Imagine having a business that requires online payment most of the time. You could integrate different payment services to tackle this, but then having to share a percentage of the deposits with the service providers would slightly reduce your profit margin. Creating your own payment gateway sounds ideal since it will be strictly for your business and you don't have to worry about the operation being a large one. But then you have no idea who to employ for this, how to go about it and how much it would cost?

So, how much would it cost to build a private payment gateway?

Note: Simply credit card payments only.

iiooxx:
Imagine having a business that requires online payment most of the time. You could integrate different payment services to tackle this, but then having to share a percentage of the deposits with the service providers would slightly reduce your profit margin. Creating your own payment gateway sounds ideal since it will be strictly for your business and you don't have to worry about the operation being a large one. But then you have no idea who to employ for this, how to go about it and how much it would cost?

So, how much would it cost to build a private payment gateway?

Note: Simply credit card payments only.

200-300k

techgeek12:


200-300k

And you arrived at this figure after considering what?

airsaylongcon:
And you arrived at this figure after considering what?

Purchasing of authentic Payment gate API API designing
Designing, API codec,.net framework
Registration of ur API for merchant payment under finiancial corps.

...

iiooxx:
Can you do it?

Yes, add on whatsapp 081-350-65-702

iiooxx:
Imagine having a business that requires online payment most of the time. You could integrate different payment services to tackle this, but then having to share a percentage of the deposits with the service providers would slightly reduce your profit margin. Creating your own payment gateway sounds ideal since it will be strictly for your business and you don't have to worry about the operation being a large one. But then you have no idea who to employ for this, how to go about it and how much it would cost?

So, how much would it cost to build a private payment gateway?

Note: Simply credit card payments only.

One way or the other, you are going to rely on a 3rd party.
Even PayPal still rely on others (and that includes the Banks).

If you want to start up yours and to get the necessary License, you need anywhere very much above 1 Million naira .

Someone here said 200k to 300k.

I want to believe that person hasn't handled such project before to begin with.

Yes that amount might get you something BUT not anywhere close to what I believe you want.

Starting a Payment Gateway system isn't a small thing. A lot of things are really involved - not just the programming aspect. It's not like e-commerce, or a blog anyone anywhere can just start up even from under the Bridge or in their room.

No programmer is going to write a code that would take a user's money out of their Bank and pay it into another Bank without relying on intermediaries.
Best you can do is go directly to Inter-switch so you get better rates BUT even then, you need to have enough money .

Most of these Gateway systems are expensive because most rely on a middle-man who in turn relies on another middle-man who might also have another middle-man AND at every point, the charges increases because everyone needs to earn their share.
It's same thing happening in retail business.



Another thing making most of this things difficult for new people to come in is this -

Even those who are meant to be regulators are also getting into the Business.

It's just like the Recharge-Card and E-Commerce business, while trying to establish new ones, the Banks are also there and you know what, it's easier for the banks to engage in certain types of Business than You and Me who are individuals .


Also take a look of most Payment gateways in Nigeria.
Some are dead already, some waiting to die BUT few, very few are strong. Strong because they have in-dept knowledge (and some have even worked) in the Financial sector, saw a gap that needed to be filled and took it upon themselves to fill in such gap.

Now a little history about them would reveal they have pumped in huge amount of money YET also went ahead to apply for GRANTS which some got. And these funds are in Millions of Naira.

Now no investor would do such if they don't see a potential.

Don't end up building a "Just Another Payment System" .

Most Plugin and Script Installers together with web designers with little programming experience would come here Preaching Heaven on Nigeria just to get to start a project and in the end, na you go loose .



NB: The easiest you can get is going the route of folks like Konga - their wallet system (seems it's called KongaPay or whatever) is almost a kind of payment system.

And for the records, there's a difference between a Payment System and a Payment gateway. Please don't confuse the both. I bet most people in here don't know that.


Make I stop for here

I am looking for info on how to open one.

Anyone that have insight into it, please share.

Imagine having a business that requires online payment most of the time. You could integrate different payment services to tackle this, but then having to share a percentage of the deposits with the service providers would slightly reduce your profit margin. Creating your own payment gateway sounds ideal since it will be strictly for your business and you don't have to worry about the operation being a large one. But then you have no idea who to employ for this, how to go about it and how much it would cost?

So, how much would it cost to build a private payment gateway?

Note: Simply credit card payments only.

I work with a financial institution as an Engineer and I understand why you cannot achieve this cheaply as quoted above. There are lots of paper work involved through CBN in building a system that will allow you to charge customer's debit card and store their card infor.

Therefore, your first step is to process the permit / license through the CBD, EFCC and neccessary departments. During approval process, you will learn more about the requirements which may involve a certified database expert, Snr Engr to design the system prototype which needs to be sent for approval as part of the requirements. Don't mind the quark above that quoted 300k.

Alternatively, you may partner with an existing Marchant that has the license and the infrastructure. They will be the one to handle the storing of data while exposing an API to push your transactions to.

bet9ja:


I work with a financial institution as an Engineer and I understand why you cannot achieve this cheaply as quoted above. There are lots of paper work involved through CBN in building a system that will allow you to charge customer's debit card and store there card infor.

Therefore, your first step is to process the permit / license through the CBD, EFCC and neccessary departments. During approval process, you will learn more about the requirements which may involve a certified database expert, Snr Engr to design the system prototype which needs to be sent for approval as part of the requirements. Don't mind the quark above that quoted 300k.

Alternatively, you may partner with an existing Marchant that has the license and the infrastructure. They will be the one to handle the storing of data while exposing an API to push your transactions to.

Do you know of Mojaloop?

IT is for rich guys. If you dont have money no stress your sef.

That field is not childs play.

Go ask ABeg them.

airsaylongcome:


Do you know of Mojaloop?

Never heard of them.

airsaylongcome:


Do you know of Mojaloop?

Do you mind giving us some insight if it helps us in solving this topic?

We can develop one for you guys. Just Whatsapp me with the number on my signature or send an email to

( project@radialhosting.com.ng )

ChocolateWine:



Do you mind giving us some insight if it helps us in solving this topic?

TBH, I don't even understand how these Payment gateways and payment processors work. Not the software specifically o. I mean the entire ecosystem

airsaylongcome:


TBH, I don't even understand how these Payment gateways and payment processors work. Not the software specifically o. I mean the entire ecosystem

Hmmm, must be a highly classified knowledge

Those telling you they can do it and those saying 200-300k dont understand what you want.

10-20m

GREATIGBOMAN:
10-20m

Is this for building the software? Or for establishing the business? For the software, I can tell you for free that you can get enterprise grade software for this for near zero cost. And I mean that. And that includes backend, browser based frontend and Android app (although the android app is a bit antiquated)

airsaylongcome:


Is this for building the software? Or for establishing the business? For the software, I can tell you for free that you can get enterprise grade software for this for near zero cost. And I mean that. And that includes backend, browser based frontend and Android app (although the android app is a bit antiquated)

Quack

I bet you mean u can get a null php script lol.

Who uses php for such app

GREATIGBOMAN:


Quack

I bet you mean u can get a null php script lol.

Who uses php for such app

Lol! You call me a quack? Naaah bruv. I'm straight like an arrow. In not talking of a PHP nulled script

For perspective, solution was built using JDK 15, Tomcat 9.x, MySQL 5.7 or MariaDB 10.6 all running on Linux or Windows Server. Frontend is using Angular. Backend is fully exposed via APIs. Solution is used in Nigeria by a number of these "superstar" Fintechs as payment gateway or as a digital banking solution.

You should really exercise some restraints about rushing to call people quacks though. Seek first to understand peoples positions.

One of the prominent devs is a Google Germany employee. He contributes to the solution in his spare time and not as a Google employee. Demo instance is graciously hosted for free by Google (he had been single handedly paying for hosting the demo instance prior to that). Solution is one of several Apache Foundation FLOSS software.

There's a South American startup that has taken the software and added more functionality to cater for the specific needs of African Fintechs. They have a handful of devs and support staff in Kenya and Nigeria. Same solution was taken up by a Dutch company to provide financial services in Kenya. Also employ devs and support staff in Kenya.

Rushing to call me a quack is akin to calling someone a quack because they said you can get enterprise grade RDBMS for zero cost. MySQL and Postgres are both enterprise grade RDBMS that are a download away. It's like calling me a quack because I say software used by Telecom giants like MTN is available for just the cost of a download. Even Web conferencing software like Zoom can be gotten for free. Obviously there are costs to have that software running on servers accessible across the world. But my comment was about the software itself and not about the infrastructure required to provide the service.

Never mind though, I will take your Quack tag and move along

airsaylongcome:


Lol! You call me a quack? Naaah bruv. I'm straight like an arrow. In not talking of a PHP nulled script

For perspective, solution was built using JDK 15, Tomcat 9.x, MySQL 5.7 or MariaDB 10.6 all running on Linux or Windows Server. Frontend is using Angular. Backend is fully exposed via APIs. Solution is used in Nigeria by a number of these "superstar" Fintechs as payment gateway or as a digital banking solution.

You should really exercise some restraints about rushing to call people quacks though. Seek first to understand peoples positions.

One of the prominent devs is a Google Germany employee. He contributes to the solution in his spare time and not as a Google employee. Demo instance is graciously hosted for free by Google (he had been single handedly paying for hosting the demo instance prior to that). Solution is one of several Apache Foundation FLOSS software.

There's a South American startup that has taken the software and added more functionality to cater for the specific needs of African Fintechs. They have a handful of devs and support staff in Kenya and Nigeria. Same solution was taken up by a Dutch company to provide financial services in Kenya. Also employ devs and support staff in Kenya.

Rushing to call me a quack is akin to calling someone a quack because they said you can get enterprise grade RDBMS for zero cost. MySQL and Postgres are both enterprise grade RDBMS that are a download away. It's like calling me a quack because I say software used by Telecom giants like MTN is available for just the cost of a download. Even Web conferencing software like Zoom can be gotten for free. Obviously there are costs to have that software running on servers accessible across the world. But my comment was about the software itself and not about the infrastructure required to provide the service.

Never mind though, I will take your Quack tag and move along

Kindly show me a enterprise based payment gateway that was developed absolutely with zero cost


Or show us the one u have developed with zero cost or kindly accept your Quack medal

GREATIGBOMAN:



Kindly show me a enterprise based payment gateway that was developed absolutely with zero cost


Or show us the one u have developed with zero cost or kindly accept your Quack medal

Nevermind fam. I'd stick with your nicely offered Quack Medal. Looks good on me.

airsaylongcome:




Nevermind fam. I'd stick with your nicely offered Quack Medal. Looks good on me.

Thought as much

My brother... I love to laugh and I laugh at what is specifically laughable.

You say PRIVATE payment gateway.

Na integration you dey talk about abi writing a full fledge payment gateway?

Bro the licensing and paperwork no be here ooo... I'll suggest you read up some articles specifically on this. And since you're on a budget, after understanding the lots, you'll understand that you'll still end up partnering with a heavyweight for ease. (Which isn't still cheap)

Save your 1million... use am do something else.
Dem go collect your Porto... no levels.

GREATIGBOMAN:


Thought as much

For those who believe, no proof is necessary.

For those who do not believe no proof is needed

airsaylongcome:


For those who believe, no proof is necessary.

For those who do not believe no proof is needed

Sounds like what a Quack would say

Api developers would save you the headache.

bassdow:


One way or the other, you are going to rely on a 3rd party.
Even PayPal still rely on others (and that includes the Banks).

If you want to start up yours and to get the necessary License, you need anywhere very much above 1 Million naira .

Someone here said 200k to 300k.

I want to believe that person hasn't handled such project before to begin with.

Yes that amount might get you something BUT not anywhere close to what I believe you want.

Starting a Payment Gateway system isn't a small thing. A lot of things are really involved - not just the programming aspect. It's not like e-commerce, or a blog anyone anywhere can just start up even from under the Bridge or in their room.

No programmer is going to write a code that would take a user's money out of their Bank and pay it into another Bank without relying on intermediaries.
Best you can do is go directly to Inter-switch so you get better rates BUT even then, you need to have enough money .

Most of these Gateway systems are expensive because most rely on a middle-man who in turn relies on another middle-man who might also have another middle-man AND at every point, the charges increases because everyone needs to earn their share.
It's same thing happening in retail business.



Another thing making most of this things difficult for new people to come in is this -

Even those who are meant to be regulators are also getting into the Business.

It's just like the Recharge-Card and E-Commerce business, while trying to establish new ones, the Banks are also there and you know what, it's easier for the banks to engage in certain types of Business than You and Me who are individuals .


Also take a look of most Payment gateways in Nigeria.
Some are dead already, some waiting to die BUT few, very few are strong. Strong because they have in-dept knowledge (and some have even worked) in the Financial sector, saw a gap that needed to be filled and took it upon themselves to fill in such gap.

Now a little history about them would reveal they have pumped in huge amount of money YET also went ahead to apply for GRANTS which some got. And these funds are in Millions of Naira.

Now no investor would do such if they don't see a potential.

Don't end up building a "Just Another Payment System" .

Most Plugin and Script Installers together with web designers with little programming experience would come here Preaching Heaven on Nigeria just to get to start a project and in the end, na you go loose .



NB: The easiest you can get is going the route of folks like Konga - their wallet system (seems it's called KongaPay or whatever) is almost a kind of payment system.

And for the records, there's a difference between a Payment System and a Payment gateway. Please don't confuse the both. I bet most people in here don't know that.


Make I stop for here

Bassdow I have some questions would you love to connect

niel63:
My brother... I love to laugh and I laugh at what is specifically laughable.

You say PRIVATE payment gateway.

Na integration you dey talk about abi writing a full fledge payment gateway?

Bro the licensing and paperwork no be here ooo... I'll suggest you read up some articles specifically on this. And since you're on a budget, after understanding the lots, you'll understand that you'll still end up partnering with a heavyweight for ease. (Which isn't still cheap)

Save your 1million... use am do something else.
Dem go collect your Porto... no levels.

Niel what about developing a microfinance bank app what will the cost be like

dslim:

Niel what about developing a microfinance bank app what will the cost be like

Do you have a ready customer?