Paystack is a technology designed to build businesses and encourage growth in Africa with new business models.
They ensure secured payments methods from local and global payment channels, and provide tools to help them retain existing customers along sides acquiring new ones.
They aspire to be a growth engine for businesses in Africa and beyond. They provide a variety of tools that promote payments on a global scale, thereby, increase sales and business capabilities world wide.
How Does Paystack Work In Nigeria
To enable steady payments among customers, paystack introduced a system (pay with transfer) both the customer’s and business owners are familiar with. In Nigeria, payment transfer are very common.
— Pay with Transfer —
This is a payment platform through which Nigeria-based customers can pay you via bank transfers.
How Much Do They Charge For Transactions?
For local transactions : 1.5% + NGN 1.
- Payments below NGN 2,500 = 1.5% of purchase amount
- Payments of NGN 2,500 or more = 1.5% + NGN 100
There is no charge at NGN 2,000.
How To Register/Open A Paystack Account
Documents you need:
- Bank Verification Number (BVN).
- Bank Account Number .
- Identity card –(Driver’s License, a National ID card (NIN),a Nigerian Voter’s Card)
You don’t need a Company Registration or Corporate Bank Account, you can use a personal account.
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Steps On How To Register
Step1: Visit the official paystack account.
Step2: Sign up: click on the link provided to fill in your details.
(Email address, country, password).
Step3: complete set-up: at this stage you have created an account but will be redirected to complete set-up.
Step4: Dashboard: after you complete set-up you will be redirected to your account dashboard.
It’s as simple as that. You are good to go. Welcome to the paystack team.
Your account isn’t activated yet. To activate the account you will to click on the account activation Link. After you request for an activation you should get a feedback in 72 hours at most.
Differences Between The Paystack Starter Businesses And The Paystack Registered Businesses
Starter Businesses have access to powerful payment tools accessible to big companies such as Unilever plc, Nestle and over 5,000 of some of the biggest businesses in Nigeria.
While, for Starter Businesses, there is a 2 million Naira limit. To enjoy the benefits of a paystack registered business companies interested will need to show documentations proving they are registered.
This allows customers pay directly from their bank accounts. All they need to do is enter their bank account number, get OTP from bank and hit pay!
Advantages of the new feature of Paystack merchants.
- It makes other means of payment available to people who can’t pay with a card for any reason.
- It is an amazing payment option for corporate bank account holders.
- An alternative for customers who are reluctant to drop their card details online.
Here, are the list of supported banks;
Customers can pay directly from ;
- FCMB Bank
- Access Bank
- Zenith Bank
- Fidelity Bank
- Wema Bank
- GTB Bank
How to enable Pay with Bank
The simplest way to activate Pay with Bank for your Paystack account is by,
Clicking the enable pay with bank button on the dashboard.( Settings <<preference tab).
For more information:
Send a Message or call: firstname.lastname@example.org or 234 908 566 2909