Nigerian online payment gateway VoguePay.com, has announced a price review which will help VoguePay’s merchants to keep more of the money they receive from their customers. The new transaction charges introduced with effect from January 17th, 2017 will affect transaction fees and withdrawal fees for Naira and USD payments.
With this new price announcement VoguePay now offers the lowest fees to process both local and international payments in Nigeria and in most parts of the World. The CEO of VoguePay, Michael Simeon noted that the new pricing reflects the company’s commitment to SMEs and startups especially in Nigeria. In his remarks “while the current economic recession in the country has been hitting hard at small business, our position as an SME-friendly payment solution is to engage initiatives for SMEs to increase revenue. The new pricing is one of the major steps in that direction”.
Prior to the review, VoguePay charged 2.5% and 4.5% as local transaction fee and international transaction fee respectively. Withdrawal fee was 1% + N120 (in Naira).
Going forward, merchant will be charged 1.5% as local transaction fee but transactions above N2500 will be charged at 1.5%+ N30. For international transactions, merchants will be charged 3.8% + 0.50 of the currency of transactions e.g 0.50USD, 0.50GBP or 0.50Euro. New withdrwal fee is 0.99% + N99.
Leke Ojikutu, the company’s CTO whose frustration with legacy online payment gateways led to the birth of VoguePay in 2012 said he is truly happy about this new development. “We are always interested in investing in solutions that reduce the cost of making transactions for SMEs” he enthused.
He advised that savvy merchants can also pass some of this savings to their customers by making changes in their account setting. He also added that he commitment of the VoguePay team is to support the small business ecosystem by making it easy for them to send and receive payment all over the world.
Well done VoguePay!
NB : VoguePay.com is the award winning online payment company trusted by merchants to send and receive payment in 4 continents of the world.