On Apr 10, 2017 |
Following |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by ohameakpu: 1:20pm On Apr 18, 2020 |
CreativeWeb:I have been thinking about this lately. |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by codekobo: 3:31pm On Apr 28, 2020 |
You would need a huge capital to even begin the process |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by abeyusuf: 4:02pm On Sep 06, 2020 |
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 |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by talk2hb1(m): 6:32pm On Sep 06, 2020 |
abeyusuf:Guy no be yam, deep pocket is not enough |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by Nobody: 1:03pm On Sep 07, 2020 |
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. 1 Like |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by DivineSkills70: 8:18pm On Feb 09, 2021 |
any update on this, please? I want to partner with anyone that can provide a white-label service. 1 Like |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by NigAmbassador: 9:15pm On Apr 12, 2021 |
DanTheGeek: I need more clarity on this? how can I contact you? |
Re: How Can One Start A Payment Processing Company Without Using Interswitch? by Desmog21(m): 4:09pm On Dec 08, 2021 |
Tag me along. I'm interested |
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