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21

I don’t like the idea of using wallets for payments. I don’t want my customers to leave my site to another site to make payment, not to talk of

  1. Having them now register for another service
  2. Having them fund that service (and in this case subsequently ensure there is enough money in the wallet for recurring charges).

People are not keen on making payments in the first place. The way to encourage them is to reduce the friction as much as possible.

2 Likes
22

Since we are on this, here is my idea of an ideal payment processor:

As a customer that wants to make payment,

  1. I click on “Pay”
  2. Payment is made from my saved details. Bam! Finished! (If it’s my first time on the site, I am taken to a page within the site to add my card details and that’s it)

As a developer

  1. I want to present the customer a payment form right there on my site.
  2. Customer enters the card details and I can charge the card and save* it for subsequent transactions or recurrent charges.

*(In the background the way this works is to exchange the card details via a JS library or a REST API for a card token. This card token represents the card details. It can subsequently be sent via API to the processor for one time charges or subscribed to a recurrent billing plan and the processor takes it from there).

I honestly don’t know why Interswitch doesn’t have this already. I know fraud/risk can be a big one but there are ways to mitigate the challenge. One is identity verification (business, government ID). They do this already. Two is to have a good dispute resolution system. Customers should be able to dispute charges and do chargebacks. Businesses should be fined for disputed transactions. (Stripe charges the business $15 each time there is a disputed transaction)

I believe Interswitch can do this. Maybe CBN regulations is what is holding them back.

5 Likes
23

Spot on! I would not say there are regulations or legislations holding back Interswitch from going this step forward. As far as I see it, we are victims of a market that is heavily run by 1 key player. The lack of competition has lead to complacency on the part of ISW. What we truly need are true alternatives (not solutions that rebundle the existing ISW payment gateway) that can provide competition which we (developers) and end users can benefit from. True progress can only be achieved with healthy competition. I can tell you for free that if Stripe were to launch in Nigeria offering what you have described, ISW will begin to provide same… Remember the telcos and the per second billing fiasco