The Fastest Way to Receive Payment as an Online Vendor

Hello there! 

Chances are you’re here because someone (most likely me) directed you or because the truth is this cash rogbodiyan and bank transfer problem has frustrated your soul…and let me tell you, dear, me too. Me too! Mo ti frustrate!

As an online vendor or business owner with a shop, the biggest things that concern you are: 

1.  Receiving payment for your products 

2. Delivering the products to your customers. 

In recent times, receiving and making payments has become an absolute nightmare for most business owners in Nigeria. The actual definition of e choke our oesophagus. 

How do most people Pay for Goods & Services?

Err, let’s talk about that and some of the problems people encounter using these methods. 

1. Cash. Cash is king, obviously, but the king has deserted his villagers at this point. With the scarce new notes, banks being unable to dispense, and POS people charging an arm and a leg to withdraw money, using and finding cash to make payments now is tuff. 

2. Bank Transfers: Give me space and let me talkkkk about this one. For about two weeks, USSD on my device has not worked. There are times when my bank app will not open. I’ve had my friends have to pay for my Bolt fee because my ‘fruit’ colored bank was doing skoiskoi. Other problems worth noting here are bank reversals, money hanging in the clouds, etc. 

3. IOU: This basically means “I Owe You” This is a situation where people buy things on credit and promise to pay you on a specific day. That specific day can become someday but it's a way anyway. 

4. Other means: Payment in kind: Maybe they give you yam for selling shawarma. There’s also payment by magic: maybe people will blow powder and the money appears on your dressing table the next day (I’ve never seen this one, but it's probably possible) 

What’s the Quickest & Easiest Way to Receive Payments Online? 

I need to say before I start this my long story that I will be speaking from the perspective of a smart business owner that has a Bumpa business store. 

So maybe the title of this subsection is: What’s the Quickest Way to Receive Payment on my Bumpa Website?

PS: If you want a Bumpa website to sell your products, please click here. 

Thank you for all that PS, now we can proceed with the rest of the article.

On a Bumpa store, there are about 5 ways to receive payment: USSD, bank transfer, QR code, Pay with Card etc. 

All these methods work and are safe, however, in this period of bank downtimes, scarcity of cash, and failing USSD, the easiest way to receive payment is when your customers Pay with Card.

Benefits of being Paid by Card on your Bumpa Website. 

You’re probably wondering what’s so special about Paying with Card and what benefit does it have over other payment methods? 

Thank you so much for that kweshun. I shall attempt to answer it in the following paragraphs:

1. Secure channel of receiving payment: I don’t want you to get me wrong, the other payment methods are also very secure, but there can be issues like: 

• Reversals: This is very common now with bank transfers. You could receive an alert of payment from your customer and process the order only for the amount to be reversed or canceled later. 

The problem is sometimes, you can’t get a hold of the customer again, or they ghost you, and that money is lost forever. 

• Fake alerts: May we not be a victim of this thing sha because it can be very painful.

There’s a new coy that happens now, where a scamming customer can send you a fake alert while not sending you any money & these things look very real! It’s disheartening, but it happens. 

• Bank Downtimes: This one is the absolute worst of the worstsssss. Your customers actually pay, and they get debited, but it doesn't reach you. The money is no longer in your customer’s bank, and it is not in your bank..it is sha somewhere hanging in the air. 

2. Fast Order Processing: Since most online vendors cannot start processing an order until they can confirm payment, payments made via Card are confirmed in less than 1 minute. Even if remittance comes later, you’re sure that the payment has gone through & it is safe. This reduces the payment from customer time - order processing time- delivery time.

3. Easy Business Life: With online payments, you don’t have to return to your Bumpa app to record the sale or add the Customer details. Everything is automatically done. In fact, your customer will also receive updates by email about the status of their order which puts their mind at rest. 

4. The Extra Stuff: When you encourage your customers to pay with Card, they’ll shop on your website more. If this happens, it means that even if they don’t buy immediately, they will receive automated emails to clear their abandoned carts. Sounds cool, right?

Yes, it does. Go and speak to your customers. 

How Does Payment With Card Work?

Here's a step-by-step guide you can show your customers of how paying with your Card works.

• Customer enters your website link

• Click on Product 

• Click on Add to Cart

• Click on Proceed to Checkout

• Enter Shipping Address

• Click on Pay Online

• Click on Proceed to Pay

• Click on Pay with Card

Frequently Asked Questions

I know most people don’t read FAQs, but I promise you'll want to check these out. 

• Question: Some of my customers are scared of using their card to pay on my website, how do I change that?

Answer: Letting them know that their payment is processed through Paystack (a reputable company) protected by law & tight security.

• Question: My customers prefer to enter my DM than buy on my website. How do I make them shop online & Pay with Card?

Answer: Give them incentives for shopping on your website. Read more here

• Question: What is the charge for online payments?

Answer: There’s a 1.5% charge on online transactions. Read more here (insert link)

Question: How do I do it so that the charges don’t affect my profit?

Answer: You can add the charge to your selling price, so you get the same profit. 

Question: How long does it take for me to get paid for an online payment?

Answer: Payments made online are confirmed immediately, but you receive payment in your personal bank account in less than 24 hours.