We know we should start outrightly with what we are here to offer but hey…
- Let us start with what we should really start with.
We thought you might want to hear this first;
The first world countries have developed much faster than the rest of the planet earth, and that saw a lot of technological advancements that was lost on the other parts of the world like say Nigeria.
We have to believe that with the advent of the INTERNET, that gap was believed to be enclosed in many ways.
Just then, a new problem came up the grid, which is about transacting financially, and how to do so seamlessly.
Notwithstanding, there are a lot of payment gateways (PayPal, Skrill, Neteller among others), only a few of them could be used by those on the other end of the seas from the founding countries and this is one of the reasons we cannot use the paypal to receive payments in Nigeria here as a result of the bridge in participating countries.
Unless you’re using VPN to operate your paypal account.
But we could be happy to report that we have something that could possibly work best for we Nigerians but we also have a problem with that on the other way around.
The Paystack came to alleviate a lot of those worries for Nigerians.
That is a WOW!
- So, what is Paystack?
Notwithstanding the fact that the paystack company is still relatively a start-up company, Paystack is an online payment platform that has made a name for itself in the past years in the business of brokering financial transactions between the merchants and customers.
Such as in the cases of online stores and retail outlets like Jumia, Konga and Yudala.
Much like the big Moz in the game from the western countries online transactions such as Paypal, Paystack integrates one of the most secure practices obtainable around Nigeria and of course around the globe, and leveraging that to give vendors the opportunity to broaden the scope of accepting payments and building a great trust between their customers.
Currently as opposed to the time the platform came into existence, the platform is becoming a rapidly developing server for acceptance of credit and debit card payments.
And not only in the local market (Nigeria) but on a global scale as well.
Still qualifying in some books as a start-up, Paystack holds so much promise that it has been able to secure as much as $1.3 million in funding for expansion and even better integrations.
- So, mind if we asked who was behind the Paystack company?
Whenever we are talking about Paystack, the two names that stand out are the names of Ezra Olubi and Shola Akinlade. Their story seems even more interesting in the fact that they had neither the financial nor institutional backing to startup an insurmountable venture, what is now known as Paystack in the recent time.
However, venturing into the fintech has proven to be one of the best things that has not only happened to them, but Nigeria and Africa as a whole.
While making transactions online buying and selling, we do come accross some problems which ranged from the fact that several people do wonder how secure their details are with the platform and other platforms when dealing with online transactions. Such details are the details of their credit cards and bank account and how secure they are.
- But, mind if we gave our credit here?
First things first, this is a very valid question that everyone should ask. After all, it is your money and you should want to be safe. In this effect, we will be answering this question in two broad ways.
Looking at the company’s operational dashboard, you will see that they operate with a PCI DSS (Payment Card Industry Data Security Standard) badge.
This means that they have been reviewed by the top names in the payment business (Eg., Mastercard, Visa and Verve’s regulatory bodies) and certified worthy of safely initiating transactions.
They even have a token system in place that generates public and private keys for you to secure every payment that goes on through the platform.
The trust that people have for the paystack can stand enough ground to speak for itself when it concerns the security of your transaction with them. Having achieved a milestone of more than $1 billion monthly transactions, it is hard to question the safety of such a system.
The case for safety is even strengthened when you learn that more than 9000 merchants across Nigeria have subscribed to the use of their confirmed and trusted service.
Having told you all the above, we suppose you might be wondering what trusted and giant brands in Nigeria are using the platform for their online transactions.
But let us shock you with this update…
You can find paystack payment gateway in the top companies that have taken their business to the platform too.
But, need I say more?
We suppose not.
- But how much does Paystack charge for a transaction?
Paystack has different charging plans in place for customers and this is why we believe them to be the best.
For cards issued by Nigerian banks, Paystack will take a fee of 1.5% and an additional #100 on every transaction. For transactions below #2,500, they don’t take the #100.
For international transactions though, the charge is slightly higher at 3.9%. There is also an #100 fee for every transaction which will not be waived under any circumstances. Note that all international transactions will be processed and remitted to the merchant in Naira
Business owners can choose to pay the charges themselves or pass it on to their customers. In the latter case, all you need do is calculate 1.5% (+#100 where need be) of whatever amount what you are selling is and add it to the final charge.
When the customers pay, Paystack takes its cut and you get the intended price.
- SO, what currency does Paystack accept?
Even though the platform is available in a host of African countries right now, they will only accept payments made in Naira.
According to some information on their official website, they are currently in the beta testing phase for accepting payments in USD and GBP.
- You might be asking if you can use paystack for your own personal business
All you need do is to get a Certificate of Corporation and a Corporate account to match. Even if you had only one of the two, get in touch with a customer representative and you are on your way to accepting payments from anywhere in the world with this system.
But this is where the modification came in.
We do always see several websites which are refer and earn programs using the paystack to receive their payments when people refer other users but the paystack do not accept refer and earn programs in their platform as they will reject your application if it was a refer and earn program.
Currently, we found what will work.
If you owned a refer and earn prpgram like NNU, Newspay and Payglobal.com.ng, you can also use the paystack t receive payments in your business by simply using a trick.
Integrate a shop with products on the front page of the website either on the sidebar and label them for sale now you can apply for the paystack payment gateway and you will get approved almost immediately.
Hope this update helped?
- Can I also integrate paystack for online payments?
In fact, some of the global merchants that are supported by the Paystack currently are
- Shopify – You can learn about how to integrate it here
- WooCommerce – Accept payments from anywhere on your WooCommerce store. Here’s how
- Sage – Paystack even lets you update your accounting books when funds come into the business (Coming Soon!) and
- Xero – Yet another accounting tool which Paystack integration works with for easier invoicing and accounting
Finally, let us wrap up with how much paystack integration really cost
Integrating Paystack into your business to receive payments does not cost a dime. The service and support you receive from the company before and after integration comes absolutely free!
So, we hope we got you cleared by this detailed review about the paystack.