Let me help with some correct information, because it seems you don’t have enough of that.

The mark essien tweet was in fact very ill informed. No online payment gateway in Nigeria takes up to 3% for local transactions. They only take 3.5%+ for international transactions, and to be honest, if as a business man, you can’t factor an online payment charge into your business and still make profit, you shouldn’t be in business, because online payments is not just for the merchant’s convinience but for giving the customers an easy and seamless way to pay for a product or service.

Sadly, the two comments from the first picture just show two ill informed users(exactly the kind of people you find on twitter). When Mark said payment processor, he actually meant online payments, and by the Chibuike’s tweet, he clearly had no idea what was going on, but just wanted to contribute, and you really can’t make a problem statement from an ill informed user. Secondly, every payment gateway(at least in 2018) makes payouts in less than 24 hours for FREE!, and the ones that take more than 24 hours are special cases of international payments, and that’s because of the high fraud risk with that. Notwithstanding, merchants with good credibility with a payment gateway can always get 24 hours settlement too, so again, not a problem that actually exists.

Now to your solution:

  1. Are you saying that if I process NGN 1,000 for free, you’ll charge me NGN 600 to take NGN 400, if yes, LOL.
  2. Everybody does this 😂
  3. POS is not expensive for the merchant, they get it from the bank for free, and even though it’s actually an expensive device for the bank to purchase, the money it’s not a problem for any bank — they’re already stealing a lot of your money, so they’ll be fine.

In summary:

So you’re basically a PayWithCapture 3.0 without the backing of a big bank? and you want to kill POS

*in Rihanna’s voice* #GoodluckBookingThatStageYouSpeakOff.

Jokes aside, two things:

  1. I guess it’s a good upgrade from other mobile banking options, at least users can fund their OyaPay wallet with a debit card.
  2. I personally wouldn’t want to use my debit card to fund a an online payment wallet(Obviously with online payments) only to use the wallet to pay for another service. I’d rather just use my card directly, less channels and stress for me. But that’s me though 😄

Success in your pursuit.

NB: 3–3.5% is actually a standard for international payments worldwide, so anyone that has a problem with that should go take it up with the world. 🙂

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I complain about things (I care about) // Software engineer // Currently building //

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