Nigeria is a country with a growing population of entrepreneurs and freelancers who work with international clients.
Receiving payments from these clients can be challenging, especially when using payment gateways like Stripe or PayPal, which may not be available in the country.
If you’re a freelancer or online business owner, you know that the struggle is real. PayPal does not work, and Stripe is unsupported.
Yet, all hope is not lost.
There are alternative ways to receive payments from international clients in USD without using Stripe or PayPal. Here are some methods to consider:
Bank transfers
You can ask your customers to make bank transfers to your domiciliary account or to an intermediary USD bank account. The positive here is that bank transfers work for both local and international clients.
The downside is that you’d need to manually track payments coming in from the customers. If you offer one-on-one services, then this shouldn’t be too difficult to manage. For larger scale productions when selling online digital products, ebooks, etc can be more difficult with bank transfers. Still, it is a good place to start.
With this method, you provide your client with your bank account details, and they can initiate a wire transfer to your account. This method requires you to have a bank account that supports foreign currency transactions. Some banks in Nigeria offer this service, including GTBank, First Bank, and Zenith Bank.
Payoneer
Payoneer is a financial services company that provides a prepaid Mastercard that can be used to receive payments from international clients. The card can be used to withdraw money from ATMs, make online purchases, or transfer funds to a bank account.
Payoneer also offers a global payment service that enables you to receive payments in USD from companies like Amazon, Google, and Airbnb. To sign up for Payoneer, you need to provide your personal information and verify your identity.
Payoneer also works for freelancers that get clients from marketplaces like Upwork, Toptal, Freelancer, etc. These marketplaces allow you to either integrate your Payoneer account, or use the USD bank details to receive payments from the clients that choose to work with you.
If you’d like to get a $25 bonus on signup with Payoneer, when you make your first $1000, click here.
Wise (formerly Transferwise)
Wise is an online money transfer service that allows you to receive payments from international clients in USD. With this service, your client can initiate an ACH/Wire transfer to Wise, which then converts the funds into the currency of your choice and transfers them to your local bank account. Wise charges a fee for the service, which varies depending on the amount of money you are transferring.
The main benefit is that Wise is a trusted service by international clients, and it also saves both you and the client on transfer fees when they pay via Wise. Wise offers both personal and business accounts for customers.
Please note that you can only have one Wise account at a time. If you’ve opened an account in the past, please use that account and refrain from opening a new account.
You can click here to sign up for FREE.
One thing that has become a limitation is that Wise has been banned from converting funds to naira. The workaround to this is using Intermediary banking services.
Intermediary Banks
I mentioned that using direct bank transfers allow you to collect payments from clients but sometimes opening a domicilliary account can be a pain. Here are some services you can use to transfer from your Wise account to pay for services online and to transfer to your Naira bank account.
Grey
Grey is a digital banking service designed for digital nomads and international professionals who need to manage their finances across multiple countries. With Grey, users can open U.S., U.K., and European bank accounts for free, allowing them to receive and make foreign payments with ease. The service also offers currency conversion services, allowing users to convert between currencies quickly and at competitive rates.
Grey’s all-in-one platform simplifies the banking experience for international users, making it easy to manage finances from anywhere in the world. With its user-friendly interface and competitive pricing, Grey is a popular choice for digital nomads and other professionals who need flexible and convenient banking services.
Use code LORIWP to get a $5 sign up bonus when you receive over $500 into your account.
Payday
Payday is a financial services app that allows users to manage their money and make transactions from their mobile devices. With features such as budgeting tools, bill payment, and money transfers, Payday aims to provide users with a convenient and efficient way to manage their finances. The app also offers cashback rewards and other incentives for using the service.
Click here and use code BELI4V to get $3 when you swap $250
GeegPay
GeegPay is a payment processing platform that enables businesses to accept online payments from customers. They offer a range of payment options including credit cards, debit cards, and mobile payments, and provide secure and reliable payment processing services.
GeegPay also offers customizable payment forms, invoicing tools, and other features to help businesses manage their payments and streamline their operations.
Sign up for a Geegpay account here
Klasha
Klasha is a cross-border payment and e-commerce platform that connects African consumers with international merchants. With a focus on providing a seamless and secure payment experience, Klasha offers a range of payment options and currency conversion services to make international transactions easier and more accessible. One fun fact about Klasha is that it is woman-owned.
That’s it.
There are plenty of alternatives out there that can help you save money and streamline the payment process. Whether you’re into crypto or prefer digital banking services, there’s an option for everyone. Just take a look at Payoneer, BitPay, TransferWise, or Grey.
These platforms offer competitive rates, user-friendly interfaces, and a range of features to help you manage your international payments with ease. So, don’t settle for high fees and limited options – explore your options and find the perfect solution for your business. Your wallet (and your clients) will thank you!
