Frequently asked questions
Have questions? We have answers.
The CoralPay Payment Gateway is a one-stop, secure, and convenient payment solution that enables merchants to receive payments both locally and internationally. Our solutions allow e-commerce payments and money transfers to be made through the internet. They allow any business or consumer to securely, conveniently, and cost-effectively send and receive payments online.
Our network builds on the existing financial infrastructure of bank accounts, cards and USSD to create a global, real-time payment solution. We deliver a product ideally suited for online merchants, individuals, and others currently underserved by traditional payment mechanisms.
CoralPay Payment Gateway enables your business to accept online payments by sending encrypted transaction data from your website to our payment gateway. These data are decrypted, processed, and sent directly to your acquiring bank. The payment response from your bank, which could be either “approved” or “declined”, is sent back to your website through the payment gateway
CoralPay is well suited to businesses of any type: financial institutions—commercial banks, micro-finance banks, and other financial Institutions (OFIs)—and any institution involved in payments for goods and services online, offline, or on mobile
3D Secure is a security standard created by Visa and MasterCard to further secure e-commerce transactions. The 3D Secure payment security creates a “trust chain” throughout the transaction, shifting the liability for fraud from the merchant to the issuer under specific conditions. Note that both the cardholder and merchant need to be enrolled in the 3D Secure programme
A merchant is an organisation accepting payment card or other alternate payment methods for the goods or services provided to customers.
A Merchant Account allows a business to accept payments from transactions made by customers. Merchant Accounts are set up between a retail business and a financial institution. However, you will need to contact your bank for more information on the requirements for a Merchant Account.
Yes. Funds received from sales will be settled into your Merchant Account.
CoralPay supports card payment using both local or international Visa Card and MasterCard. CoralPay supports the following payment methods:
1. Card payments: using local and international Visa Card and MasterCard
2. USSD payment method, QR code etc.
Yes. CoralPay Payment Gateway offers customers comprehensive reporting on all types of sales and transactions. We provide to the merchant a portal to view transactions online in real time. Merchants can also download reports.
For transactions with local cards, the settlement period is T+1 (next day settlement).
- Multi-currency processing
- Acceptance of locally and internationally issued MasterCard and Visa Card
- Ability to refund transactions
- 3D Secure authentication with MasterCard SecureCode and Verified by Visa (VbyV)
- Real-time transaction reports via our feature-rich merchant portal
- Global reach for your business
- No delays in receiving your settlement
- Reduced administrative overhead
- Increased sales and cashless transactions
- Multiple card acceptance from one-off integration: one setup fee and one integration enables you accept multiple cards
- Online log for monitoring transactions: view transactions as they occur
Yes! A merchant can accept payments and get their money remitted to their bank account.
This requires online integration of the CoralPay gateway within your website through APIs
In addition to MasterCard SecureCode and Verified by Visa (VbyV), CoralPay provides (as an optional service) robust fraud monitoring services to further secure transactions and prevent fraud.
- Switching services
- Card hosting (debit, credit, and prepaid)
- Loyalty solutions for cardholders/merchants
- Transaction processing for all financial institutions
- Fraud monitoring and management
- Top-up services
- Multiple payment channels on a single platform interface
- Transaction processing via ATM, POS, internet, and mobile devices
- Payment gateway for e-commerce transactions
- Seamless transaction processing via QR Code on smartphones