Business payments
QR Payments vs Bank Transfers for Small Businesses in Nigeria
“Send me your account number.”
If you run a shop, salon or food business, you probably hear that every day. Bank transfers let customers pay without cash or a card terminal. QR payments give them another way: scan a code, check the details and confirm.
QR payments can save customers from typing your account details. Bank transfers let them pay through the banking service they already use. For many small businesses, offering both is a practical choice.
The right option depends on which apps your customers use, what each payment costs and how you confirm that the money has arrived.
What’s the difference?
With a bank transfer, you give the customer your bank name and account number. They select your bank, enter your details, check the account name and send the money. A returning customer may already have you saved as a beneficiary.
With a QR payment, you display a payment code. The customer scans it using a compatible app, checks your name and the amount, then authorises the payment.
These methods can overlap. A QR code can start an account-to-account payment. Nigeria’s NQR service, operated by NIBSS, is one example.
A QR code also doesn’t work automatically with every banking app. Compatibility depends on the payment service.
QR payments and bank transfers at a glance
Scroll sideways to compare both options.
| What matters to your business | QR payments | Bank transfers |
|---|---|---|
| Starting the payment | Customer scans your code in a compatible app | Customer enters your details or selects a saved beneficiary |
| Customer requirements | A phone with a camera and a supported payment app | Access to a banking service that can transfer to your account |
| Entering details | The code supplies the recipient details; the customer may still enter the amount | The customer enters or retrieves the bank and account details |
| Receiving the money | It may arrive in a bank account or wallet, depending on the provider | It arrives in the receiving account |
| Charges | Depend on the provider and transaction | Depend on the provider and transaction |
| Confirming payment | Check your own receiving account and transaction record | Check your own receiving account and transaction record |
When QR payments are useful
QR payments are worth considering when customers pay in person and use a compatible app.
Imagine a customer buying ₦3,500 worth of food. You show your business QR. They scan it, check your business name, enter the amount if needed and confirm.
You don’t need to read out your account number or ask them to copy it from a sign.
That convenience depends on the customer being ready to scan. If they need to download an app and create an account first, a bank transfer may be easier for that sale.
Payment records also deserve attention. Some QR services include tools for tracking sales or customers. Check what the provider actually records rather than assuming every QR payment service offers the same features.
When bank transfers are useful
Bank transfers work well when customers want to use their existing banking service. You can share your details at the counter, on an invoice or in a message before delivery.
They can also be convenient for regular customers who have already saved your account.
Keep the details easy to read. Show the bank name, account number and account name together so customers know what to expect when they check the recipient.
A transfer still needs confirmation on your side. A customer pressing “send” doesn’t establish that your business has received the money.
Which is faster, cheaper or safer?
A QR code can reduce the time spent entering account details. It doesn’t guarantee that the payment will complete faster. Connection problems, service availability and transaction checks can affect either method.
Costs also depend on the service. Before choosing a provider, check:
- What the customer pays to send money.
- What your business pays to receive it.
- Whether moving money from a wallet to your bank adds a charge.
- Any account limits or conditions that affect your sales.
For safety, customers should check the recipient name and amount before authorising either type of payment. If you display a printed QR code, check regularly that it is still yours and hasn’t been covered or replaced.
Confirm payment in your own account before completing the sale. A screenshot or debit message on the customer’s phone is not proof that you received the money.
If the customer was debited but your record is unclear, collect the transaction reference and contact the provider. Establish what happened before asking them to pay again.
How GoTap QR payments work
With GoTap, you can show your permanent business QR for customers to scan. The customer needs GoTap to complete a GoTap QR payment.
To receive a payment:
- Switch to your merchant account.
- Open Receive, then choose QR Code.
- Check that the displayed name belongs to your business.
- Ask the customer to scan with GoTap, review the details and confirm.
- Check the received payment in your own business account.
Completed payments arrive in your GoTap wallet. Transfers to your bank follow the settlement terms shown in your account. Completed sales also create or update the customer’s payment history.
Should your business offer both?
Offering both gives customers a choice. Those who use GoTap can scan your business QR. Others can transfer using your bank details.
Start with the payment methods your customers can use today. Compare the charges, check where the money arrives and make sure you can confirm each payment yourself.