Pay stack fin-tech company is changing the game.
The world is online; customers are on the go and so are business transactions.
For decades now, small business owners who have seen reasons to take their local business online have been facing challenges with receiving payments online.
Though payment solutions like PayPal, et al have been in the fin-tech market to provide payment solutions but countries in Africa and especially Nigeria have been restricted.
This has forced young entrepreneurs in Nigeria to find lasting solution to helping business receive payment online at the lowest cost possible.
Pay stack Fin-tech Company
Paystack is a platform that help businesses accept payments online with modern payments infrastructure for African businesses.
When talking about Pay stack, the two names that stand out are those of Ezra Olubi and Shola Akinlade.
Their story is even more interesting in the fact that the had neither the financial nor institutional backing to start what is now known as Pay stack today.
However, venturing into fin-tech has proven to be one of the best things that has not only happened to them, but Nigeria and Africa as a whole.
I have tried few Nigerian payment gateways, I’d say I wasn’t really satisfied but with Pay stack, I finally settled to accept payments with their payment solution.
Paystack is simply the solution for every business owner (online or offline) in Nigeria.
If you don’t have a business website, you can use pay stack to receive payment and withdraw right into your bank account. Isn’t that interesting?
Over 25,000 business in Nigeria use Pay stack and guess what; top brands like MTN, AXA Mansard, Domino’s, Betway, Smile, Iroko TV and Taxify use Pay stack.
Customers definitely want to make payment fast and get value for their payments fast as well; that’s what Pay stack does.
Amazingly, if your blog or online business attract international customers, Pay stack can help you accept payments both in Nigerian Naira and USD and all will get into your Nigerian bank account.
Thankfully, online transfer on bank apps or via mobile codes is now on the rise and you can transact business and exchange value in no time with this feature on Pay stack.
So, register with Paystack (it’s FREE), and receive payment for the services you provide.
Once you register on their platform, you’ll get step by step instructions on how to setup your account, trust me, it’s very simple and a 7 year old can do it.
If your business is not registered with the CAC, you can receive money, only that you can’t receive international payment.
Since your target audience will most likely be in Nigeria, you’ve got nothing to worry about.
Though, having a registered business account gives you more credibility, still, you can choose to start with the account type that doesn’t require documents from the Corporate Affairs Commission.
How Much Does Pay stack Charge?
Pay stack has different charging plans in place for customers.
For cards issued by Nigerian banks (GTB, First Bank, Access, etc.), 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, so before you charge your customers, you should know the current dollar to Naira rate.
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, Pay stack takes its cut and you get the intended price.
What Currencies Does Pay stack Accept?
Even though the platform is available in a host of African countries right now, they will only accept payments made in Naira and currently working to begin operation in Ghana soon.
According to some information on their official website, they are currently in the beta testing phase for accepting payments in USD and GBP.
If all goes well, that option will be available to all other merchants too.
Can I Integrate Paystack for Online Payments?
Yes, you can.
In fact, some of the global merchants that are supported by Pay stack currently are
- Shopify – You can learn about how to integrate it by visiting the official site of Pay stack
- WooCommerce – Accept payments from anywhere on your WooCommerce store. Here’s how
- Sage – Pay stack even lets you update your accounting books when funds come into the business (Coming Soon!) and
- Xero – Yet another accounting tool which Pay stack integration works with for easier invoicing and accounting
Interestingly, integration is FREE.
Pay stack has just announced a Series A funding round to the tune of $8 million. Being a payment platform that it is, thousands of businesses are integrated with Paystack’s API.
With the new round, which surprisingly is backed by American payment company Stripe, Pay stack will be able to connect more businesses across the country.
We hope to see this company soar higher and higher while providing great value to all businesses across Africa.