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Paysite is a payment gateway that allows business owners to receive payment on their web portal. Paysite offers a single payment integration platform supporting all cards solutions e.g. Verve, Mastercard, Visa, eTranzact, Interswitch cards. The evolution of Paysite will enable business owners use a single interface for integration contrary to what was obtainable previously having to separately integrate to different payment switch (e.g. Verve, Mastercard, Visa, eTranzact, Interswitch). Paysite benefits business as it reduces the cost of integrating with each vendor because it unifies all payment platforms including online cash loan payment at the bank. Paysite is “proudly Nigerian”, developed in Nigeria for the Nigerian market to reduce cost, difficulties and complexity of receiving payment online.
Paysite is integrated into a website / portal of the payday loans Business to enable payments to be collected via the website. Customers is able to use any of their cards (debit or credit) and make payment to the School. Below are the processes in making a payment using PaySight.
- The Customer will visit the Company's website
- The Customer goes to the Purchase section of the Company’s website to carry out a transaction requiring payment. After Purchase, the Customer sees the summary of the transaction and then proceeds to payment.
- On clicking “Pay”, the Customer is directed to the Paysite Gateway, the Parents/Guidance enters basic details e.g. Name, Email etc. These details are used for Audit Trail.
- The Customer after entering the details is then allowed to select a card processor (Interswitch, eTranzact, MasterCard or Visa)
- Depending on the card selected for payment the customer is directed to the appropriate Processor for processing payment.
- Customers enter the required card information and the card processor debits the cardholder’s account and transfers the value to the merchant.
Below is a schematic of the transaction flow
NOTE: Neither Paysite nor the business owners nor the merchant keeps the customer Personal Identification Number (PIN) or card details. The customer is interacting with the card processors for ALL payment processing.
4.0 BENEFITS OF USING PAYSIGHT PAYMENT GATEWAY
Our online payment gateway guarantees secured and safe online transactions using the electronic cards. It protects the electronic card details by encrypting sensitive information, ensuring the information is passed securely between the customer and the card processor. We do not process any transaction on our website, all payment processing take place on Interswitch or Visa payment platforms.
Online payment gateway means payments can be authorized in real-time guaranteeing the availability of funds. Funds are then automatically transferred from Paysite account to that of the merchants.
Online payment gateways save card processing time and free up resources to help improve your customer services. It means that no manual intervention is required, hence freeing resources. Online payment gateways can also be expanded to use a recurring payment solution.
Paysite brings a safer way to move cash without physically holding the cash, thereby eliminating the risk of robbery attacks.
Paysite enables the movement of cash payment for goods and services electronically with the use of debit/credit cards in the comfort of your room or office.
There’s a record log of all transaction for easier tracking.
5.0 COST IMPLICATION
Integration and settlement into Merchant Account
Transaction Fee (Paysight)
1% of Transaction fee up to a maximum of N2,000
Note: Please note that Interswitch transaction fees apply.