Nigerian payments startup Amplify has launched in order to help businesses accept recurring payments online within minutes from customers in over 100 countries.
The launch of Amplify comes after months of successful testing under the name SlushPay, with the startup providing a complete suite of tools to help businesses who have a need to accept and manage recurring payments.
Using the service, businesses can quickly accept automatic recurring payments from all over the world using Amplify’s payment gateway, while the startup’s Card Correction Technology will retry for up to three days in the event of an error, while informing the parties.
Businesses also can discover operational insights, such as revenue forecasts and customer loyalty report, while by using Amplify’s third-party gateway integration tool, businesses can add their existing payment gateway to take advantage of the startup’s value added services.
“Many businesses in Nigeria accept recurring payments, but it is surprisingly difficult to accept and manage these payments, they improvise with methods like post-dated cheques, regular transfers and direct debit mandates,” said Segun Adeyemi, chief executive officer (CEO) of Amplify.
“In 2015, Nigerians paid over US$1.3 billion in automated direct debits alone. We built Amplify to make setting up and managing recurring payments simple for subscription businesses, lending companies, insurance companies, and others.”
All payments are securely processed and transactions settled into all major banks in Nigeria, such as Access Bank, GTBank and First Bank, while Amplify lets businesses that need to set up quickly create a simple payment collection form, without needing a coder, that they can send to customers. For companies more comfortable with code, Amplify provides secure and robust Restful APIs.
Beyond simply accepting payments, Adeyemi said Amplify aims to help businesses better manage and grow their customer relationships by allowing them to contact current and former customers via SMS and email integrations, offer loyalty programmes, and set up simple referral programmes.