Every account on VoguePay can be configured to receive payment from local and international merchants. Here are the two major criteria you are expected to comply with.
- You need to verify your account. (here is the guideline)
- You website must be encrypted with an active SSL (secured socket layer) installed. When you have done this, your website URL will display as https:// instead of the normal http://
You must be collecting adequate KYC ( know your customers ) on your website.
In addition to the above, it is important to clarify how the process works for businesses domiciled in Nigeria and outside Nigeria. I explained it in more details below:
If you account is non-Naira domiciled (i.e, your country of business is not located in Nigeria), by default, you can accept payment in other currencies immediately your account is verified. Please note that you will only be able to list your product in your default currency.
For example, a VoguePay merchant in Ghana can list his goods or services in Ghana Cedis but will be able to accept payment from any currency. For any successful transaction, VoguePay will charge the paying customer the equivalent in the currency she is paying with while the merchant will be credited with the amount in Ghana Cedis. (VoguePay uses its internal FX rates to calculate the currency conversion rate)
For users registered in Nigeria who desire to receive international payment from anywhere in the world, please note the following.
- To enable international gateway on your account, start by downloading and executing the following addendum to the VoguePay Terms and Conditions: (Click here to download the document).
- On completion of the form, you are expected to scan and send your feedbacks to the question to us by email to email@example.com.
The international gateway will then be enabled for your business after a satisfactory assessment of your application. Please note that your products or services will be listed in Naira while your international customers can pay with any currency of choice.
What currency will I get paid with…… and at what rate?
Even though you can accept payment in any country, all such payment will be reconciled to you in your local currency.
When you check your VoguePay wallet, you will see all payment in your default currency. This is because our payment platform has auto conversion functionality; so any time international payment is made to you, the system will automatically convert the amount you received to your local currency and credit it to your account based on the exchange rate on that day.
You can find information about our daily exchange rates here.
If I want to display my goods in a particular currency (let’s say USD), what should I do?
To be able to list your product in a particular currency, you might need to create a VoguePay account in that supports that currency as its default. For example, to be able to list your product in US Dollar, you have to:
- Select a currency region (by choosing US Dollar).
- Choose any of country that we have assigned that currency to in our platform.
NOTE: That also means that you will be required to provide documentation (KYC) to verify your account for the country you choose.