Paystack; 7 Things You Should Know

Paystack is an online payment platform that allows merchants to accept debit or credit card payment from customers across the globe. 

 “It takes a lot of local nuances to build for African businesses,” said Shola Akinlade, the CEO of Paystack who co-founded the company with Ezra Olubi (who is the CTO). “Paystack seems to be the only one doing this.”

Paystack became the first startup from Nigeria to enter Y Combinator in 2016, and the incubator is doing some follow-on investing in this round. Other strategic investors in this Series A include Parent of WeChat and a plethora of other services, Visa and the Chinese online giant Tencent. (Tencent also invested in Paystack’s previous round: the startup has raised $10 million to date.)

Paystack is very easy to use. Here are 7 things you need to know;

1. Trusted by 60,000+ businesses: The first thing merchants are wary of in payment channels is how trustworthy they can be as well as their credibility. With over 60,000 registered businesses, organizations of all sizes trust Paystack to grow their business.

2.  Backed by strong partners: It is backed by notable investors as well as some of the best payments companies on the planet.

3. Detailed reporting for accounting, reconciliation, and audits: Accountability is key, understand your customer purchase patterns and also easily do reconciliations with a robust data dashboard. Also, you can protect yourself and your customers with advanced fraud detection. It’s combination of automated and manual fraud systems protect you from fraudulent transactions 

4. Build custom payments experiences with well-documented APIs: Developers love our thorough, well-documented APIs that let you create everything from simple weekend projects to complex financial products serving hundreds of thousands of customers. You can build it with Paystack.

  • Collect one-time and recurring payments from your app or website
  • Make instant transfers
  • Retrieve all your transaction and customer data
  • Verify the identity of customers
  • Enjoy phenomenal transaction success rates
  • Also automatically route payments through the most optimal channels, ensuring the highest transaction success rates in the market.

Paystack is a great way to make your customers experience easy transaction

5. Delight customers with a seamless payments experience:  Give your customers a stress-free and painless payment system. Integrate Paystack once and let your customers pay you however they want. They can pay via;

  • Card
  • Bank Account
  • GTB 737
  • Visa QR

6. Starter Business Requirements: Unregistered businesses can also accept online payments with Paystack as Paystack Starter Businesses. To become a Starter Business, you need to submit only three things:

  • Bank Verification Number (BVN)
  • Your Bank Account Number (personal bank accounts are allowed)
  • Evidence of Identity – This could be:
    • the information page of your Passport OR
    • a Driver’s License
    • a National ID OR
    • a Nigerian Voter’s Card

You don’t need a Company Registration or Corporate Bank Account.

7.  Charge per transaction: For local cards (cards issued by Nigerian banks), the charge per transaction is 1.5% + NGN100 and the NGN 100 is waived for transactions below NGN 2,500. This means that for transactions below NGN 2,500 the charge will be 1.5% only.

Did you know you can also integrate Paystack into your Shopify account?

Shopify integration

Shopify integration: If you want to integrate your Shopify site with Paystack service, then follow the guidelines below. Note that it currently supports only websites that have Naira as the default currency.

  • First, you need to follow the link https://paystackintegrations.com/shopify. You will also be redirected to the next page, where you will need to click “Add Payment Gateway.”
  • Then, click the “Edit” button.
  • Provide your public and secret keys. You can find them at https://dashboard.paystack.co/#/settings/developer.
  • Save your settings.

Now, your customers can easily make transactions using Paystack. You can create a free account by following this link.

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