5 best Paystack alternatives for card payment in Nigeria

When it comes to getting paid as a lender, having a dependable card payment solution is paramount. Paystack has undoubtedly earned its stripes as a leading choice for many African lenders, offering performance, stability, and trust. 

However, despite Paystack’s prominence, it’s essential to recognise that Paystack isn’t the only player in the game. There are alternative solutions available – these alternatives might surprise you. Let’s look at five of the best Paystack alternatives for card payments in Nigeria. So, if you’re curious to explore other options and find the right fit for your lending business, come along.

SeerBit

is a leading payment solutions company that empowers businesses to collect and manage online and offline payments through cutting-edge technology adaptable to any business, store, industry, or shopper journey.

Ratings

SeerBit’s high market ratings stem from its straightforward platform, which makes account setup and integration smooth for customers. Its fast payment processing and settlement times ensure timely transactions, boosting cash flow. Responsive customer service adds to its appeal, providing timely assistance when needed. Overall, SeerBit’s simplicity, efficiency, and reliable support make it a trusted payment provider choice for Lenders.

Pricing

SeerBit’s price is based on Transaction volume, Payment methods offered, and Industry.  

SeerBit provides simple and transparent pricing options:

• Local Payment Methods: 1.5% fee capped at NGN 2000 for local card transactions.
• International Cards: 3.8% fee, settlements in local currency or USD.
• Enterprise: Customizable pricing tailored to transaction volumes. Learn more about SeerBit’s pricing.

Set up

To integrate SeerBit as a payment provider in your loan platform powered by Lendsqr: 

• Sign up and create a SeerBit account. 
• Get your API keys from the SeerBit Merchant dashboard under accounts > API keys.
• Bring API keys to Lendsqr tech support. Lendsqr is natively integrated into SeerBit, so there are no extra integration tiers.
• Visit SeerBit’s documentation to learn more about their card payment method.

Feature read: How to use Remita for your loan repayments on Lendsqr

Fincra

Whether you need to collect recurring subscription fees or sell one-time items, Fincra makes it easy to accept payments from anywhere in the world and in various currencies—quick and secure card payments in NGN and USD.

Ratings

Fincra has swiftly become a top payment choice, gaining the trust of merchants and businesses since its inception in 2021. CEO Ayodele attributes this success to the dedicated Fincra team and their focus on customer satisfaction by addressing traditional payment challenges.

Fincra offers a simple, secure, and affordable solution for cross-border transactions. With a customer-first approach, Fincra listens to customers’ needs to create products that solve customers’ payment needs. While Africa is a priority, Fincra aims to connect African businesses globally.

Pricing

Fincra offers different pricing plans for each product: Pay-In, Pay-Out, and Global Accounts – Multi-currency Virtual Account. These plans are designed to be all-inclusive and affordable, ensuring seamless transactions for Merchants and their Customers. Additionally, businesses with high payment volumes can benefit from custom pricing options tailored to their needs. Find out more about their pricing system.

Set up

To integrate Fincra as a payment provider in your loan platform powered by Lendsqr: 

• Sign up and create a Fincra account. 
• You’ll need some documentation: details of your loan business directors and proof of address and identification, details of business shareholders (individuals and legal entities) with proof of identification, a business registration/incorporation certificate, proof of address for the business, and an article of association.
• After approval, get your API keys from Fincra.
• Bring API keys to Lendsqr tech support. Lendsqr is natively integrated into Fincra, so there are no extra tiers of integration.
• Note that Fincra has three (3) ways of accepting card payments: card payments with Checkouts, card payments with payment links, and card payments using Fincra’s direct card charge APIs.
• Visit Fincra’s documentation to learn more about their card payment method.

Feature read: What payment gateways are available to Lendsqr lenders?

Monnify

It offers a cheaper, easily accessible, and faster way for people to get paid on the mobile application or the web.

Ratings

Monnify is a reliable payment solution known for its card payment method. With a unique number assigned to each customer, payments can be made quickly through various channels like USSD, QR codes, and mobile apps. Monnify is widely accepted by financial bodies and has fraud detection features that enable secure transactions. Customers can conduct multiple transactions simultaneously and enjoy safe, fast, and affordable payments with a flat rate of N300. Monnify also offers the convenience of generating daily transaction summaries for better record-keeping and trail monitoring.

Pricing

For Cards, the 1.3% fee is capped at N2,000 per transaction. For account transfers, the 0.75% fee is capped at N200 per transaction or a flat rate of N100. Learn more about Monnify’s pricing.

Feature read: How direct debit is simplifying payment collection!

Set up

To integrate Monnify as a payment provider in your loan platform powered by Lendsqr: 

• Sign up and create a Monnify account. 
• After account approval, get your API keys from Monnify.
• Bring API keys to Lendsqr tech support. Lendsqr is natively integrated into Monnify, so there are no extra tiers of integration.
• The Monnify checkout feature allows you to integrate a checkout functionality into your websites, enabling your customers to make payments on your platform using varying methods, such as cards. 
• Visit Monnify’s documentation to learn more about their card payment method.

Squad by HabariPay

HabariPay is a subsidiary of GTCO PLC. They believe payments should be seamless for everyone, from individuals with personal needs to businesses with big dreams. Backed by innovative technology, their payment platform helps people send and receive funds from different parts of the world at little or no cost. HabariPay is also leveraging its extensive network of merchants and presence in multiple markets to offer a more flexible and secure way to move money locally and internationally.

Ratings

HabariPay, the fintech arm of Guaranty Trust Holding Company (GTCO), has seen a significant boost in profitability, reporting a 300 percent increase in profit during the first half of 2023. This growth speaks to the positive reception of the bank’s digital payments services, showcasing HabariPay’s growing impact in the fintech sector. Customers enjoy easy access to services like online shopping, bill payments, and entertainment through its Habari platform. Despite increased operating expenses, HabariPay’s operating income also rose substantially, reflecting its dedication to improving services and expanding its reach. As Nigeria’s first mobile platform launched by a financial institution, HabariPay continues to evolve and adapt to meet the needs of its customers, positioning itself as a trusted player in the country’s digital payments scene.

Pricing

Card payment

• No setup cost
• Receive payments from local customers
• Minimum fee of NGN 20 per transaction
• Fees per transaction capped at NGN 1,000. Learn more about HabariPay’s pricing structure.

Feature read: How to use Paystack for your loan repayments on Lendsqr

Set up

To integrate HabariPay as a payment provider in your loan platform powered by Lendsqr: 

• Sign up and create an account. 
• After account approval, get your API keys from HabariPay’s dashboard.
• Bring API keys to Lendsqr tech support, and we’ll integrate HabariPay as a payment provider for your loan business.
• Visit HabariPay’s documentation to learn more about their card payment method.

dLocal

dLocal is closing the gap in payment processing between global enterprise businesses and the emerging economies of Africa, Asia, and Latin America. With over 900 payment methods and five core products, it is in over 40 countries. 

Ratings

dLocal has seen significant growth, especially in emerging markets like Africa. Factors like a growing sales team, expansion into new areas, and introduction of new products like invoicing solutions drive their growth. Despite facing challenges like fraud allegations, which were addressed after thorough investigations, dLocal remains focused on expanding into underserved markets and improving its services. With a commitment to diverse markets and exploring new trends like AI in fintech, dLocal is positioning itself well to remain a household name in the payments industry.

Pricing

To learn all about dLocal’s pricing structure, contact their sales team.

Set Up

To integrate dLocal as a payment provider in your loan platform powered by Lendsqr: 

• Sign up and create an account. 
• After account approval, get your API credentials from dLocal’s dashboard.
• Bring API keys to Lendsqr tech support, and we’ll take it up from there and integrate dLocal as a payment provider for your loan business.
• Visit dLocal’s documentation to learn more about their card payment method.

Find your perfect fit

Forget “perfect fit” – the best Paystack alternative depends on your business. We’ve given you a rundown of some solid options, each with its pros and cons. Consider fees, your operating location, ease of setup, and available assistance if you encounter difficulties. By weighing these options, you can pick a payment provider that works well for you and lets you process card payments with no sweat. Send us a message to integrate into any of the payment providers above.