Press release – VoguePay announces price reviews, reduces transaction fees

Press release – VoguePay announces price reviews, reduces transaction fees

  • Lagos, Nigeria and Canary Wharf, UK. 13th January, 2017 – VoguePay.com announced a price review to offer its customers the lowest transaction charges in Nigeria.

VoguePay.com is the award winning online payment company trusted by merchants to send and receive payment in 4 continents of the world. The new transaction charges introduced with effect from January 17th, 2017 will help VoguePay’s customers to keep more of the money they receive and encourage them to pass the savings to their customers. This is one of the several major announcements to be made as the company expands its market leadership in its 5th year.

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”.

According to Geoffrey Weli Wosu who is one of the 5 co-founders of the company, he noted that VoguePay is renowned for being the most friendly payment solution in Nigeria since its launch in 2012. Recounting the early days, he narrated how the free account signups was responsible for the rapid adoption of the payment solution in Nigeria with over 17,000 SMEs using the service in its first year.

Overall, this price review is a good news for our merchants and will be one of the several announcements in 2017 as the company marks its fifth year of operation and shows its market leadership as the payment bridge connecting Africa and the rest of the world. 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.

The new price regime takes effect from January, 17th, 2017 for all transactions. The company’s COO, Quam Ojikutu 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.

Signed,

Ogunlade Oluwole.

Head, Digital Media and Strategy, VoguePay

47 Comments

  1. Al

    Good development indeed, But what about the long promised Voguepay 3.0? When are we expecting that?

    And please let there be automatic redirection after successful payment because most of our customers don’t realize that they need to click on Continue to Merchant website so we always end up having to process and deliver the product manually. This defeats the whole purpose of being an automated payment system.

    1. admin

      Thanks Al. Our technology team is working on VoguePay 3.0, due before Q4, 2017.

      Thank you for the comment about redirection, we will work on it.

    1. admin

      You are welcome. We look forward to more announcements in the year.

  2. The withdrawal fee is the main problem, one of either 0.99% or 100 naira needs to be removed.

    There is hardly a time I’ll sell a product and will be able to withdraw the money to my bank account without it resulting in a loss.

    1. admin

      We are upgrading our system to improve inter-banking transfer. This might reduce the associated charges in the future and we will be happy to share about the development as soon as it happens.

    1. admin

      For transactions above N2,500, the transaction fee is 1.5% + N30. Any transaction lesser than N2,500 will be 1.5% only.

  3. This is a good news for all us using VoguePay. I hail the management and the staff of VoguePay. Please I advice that we get more efficient services to satisfy our customers as we are launching our new e-commerce platform tomorrow call suftel.com. All roads lead to suftel.com for genuine products and lot of discounts. Don’t miss it.

    1. admin

      I am happy to hear that you are launching Suftel. Congratulations.

      You can be assured that our payment platform will support your business.

  4. Exciting news, indeed. I’m particularly thrilled that you find time to respond to comments and all.

    Good work. Keep it up!

  5. Iduene Godsgift

    I receive payment in naira, but i would like to withdraw into my south africa bank account in rands. At what exchange rate will the withdrawal be processed?

    1. admin

      Hi Godsgift, the exchange rate is not fixed; it depends on the exchange rate on the day you request for the fund. Please send a mail to support@voguepay.com to find the latest exchange rate when you want to make the transfer. Thank you.

    1. admin

      Hi Justina, VoguePay cannot accept payment through PayPal.

    1. admin

      Thank you. We hope you will take advantage of this new price.

  6. Thanks for the offer It is our great re-leave for the payment opportunity which we hope will last for a long time.
    However, we shall be grateful if payment from PAYPAL to an account with Vogue Pay can be translated for use or compatible to PAYPAL or direct Bank Transfer from any Banking account to Vogue Pay account within the country

    1. admin

      Right now, you can only pay with Naira, dollars, pounds or euro. Hopefully, we will implement bit coin and other crytocurrency payment options.

      We will update you when these options are available.

  7. I want to know how university portal makes use of flat administrative charges. Like I paid a school fees of N100,000 the admin charges was N300 , making total amount paid to be N100,300. When I paid N50,000 , the same thing happened with total N50,300. Infact the university already alerted of the flat admin charges before I proceeded. Pls can this be make in voguepay as I have a portal to deploy in which a fixed amount to be charged from the user in which the user preinformed .

  8. I would like to support others on redirection issue after client has made payment. Kindly help and work on this then don’t forget to update all payments plugins .
    Like myself that has been having issue with whmcs plugin due to upgrade in whmcs

    1. admin

      Thanks for the feedback.

      We are working on VoguePay 3.0 that we incorporate these new features.

  9. Mustapha

    Nice announcement, love it and also why not help us reduce the international payment fee. And how could I delete my one of my voguepay account I mistakly open or maybe to upgrade it to business account, thank you.

    1. admin

      You can make cash or bank transfer to VoguePay bank account from any bank.

  10. What i don like in Voguepay is that long wait before money paid to you will be matured for withdrawal. Assuming you you are doing buying and selling with a little fund you cant sell and withdraw and rush to buy another goods to sell as you have to wait for mature fund and wait for your withdrawal to mature as well before buying another. They say the measure is to check fraud but I doubt if that measure can check fraud. Why is quickteller not using using that feature if its to check fraud. and beside if a scammer uses your atm card to buy goods online it will still take days before they can trace the transaction to voguepay which exceeds the minimum wait for mature fund. That feature should be removed from vogue pay because that is why voguepay is not been used by many till date but the management may not know that.

  11. Mansir

    Thanks Voguepay, you are great, just to improve on the withdrawal 99naira, I believe you can still make it lower, because there are sites that do the transfer charge at lower rates eg Thrive sender that transfers between banks at a rate of 45 naira only.

    1. admin

      Thanks for the observation. We are constantly working on our fees and making the services better.

    1. admin

      We reviewed both local and international transaction fees. Naira payment is included.

  12. clifford

    Please, can I use Vogue Pay to fund my Neteller, Skrill and Payoneer accounts?

    1. admin

      Hi Clifford, at the moment, you cannot use VoguePay to fund those wallets. We understand that it will be interesting to integrate third-party alternative currency to the platform in the future.

      We wll let you know when we go live with these features.

Leave A Comment?

CommentLuv badge