VoguePay, Your Secure Payment Processor

(Last Updated On: August 29, 2016)

. I would not know how many people feel this hot sensation that travels down the spine when you are told that funds have been sent to you but after four days, all the alerts you get are promos from your network providers. Expecting funds for a long time could be a nightmare.

sec100Apart from waiting for ages to receive alert, there is this suspicion about who to really trust to process your payments when it comes to transacting business with somebody you can’t see. Much as you are wary of losing money to strangers, as your business grows, you cannot afford to clog all your customers at a particular location.

More people will want to buy at the convenience of their houses and offices, and they want to pay without carrying cash or going to queue at the bank to pay into your account. Whatever business you do in this century, if your services cannot be accessed and patronized via mobile phones, you are limiting your potentials.

Some businesses are already exploring online payment solutions but flexibility has been a common monster. Most payment platforms charge a lot for setting up a payment processing account with them regardless of their customer’s business size and type. Why would you collect so much money from a merchant before you can provide tool for him to collect money via your platform from his clients?

sec200This reminds me of when SIM cards cost above N20k in Nigeria. Now same SIM cards are almost FREE. VoguePay made it possible to have a payment processing account signup for free.

Integration of the payment platforms into clients’ websites can also be too rigid for non-tech-inclined clients. A way to encourage businesses in the informal sector is to take away the technological know-how barrier in accepting payment.

A typical Mama Toyin who sells clothes at Idumota should be able to receive payment via means other than cash and bank deposit. Cynthia, whose boutique is her car, should be able to get paid safely and promptly as she takes her stock to visit her customers at their respective offices.

Taking care of all these concerns are what make VoguePay services different, more reliable and more customer-centric than many other payment processors. Truly, VoguePay was borne out of an ambition to unify African payments and bridge it with the global commerce market. VoguePay has designed customer centered payment solutions that provide accurate and secure online and mobile payment processing support as well as complete managed solutions and business services to both local and international business merchants.

Talking about a payment processor that can handle your money well while you are sleeping, VoguePay has developed applications and formed healthy partnerships to bring safety, promptness and personalization to the financial technology space in Nigeria and across Africa.

We are always on the lookout for dubious merchants who attempt collecting funds from unsuspecting customers for services they do not offer or products they do not have in stock. We also monitor transactions on our database to fish out questionable activities for potential fraud and unauthorized card usage.

security lock on credit cards with computer keyboard - credit card data security
security lock on credit cards with computer keyboard – credit card data security

VoguePay has partnered with the global identity platform VERIDU to bring online payments in Nigeria to a world class security level. We also use security token on VoguePay as a second level authentication to prevent unauthorized access to merchant’s account.

Merchants (people who receive payments through us) receive a security token via SMS, email or both depending on the parameters selected on the merchant’s account settings. Other security algorithms such as geo-location monitoring and behavioral pattern analysis systems, transaction patterns monitoring systems, IP monitoring, SSL Security Encryption, GeoTrust with EMV, audit trail, and data encryption technologies are actively in place to ensure security.

Due to our commitment to protecting our merchants and their customers, we also try to ensure that value has been gotten for the money paid through us by implementing a certain window period for any of the parties who feels dis-satisfied with the payment to complain before we release funds. This we do to avoid charge backs as much as possible.

With our behavioral pattern analysis systems, we follow a merchant’s volume and frequency of transactions to know when there is sudden change in their pattern of receiving payment, which may warrant internal investigation by our Technical team to ensure that no kind of money laundering or fraudulent transactions are done through us. SSL, Secure Sockets Layer, is a standard security technology that provides a secure connection between internet browsers and websites, allowing you to transmit private data online.

To know sites that are secured with SSL, check the web address (or URL) bar for display of a padlock and possibly a green address bar if secured by an EV Certificate. SSL together with TLS (Transport Layer Security) which is an updated, more secure version of SSL, are used to protect connections across our platform.

It’s no longer news that the combination of anonymity, reach and speed along with the necessity of card-not-present (CNP) credit transactions has opened up the Internet and e-commerce processes to fraud. Research (by www.neustar.biz) said from 2006 to 2008, the average percentage of online sales lost to fraud held steady at about 1.4%. And in 2009, the total estimated online revenues lost to fraud dropped for the first time since 2003 resulting in a lower percentage of overall sales of 1.2%.

Besides, according to NDIC, over N25.61 billion was lost to fraud in 2014, mainly due to the astronomical increase in the incidences of web-based (online banking)/ATM and fraudulent transfer/withdrawal of deposit frauds.

SecurityTo avert this kind of ugly scenero, VoguePay boasts of effective geo-location monitoring and IP monitoring systems that is world class and have not failed us at any time. Whereas, VoguePay platform does not store card details, we deploy second level authentication to prevent unauthorized access to merchant’s account.

For example, one pattern we have noticed is criminals bypassing the card issuer’s authentication system by spending multiple small value transactions across different geographical locations. These go without investigation by the cybersecurity authorities due to the small value involved. However, collectively this represents high value cyber-fraud, especially for small businesses.

The majority of victims are the owners of small businesses that don’t have the resources or capabilities of larger companies to absorb such loses as those brought by cyber criminalities.

This is where VoguePay plays a crucial role to its users; helping them prevent and deter transactions that could prove to be fraudulent or potential charge back transactions. This has contributed to VoguePay boasting increased growth of 22% month on month for more than 10 months now.

There is no single security tool to eliminate cyber security threats. However, businesses can apply raft of security measures in the fight against cyber-attacks. This is another area in which VoguePay provides unconditional protection for our merchants.

Besides, VoguePay uses KYC (Know Your Customer) and also advises our merchants to do the same for their clients. This is important because the data collected through KYC is an important tool in the fight against cybercrime, and it helps to reduce potential threats.

VoguePay will continue to set the pace for the Nigerian online (and SMS) payment industry by constantly upgrading our security measures and building relationships with reputable companies who are also focused on making e-payment accessible and secured to as many people as possible in Africa.



    1. admin

      We accept all types of cards including Mastercard, Verve card and VISA card. The card types you can accept payment from depends on your account type. For personal account users, you can only accept payment from VISA card holders and VoguePay wallet while Business account owner can receive payment from all card types. Since your account type is personal, you can request for a FREE upgrade to business account by sending a mail to support@voguepay.com. Please follow this guide http://voguepayblog.com/kb/can-i-upgrade-or-modify-a-personal-account-to-a-business-account/

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