NetNaira.com another Nigerian e-payment site
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
http://www.ivtel.com/ and http://www.trade1on1.com/ are both dead!
lolz! I think nairamail.com is also dead!
Specializing in small and medium-sized businesses in both traditional and Internet environments, Merchant services has one of the highest merchant acceptance rates in the industry, with most applications approved within two business days.
In addition, our technological advances have effectively harnessed and exceeded the growing demands in the processing industry—allowing us to support nearly every vertical market with increasing and profitable business solutions.
Specializing in small and medium-sized businesses in both traditional and Internet environments, Merchant services has one of the highest merchant acceptance rates in the industry, with most applications approved within two business days.
In addition, our technological advances have effectively harnessed and exceeded the growing demands in the processing industry—allowing us to support nearly every vertical market with increasing and profitable business solutions.