I have always said on this platform that, e-payment is the major driver of e-commerce which ultimately is the driver of the internet. So many sites have come up these days to address this issue. Let’s take a look at CashEnvoy and see how their service can benefit Nigerians and other customers of theirs.

About

Cashenvoy.com is a web application that aids the transfer of money from person-to-person, person-to-merchant and vice-versa using the web application and personal email addresses. The service allows account owners to send money without sharing financial information, with the flexibility of payment using their bank accounts and debit cards. The company was founded by LA Systems Limited, a Lagos based company.

How it works

To make a Cash Envoy payment:
- Fund your Cash Envoy account using Interswitch debit cards or online bank transfer
- Select Cash Envoy during checkout on a merchant website.
- Funds are transferred securely through Cash Envoy and money is deposited into the seller’s Cash Envoy account.
- Funds can also be withdrawn at anytime from your Cash Envoy account.

A New Deal?

The deal is not new on the world scale but on the Nigerian scene, it a welcome development. Imaging being able to pay for services with just your email address? That’s cool! A very brilliant paypal-like service to aid ecommerce development in the country.

The Real Deal

Cool features

• Funding via Interswitch: you can fund your CashEnvoy account via Interswitch card
• Only email address is needed to make and receive payment
• No need to share your account information on every site.
• SSL secure for all your  transaction on the site
• It’s save because you only fund your account to the tune of how much you need to spend. No frivolous spending.
• You can receive donation through the account

Downside

• Somehow we need a form of verification for merchant who receive money on their site, how do we safeguard people from phishing sites?
• How long will it take a merchant to clear their money from you? Incase the merchant is a fraud? How do you deal with it?
• The percentage commission is not available on the site. How much do you charge to receive or send money?

Business Model

The business model employed by this site is awesome giving the strategic importance of the segment on ecommerce. Model falls under transaction broker.

As we see many e-payment platform spring up, their ability to scale and gain traction will eventually liberate Nigerians from the stronghold of Interswitch on the industry. The best should win at the end of the day!

Visit: Cashenvoy.com

Update:

I recieved an update email from the operator:

Somehow we need a form of verification for merchant who receive money on their site, how do we safeguard people from phishing sites?

Merchant verification tests were sent to you in the last email. Below is an excerpt from the last mail sent to you:

Merchants are to submit photocopies of Utility bills (PHCN bills) for address verification.

Personal IDs for personal verification

Together with the CashEnvoy Merchant Application form (Sent to merchant when he/she requests for integration codes).

And other types of myriad methods.

Other security measures can be found on our official blog: http://www.cashenvoy.com/blog/?p=19

How long will it take a merchant to clear their money from you? Incase the merchant is a fraud? How do you deal with it?

When merchants make withdrawals on CashEnvoy, the merchants CashEnvoy account would be audited and the funds paid into the merchant’s bank account. This is usually done within hours but it takes a maximum of the morning of the next working day. This is because not all banks practice adequate online banking.

The percentage commission is not available on the site. How much do you charge to receive or send money?

This question should not be listed because the CashEnvoy fees can be found on ALL CashEnvoy pages (footer). (sorry I still cant find this)

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If you have been following this blog since the start of the year, you will notice a growing pattern in the Nigerian web space. I wrote last time about an e-payment service for Nigerian (FasteCash). I went o Interswitch on yesterday (Tuesday) to ask for any update regarding their payment platform, well nothing has changed in the setup fee and transaction commission and no plan (as much as I know) to review the price.

In their own word: “NetNaira is a secure pointing/credit system designed to solve the problem of exchanging goods and services for value online speedily and securely.”

NetNaira aims to help small businesses with facility to accept payments directly on their websites without having to share their bank information with their customers.

A New Deal?

Not really a new deal but very strategic deal to the growth of the industry. A number of websites have been online for quite sometimes now providing the same service. Looking at Nigerian web industry, this service is yet to be fully embraced and any site that starts early and can build its trust capital should be profitable when people’s apathy to online payment is relieved.

Real Deal

• NetNaira Allows easy, secure payment platform for those who are not willing to disclose their card detail to just any website, like in the case of a recent fraudulent site we wrote about.
• The platform is secured with Comodo.
• Helps merchant accept payment on their website.
• It also has a simple website integration API that allows communication with its server.
• Referral commission on new customer introduced to the platform
• Transfer fee is 1.2% + 10 naira
• Account is free to open and to receive payment
• An escrow service that allow anyone to become a cashpoint for the platform
• It’s seller are numerous (where you can withdraw your money)

Downside

• Just about 7 merchants are available on its directory
• Maximum transaction cap on personal account

Business model

Transaction broker; it helps people fulfill deals across the internet and making money from commission.

At this point in time, services like these are extremely needed to help facilitate buying and selling on the internet in Nigeria. Given the peculiarity of Nigeria Trust wise, having your money channeled through third party could be a safe way to buy stuff online

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Our area of focus align strategically with one and other and we see potential in our working together.

As part of our relationship, some of our contents will be published on Promocrat blog, exposing Nigeria web market to the Uk market while also helping UK businesses with internet strategies. We would also work together on our upcoming programmes which shall be made public soonest.

Today marks a milestone in the life of webtrendsng.com as we look forward to better serving our esteemed readers and clients.

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