However, card penetration remains low due to limited banking services and trust issues with digital payments. While cash remains king in many everyday purchases, the growing mobile penetration and expanding digital infrastructure are driving new opportunities for merchants. Liberian consumers show a growing preference for mobile-based payments and digital wallets, driven by convenience and limited traditional banking access. 4.2.3 Government initiatives to promote digital payments and financial inclusion The market is likely to see more players entering the industry, offering innovative payment services and solutions to cater to the evolving needs of consumers and businesses. Providers like Square and Stripe include built-in gateways, while full-service merchant account providers like Helcim may offer more flexibility for larger businesses. Stripe supports online checkout, invoicing, subscriptions, recurring billing, fraud prevention, international payments, local payment methods, and eCommerce integrations. Furthermore, the partnership will empower GTCO Liberia to tap into Mastercard’s extensive network of merchants, enabling local businesses to embrace digital payments and broaden their customer base. Cash remains culturally entrenched in Liberia, and trust in digital payments is still growing. These providers offer risk-mitigated onboarding and tailored fraud management but come with higher fees and longer settlement cycles. https://entryly.net/ can use it through a reseller or pair it with an existing merchant account. Authorize.Net supports credit and debit cards, ACH and eCheck payments, mobile wallets, fraud tools, customer profiles, subscriptions, and international transactions. Authorize.Net is best for businesses that want a widely supported payment gateway that can work with many merchant account providers. Flutterwave is an Africa-based payment gateway that is committed to connecting the continent to the global economy through its robust payment infrastructure. As one of the most recognized global payment platforms, PayPal offers a secure and convenient way for businesses to accept payments in Africa. These platforms enable businesses to accept various forms of digital payments, including credit/debit cards, mobile money, and bank transfers, thereby supporting the growth of e-commerce and financial inclusion.​ Stripe has built-in features to help with compliance; however, ensuring you meet all local regulatory standards falls on you as a business owner. We’re excited to back such people in one of the world’s fastest-growing regions. Understand your customers’ purchase patterns and do easy reconciliations with a robust data Dashboard and easy exports. They offer local payment methods that people actually use in each region, and provide tools to improve approval rates for transactions, such as smart payment routing. Keep in mind that processing fees from the original transaction are typically not refunded, and some payment platforms charge additional fees for processing refunds. Once complete, the money is deducted from your merchant account and credited to the customer's card. If you’re selling in China, for example, make sure your gateway processes Alipay and WeChat Pay, used by 92% and 85% of Chinese customers, respectively. Choosing a gateway that accepts a variety of payment options reduces risk of cart abandonment and helps you close more sales. More expensive plans include more advanced hardware. Online payment gateways are cloud-based software while in person retail gateway's are often included in POS systems. Ask us about selling, buying, paying, and being paid, anywhere in the world. With 99.999% uptime it reduces risk to your brand reputation or bottom line. Access 200+ acquirers and processors in over 160 countries and territories, and accept payments in over 50 currencies. This partnership is a living testament to our belief that banking is more than transactions. This partnership is a testament to our passion for shaping a better, more accessible financial future for everyone in the country,” said Ebehijie Momoh, the Country Manager and Area Business Head for West Africa at Mastercard. Braintree offers merchant accounts and a full payments stack. Additionally, non-traditional local payment methods may incur higher fees.²⁴ In some cases, a cross border fee of 2% will apply, with 3% for high fraud-risk countries. If you specialize in selling digital goods, the 2Monetize plan charges 6.0% + $0.60 per transaction.²³ It also varies depending on your subscription plan and the payment method used. It supports transactions in 200 countries, 45+ local payment methods and 100+ currencies.²³ This wide range of local payment methods can help increase international customer conversion. Or, you can have PayPal manage the checkout experience.¹⁰ It has the second largest US market share in the payment processing industry of 19.44%. With the growth of eCommerce sales, the payment gateway market is booming. It is widely accepted across e-commerce platforms and allows businesses to accept payments in multiple currencies. Payment gateways play a critical role in e-commerce by providing secure online payment solutions and ensuring that funds are transferred efficiently and securely. Payment gateways allow you to initiate refunds for completed transactions. This is when the customers' banks release funds and your payment processor collects them. If so, they approve the transaction and release the funds. It holds your funds until the payout date, when they're transferred to your business bank account—you can't use your money until that happens. This approach enables seamless omnichannel payments, optimized currency conversion, and compliance with Liberian Central Bank regulations. Utilizing offshore acquiring banks and specialized high-risk payment gateways like CCBill, PayKings, or Skrill is advisable. High-risk merchants operating offshore often face challenges securing MIDs directly in Liberia due to regulatory scrutiny and local banking conservatism. For US-based merchants selling digital goods or services to Liberian and other international customers, global PSPs such as Stripe, PayPal, or Adyen are preferred. However, the low risk profile and local regulatory familiarity make local PSPs the fastest route to market. Different merchant types — from small local startups to international enterprises — need tailored approaches to open a merchant account (MID) and start accepting payments efficiently. Merchants accepting payments in Liberia typically receive their funds in the Liberian Dollar (LRD), the official local currency. Leverage Payment History Where Possible If you have processed payments through other providers, sharing transaction records can improve your risk profile and build confidence with Liberian PSPs. Communicate Proactively with Your PSP Engage early with the PSP’s onboarding team to clarify any country-specific documentation needs or risk concerns. By harnessing Mastercard’s state-of-the-art technology and GTCO Liberia’s robust banking network, this partnership seeks to redefine digital payments in the country. This strategy balances compliance with cross-border payment capabilities, helping SMEs manage moderate risk while scaling volumes. Additionally, the government`s efforts to promote digital financial inclusion and create a conducive regulatory environment will further fuel the growth of the online payment gateway market in Liberia. By leveraging Mastercard’s cutting-edge technology and GTCO Liberia’s robust banking network, this partnership aims to redefine digital payments in the country. Shopify, a global frontrunner in e-commerce solutions, has significantly solidified its presence in Liberia, offering merchants a comprehensive suite of tools to create, manage, and scale their online stores. Both payment gateways and merchant accounts are necessary for payment processing. A payment processor, on the other hand, manages the network through which your payment travels. It connects your website or point-of-sale (POS) system to a payment processor, allowing you to accept payments online, in-app, or in-person. A payment gateway is a service that helps businesses initiate and accept payments.