Running a business is hard work, and managing international payments is even harder —especially if you’re stuck using outdated methods. Companies must be agile and efficient in today’s fast-evolving payment landscape to stay ahead of the curve. This means embracing new and innovative solutions for B2B transactions and compensating employees and workers worldwide.

That’s where cross-border payment solution providers come in. 

In this article, we will explore 5 cross-border payment solution providers in Nigeria that can help your business to achieve seamless global transactions while reducing operating costs. Additionally, we will share the top tips to consider before selecting an international payment solutions platform.

But first…

What are cross-border payment solutions providers? 

Cross-border payment providers are financial institutions that facilitate international transactions between businesses or individuals in different countries. Typically, a cross-border payment provider is a licensed bank, authorized to conduct transactions internationally. Alternatively, it can be a neobank, which handles the customer-facing part of cross-border payment, letting the bank behind it process transactions behind the scenes. Cross-border payment platforms are here to stay as analysts predict that cross-border payments will increase by 43% by 2030. Current projections put the value of B2B cross-border payments at $186.2 trillion.

There are numerous international payment solutions platforms in Nigeria, each with advantages and drawbacks. We’ve carefully reviewed and narrowed down the options to make things easier for you. Here are our top five picks for the best international payment solutions for businesses in Nigeria. 

The top 5 cross-border payment solutions providers in Nigeria

1. Yala

Yala is a B2B cross-border payment platform designed to streamline and simplify the financial operations of businesses engaged in international trade. It offers a suite of features including invoice collection, account receivable management, international payment, global invoicing, expense management, bill pays, tax management, checkout, corporate cards, and payment links. 

Who is Yala for? 

• Small to Medium-sized Enterprises (SMEs): Businesses looking for efficient cross-border payment solutions.

• Large Corporations: Companies requiring robust financial management tools for global operations.

• Accountants and Finance Teams: Professionals managing invoicing, payments, and expenses.

• E-commerce Businesses: Online retailers who need efficient checkout and payment solutions.

• Freelancers and Contractors: Individuals managing international clients and payments.

Why should you choose Yala?

With Yala, you can expect:

1. Simplified Payment Processes: 

Say goodbye to complex paperwork and lengthy processing times. Our streamlined platform makes it easy to initiate, track, and manage international payments.

• Competitive Exchange Rates: We offer competitive rates and transparent pricing, ensuring you get the most value out of every transaction.

• Compliance and Security: We adhere to strict compliance standards and employ the latest security measures to safeguard your data and funds.

• Personalized Support: Our dedicated customer support team is here to assist you every step of the way. Whether you have questions about our services or need help resolving an issue, we’re always just a phone call or email away.

• Wise 

Wise, an online payments company, specializes in international money transfer services. It offers a variety of options including bank transfers, debit and credit card payments, local payments, and currency exchange. Additionally, Wise provides real-time tracking of payments and notifications for incoming transactions.

• Payoneer 

Since 2005, Payoneer has been at the forefront of delivering innovative solutions for mass payments. While it was initially designed with something other than the African market in mind, Payoneer facilitates a significant portion of mass payments for businesses and SMEs worldwide.

• Send by Flutter Wave

Send by Flutterwave is a gateway that enables users to send money to over 30 countries, including the United States, the United Kingdom, and many destinations across Europe and Africa. According to Flutterwave, Send ensures secure and reliable remittance. With daily updates to exchange rates based on the current market, users typically get a fair and transparent transaction.

• World Remit 

WorldRemit is a digital remittance service, that enables money transfers across borders to over 130 countries in more than 70 currencies. From over 50 countries, you can send money to friends and family around the world. Recipients can choose from various payout options: bank deposits, mobile money, mobile airtime top-ups, cash pick-ups, and even cash delivery.

Factors to consider when choosing a cross-border payment solution providers

Reliability

Choosing a reliable payment solution can be challenging, especially since many services are relatively new. To ensure you select a trustworthy platform, use one with a solid reputation and proper licensing. Check reviews and user feedback on major app stores or review sites like Capterra and Trustpilot to gauge user satisfaction and reliability.

User-friendliness

It’s crucial to choose a payment platform that is easy to navigate. A user-friendly interface ensures you won’t spend excessive time figuring out how to use your mass payout solution, allowing you to manage payments efficiently.

Support for multiple currencies

Select a payment solution that accommodates the currencies your business deals with. This flexibility will simplify payments to international recipients and streamline your financial operations.

Emphasize security

Security is paramount when handling payments. Opt for a mass payout solution that includes robust security features such as two-factor or multi-level authentication. These measures ensure that your transactions remain secure at all times.

Fees

Understanding how international payment providers charge for processing cross-border transactions is crucial. Fees can differ widely and are typically based on a percentage of the transaction amount, a flat fee per transaction, or a combination of both. These charges vary depending on factors like the payment method, destination, payment volume, and transaction values. Large businesses with high payment volumes might be able to negotiate customized pricing.

Additionally, businesses may face one-time setup or integration fees when starting with a payment partner, along with regular management and maintenance fees, often in the form of a subscription. Be aware of extra costs not included in the basic price, such as fraud protection, tokenization, recurring billing, and analytics, as well as fees for chargebacks and failed payments.

Technical Support

Navigating cross-border payments can be complex, so having immediate support is crucial when issues arise. Ensure you have dedicated support teams in your key markets to provide round-the-clock assistance.

Grow Your Business with Cross-border Payments

Cross-border payment solution providers are invaluable for businesses that frequently pay suppliers or employees worldwide. They significantly reduce administrative burdens, saving you time and money. Solutions like Yala facilitate seamless international payments to multiple recipients in various currencies, enhancing operational efficiency. By leveraging such solutions, you can focus on other critical aspects of your business, driving growth and taking your enterprise to new heights.

Did we miss out any solution provider? Or do you have further questions? Let us know in the comments below!