How to Collect Payments for Your Business: Complete Guide to Bumpa's Payment Methods

Accept payments anywhere, anytime, any way with Bumpa's complete payment solution!

Connect Paystack, Nomba, Stripe, and use our Bumpa Terminal to give customers every payment option they want. The result? More sales, faster payments, and less time chasing money.

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One thing to know about running a business is that you can lose sales because your customers can’t find a way to pay you easily.

As a business owner in Nigeria, the way you collect money can make or break your success. Think about it - have you ever lost a sale because your bank couldn’t accept transfers? Or lost a sale because of a fake bank transfer? Or missed out on international customers because you can only accept naira? Or struggled to collect online payments on your website?

The payment landscape in Nigeria can be challenging. From network issues to international buyers struggling with currency conversion, there are many hurdles to overcome. But what if you could solve all these problems with one simple solution?

The simple solution to collecting payments for your business? Bumpa.

Bumpa offers multiple payment options that make collecting money simple, whether your customer is in Lagos or London. With just a few clicks, you can set up various payment methods that work for every type of customer, and collect payments as an online vendor fast.

This guide will walk you through all the payment options available on Bumpa, how each one works and how to set up, making it easy for anyone, anywhere to pay you without stress.

Payments through Paystack

Payments through Nomba

Payments through Bumpa Terminal

International payments through Stripe

Collecting Payments on Bumpa Through Paystack

Paystack is Nigeria's leading payment processor, trusted by thousands of businesses across the country. It's automatically available for all Bumpa users from the moment you sign up.

Setting Up Paystack on Your Bumpa Store

When you create your Bumpa account, Paystack integration happens automatically. You can start receiving payments immediately, and you can also transfer the transaction charge to your customer, and orders are automatically marked as paid in your Bumpa app, removing manual work or any delays. Payments are processed in real time, and orders are automatically marked as paid, reducing manual work and delays.

With the Paystack method, customers can choose from various payment options:

• Debit cards

• Bank transfers

• USSD

• QR codes.

Transaction Fees and Settlement

Transaction Fees are the small amount of money that gets taken out when someone pays you, while Settlement is how long it takes for the money to reach your bank account after a customer pays.

Transaction Fee

• Naira payments: 1.5% transaction charge, settled into your account within 24 hours

For example, if a customer pays ₦10,000 for your product, Paystack will deduct ₦150 as a transaction fee, and you'll receive ₦9,850 in your account. If you decide to pass this fee to your customers instead, they would pay ₦10,150 total (your original price of ₦10,000 plus the 1.5% fee of ₦150), and you would receive the full ₦10,000.

Settlement

Once a customer makes a payment through your website using Paystack, the payment goes to Bumpa and is settled into your account within 24 hours.

You can verify if your payment has been received by checking the order's payment status on the app, which will change to "Paid", indicating a successful payment.

Related: 10 Ways to Manage Your Finances as a Business Owner

Collecting Payments on Bumpa Through Nomba

Nomba is a financial platform that empowers Nigerian businesses with seamless and reliable payment solutions. It provides an additional payment option for your customers at checkout, helping you complete more sales successfully.

Nomba is beneficial for your business if you use Bumpa because:

• Cheaper Naira Payments: A low transaction fee of just 1.3%, which can also be passed on to your customers.

• Higher Checkout Success Rates: Reduces failed online payments by offering customers an additional, reliable payment option.

• Multiple Payment Methods: Accept transfers, QR codes, and card payments all through one integration.

• Fast Payment Processing: Payments are processed in real time, and orders are automatically marked as paid, reducing manual work and delays.

Setting Up Nomba on Your Bumpa Store

To set up Nomba:

1. Go to payment methods in the Bumpa app

2. Turn on the Nomba option

3. Save your settings

Once activated, Nomba will appear as a payment option on your checkout page, giving your customers more ways to pay you.

Transaction Fees and Settlement

• Transaction Fee: Only 1.3% for Naira payments (compared to 1.5% with Paystack)

• Settlement: Payments go to Bumpa and are settled into your account within 24 hours.

For example, if a customer pays ₦10,000 for your product using Nomba, the fee would be just ₦130 instead of ₦150 with Paystack. If you choose to pass this fee to your customers, they would pay ₦10,130, and you would receive the full ₦10,000.

Related: How to Manage Online Orders for your Business More Efficiently!

Collecting Payments on Bumpa Through Bumpa Terminal

Bumpa Terminal is a business payment solution designed for business owners with staff. It helps manage sales by instantly confirming payments and sending real-time notifications to both the business owner and staff.

The benefits of Bumpa Terminal for payment collection are endless. You get:

• WhatsApp Payment Alerts: Both you and your staff receive instant payment notifications on WhatsApp

• Professional Business Account: Get an account number in your business name, separating personal and business finances.

• Fast Payments: Receive payments in just 30 seconds with zero downtime.

• Staff Management Without Risk: Staff can confirm payments without seeing your account balance or having withdrawal access

• Order Matching: Connect payments directly to orders in your Bumpa app for easy inventory management

• Fraud Protection: Instant alerts help you identify fake payment notifications from people.

Setting Up Bumpa Terminal for Your Bumpa Store

Getting started with Bumpa Terminal is simple:

1. Sign up on www.terminal.bumpa.com

2. Add the bank account where you want Bumpa Terminal payments to be settled

3. Add the WhatsApp numbers of staff you want to receive payment alerts (up to 5 people)

4. Start receiving seamless payments with your Terminal account

No need to worry if you're not using the Bumpa app yet - Bumpa Terminal works independently. You can:

• Get a Terminal Poster: Get a physical plaque with your account details to display in your store

• Manaage your Staff: Add or remove staff from receiving payment alerts anytime

Transaction Fees and Settlement

Transaction Fees:

• ₦50 for transactions below ₦1,000

• ₦75 for transactions below ₦5,000

• ₦100 for transactions from ₦5,000 and above

Settlement:

Payments reflect in your Terminal account immediately and are settled into your primary bank account in less than 24 hours

Collecting International Payments on Bumpa Through Stripe

Through Stripe, you can start collecting foreign payments from customers all over the world!

Stripe is a global payment processor that allows you to accept payments in international currencies like dollars, pounds, and euros. It is available in 195 countries and supports 135 currencies worldwide.

This payment method is ideal for:

• Online stores shipping products internationally

• Digital service providers working with foreign clients

• Businesses targeting Nigerians in diaspora

• Exporters of Nigerian products

Setting Up Stripe on Your Bumpa Store

Setting up Stripe on your Bumpa account is available for merchants on the Growth subscription plan. Once activated, you can:

• Accept payments in USD (dollars) and GBP (pounds)

• Access 100+ payment methods (including Apple Pay and Google Pay)

• Set your own currency value (e.g., $1 = ₦1,500)

• Receive settlements in Naira or USD (on the Growth plan)

To activate USD or GBP on your storefront and start receiving international payments, you'll need to fill out an activation form. Click here to begin.

Transaction Fees, Chargeback Fees and Settlement Timelines

Transaction Fee: 7% for all international payments

Settlement Timelines:

• Naira settlements: 5 working days

• USD settlements: 7–10 working days

These timelines create adequate time to manage chargebacks and any potential settlement delays from payment partners.

Chargeback Fee:

Stripe applies a $15 fee for every chargeback, whether you win or lose a chargeback dispute. This fee will be deducted from your settlements, as Bumpa is unable to absorb this cost on your behalf.

To help reduce chargebacks, we recommend you:

• Make returns as easy as possible

• Manage shipping expectations clearly

• Be available and responsive to your customers

Why Your Business Needs Multiple Payment Options

The simple truth is: more ways to pay means more money for your business. So, it’s important to optimise your payment processes and having multiple payment options is a great way to start.

The benefits include:

1. More Sales: Customers buy more when they can pay easily. Fewer people leave without buying because you don't lose sales due to payment problems.

2. Happier Customers: People like having choices when it comes to payments. Easy payments create happy customers, and happy customers come back and buy more from your business.

3. Faster Payments: Payments come through quickly, and money reaches your account sooner, which helps your business's cash flow.

4. Professionalism: Multiple payment options make you look serious and established. Customers trust businesses with good payment systems because they appear modern and reliable.

5. Business Growth: You can accept payments from anywhere, and customers spend more when it's convenient for them. Your business can serve more people and expand its reach.

6. Safety: Professional payment systems are secure and protected from fraud. Customer information stays safe, which builds trust in your business.

Common Payment Problems Solved with Bumpa’s Payment Options

It’s important to give your customers the simplest ways to pay and remove obstacles that can cause friction or make them waste too much time before paying. With Bumpa’s multiple payment methods, your customers will be able to pay without stress, and you'll solve these common payment problems:

1. "My payment is not going through"

By offering multiple payment options (Paystack, Bumpa Terminal, Nomba, and Stripe), if one gateway is experiencing issues, customers can simply switch to another, reducing your chances of losing a sale due to technical issues with a single payment method.

2. "I don't have a Naira card"

International customers often struggle with Nigerian payment systems. With Stripe integration, customers can pay in their local currency (USD, GBP) using their regular cards, making your business truly global.

3. "I need to see the payment before I can release the goods"

Bumpa Terminal solves this with instant WhatsApp notifications for you and your staff. No more waiting for bank alerts or making customers wait while you call to confirm payments.

4. "I paid, but my order still shows as unpaid"

With Paystack, Nomba and Stripe, payments are automatically linked to orders. This removes confusion about which payment belongs to which order, avoiding fulfilment mistakes.

5. "Your transaction fees are too high"

With options like Nomba (1.3% fee) versus Paystack (1.5% fee), you can choose the payment method with the lowest transaction costs based on your business needs.

Grow Your Business with Better Payment Options

Having multiple payment methods on your Bumpa store isn't just convenient, but also essential for growing your business. Every time a customer can pay easily, you're one step closer to success.

Start by setting up at least two payment options today. Your customers will thank you, and your sales will grow!

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