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First Bank of Nigeria FirsteConnect
FirsteConnect
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As a merchant or retailer who owns an ecommerce website, make the best of FirsteConnect, our multi-platform internet payment solution that enables e-commerce merchants and retailers accept payments for goods and services purchased on their websites. A variant of the FirsteConnect is, First eConnect Classic.
This web payment solution enables online payment from both local and International cards. Cards which are accepted under the scheme are:
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- Verve
- MasterCard
- Visa.
- How To Apply/Register
Variants of FirsteConnect Product
There are three variants of FirsteConnect Product namely;
FirsteConnect Classic
- FirsteConnect Classic is suitable for businesses with no website.3AL merchant aggregating site is used to provide online presence for businesses. First Bank Nigeria Limited has entered into a partnership arrangement with 3AL Limited, an ICT company which powers 3al.com portal.
Pricing:
- Free Set-up cost
- Merchant Discount per payment: The merchant gives the 3AL community a discount of 5% on every product purchased via card payment. This covers switch fee on cards payment, insurance of delivered product and maintenance of portal.
FirsteConnect Gold
- This variant of FirsteConnect enables only local transactions using locally issued verve cards, MasterCard and Visa Card. There is an industry applicable MSC of 1.5% with a cap of N2000.00 per transaction. A one-time set-up fee of N150, 000.00 also applies.
FirsteConnectPlatinum
- This variant of FirsteConnect enables both local and international transactions using MasterCard and Visa Card. There is an applicable MSC of 4% with no cap on transactions. A one-time set-up fee of N75, 000.00 and recurrent monthly fees of N120, 000 per annum.
Pricing
- Implementation cost for FirsteConnect Gold is N150,000 while Platinum is N75,000
- Transaction fee per payment is 1.5% of the transaction amount with a cap of N2, 000.00 for domestic transaction
- Transaction fee per payment for international transaction is 4% of the transaction amount without a cap
- Upgrade to International acquiring is Free i.e. the set-up fee
- There is a recurring cost of N120, 000.00 per annum for FirsteConnect Platinum.
Features
- Accepts payments from all card types (MasterCard, Visa and Verve cards)
- Reduced Implementation time (24 hours)
- Real-time transaction reporting
- Transaction settlement in naira and USD (based on customer preference).
Features of 3al.com/FirsteConnect Classic
- Having a web presence at no additional cost
- Merchants are granted access to display their goods in line with their brand style
- Posting of comments by sellers and buyers on displayed goods
- Login with Facebook profile
- Messaging service
- Connect with friends and contacts on social media sites
- Credit facility for buyers on the platform
- Loyalty and discount to drive traffic
- Live interaction between buyers, sellers and support staff
- Payment solution which accepts payments from all card types
- Integration with courier systems for delivery of goods.
Benefits
- Creates online visibility at no extra cost
- Increases awareness and reach of the SME’s products and services
- Provides an opportunity to interact with buyers and potential clients from all locations in Nigeria and globally
- Reduces cost of doing business since customers can order for goods without visiting business location
- Online Reporting Tool
- Opportunity to interact with buyers and potential purchasers
- Increased reach and sales turnover
- Opportunities to connect with friends and people of common interest
- Price comparison and competitive pricing
- Buying at discounted prices
- Enjoy credit facility on products ( in line with consumer banking financing guidelines).
Benefits To Corporate
- Ability to accept payment from internet users irrespective of geographical location and time
- 24 x 7 availability of the Corporate business
- Enables proper cash flow management since corporates have access to view payments that will be credited to its account in the days ahead.
Pricing
- Implementation cost: N150,000
- Merchant Service Charge (MSC) for Domestic transactions: 1.5% – cap of N2,000.00
- Merchant Service Charge (MSC) for International transactions:- 4% (no cap).
Target Market
FirsteConnect is suitable for the under listed categories;
- Schools, Institutions and Associations
- Airlines, Hotels and Religious Institution
- Online Shopping Malls and other web stores.
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