Paystack Review: All the Questions You Have Been Asking
What is Paystack?
The western world developed way much faster than the rest of the world. That brought about a whole lot of technological advancements that were missing in the other parts of the world. With the advent of the internet though, that wide gap has joined together or reduced in some ways.
Then, a new problem came up, which is transacting financially, and doing so seamlessly in the developing world.
Even though there are several payment gateways, only a few of them could be used by those on the other end of the oceans from the founding countries.
Even though Paystack is still a start-up fintech company (at the time of writing), Paystack is an online payment platform that has made a good name for itself in the business of brokering financial transactions between merchants and their customers.
Much like the "big fish" in the game from the western countries, Paystack integrates one of the most secure practices that are obtainable, leveraging that to give vendors the opportunity to widen the scope of accepting payments.
As of the time of development and writing, the platform is a rapidly developing server for the acceptance of credit and debit card payments. Not only in the local market but also on a global scale too.
Still qualifying in some records 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 in much better integrations.
Who are the Paystack founders?
When talking about Paystack founders, the two names that come up are those of Ezra Olubi and Shola Akinlade. What made their story even more interesting is the fact that they both have neither financial nor institutional backing to start what is now known as Paystack today.
However, entering into fintech has proven to be one of the best things that have not only happened to them but to Nigeria and also to Africa as a whole.
Are my details secure on Paystack?
This is a very valid question that everyone should ask before making use of any fintech product. After all, it is your money and you would want it to be safe. To that end, I will answer the question in two ways.
First, looking at the operational dashboard of the company, you would see that they operate with a PCI DSS (Payment Card Industry Data Security Standard) badge.
This simply means that they have been reviewed by the top names in the payment business (the likes of Mastercard, Visa, and Verve’s card regulatory bodies) and have been certified worthy of safely brokering any transactions.
They even have a token system put in place that generates public and private keys for you to secure every payment that goes on through their platform.
The second answer to this question would be made on the trust that people have for their platform. Having reached a milestone of more than $1 billion in monthly transactions, it is very hard to question the safety of such a system.
The case for safety is even strengthened when you learn that more than 7,700 merchants across Nigeria have subscribed to the use of their service.
What are the top brands using Paystack?
If you need more convincing that Paystack is not just another payment gateway from the backstreets, you can find it in the top companies that have taken their business to the platform also.
Some of those top companies are Taxify, Uber, Domino’s Pizza, PushCV, Jobberman, Hotels.ng, IrokoTV, PayPorte, and Gigalayer, to mention but a few. Need I say more?
How Much Does Paystack Charge?
Paystack has varying charging plans in place for their customers.
For cards that are issued by Nigerian banks, Paystack would take a fee of 1.5% and an additional #100 on every transaction. For transactions that are below #2,500, they do not take the #100 charge.
For international transactions though, their charge is slightly higher at 3.9%. There is also a #100 fee for every transaction which would not be waived away under any circumstances. Note that all international transactions would be processed and remitted to the merchant in Naira
Business owners can decide to pay the charges themselves or to pass it on to their customers. In the latter case, all you need do is to calculate 1.5% (+#100 where the need is) of whatever amount what you are selling is and add it up to the final charge.
When the customers pay, Paystack takes its cut and you get the intended price of the product.
What currencies does Paystack accept?
Even though the platform is made available in a host of African countries right now, they would only accept payments made in Naira.
According to some information on their Paystack website, they are currently in the beta testing phase for accepting other payments in USD and GBP.
If all goes well, that option would be available to all other merchants too.
Can I use Paystack for my business too?
Absolutely.
All you need do is to get a Certificate of Corporation and a Corporate account to match it together. Even if you had only one of the two, you can get in touch with a customer representative and you are on your way towards accepting payments from anywhere in the world with this system.
Can I integrate Paystack for online payments?
Yes, you can.
In fact, some of the global merchant applications that are supported by Paystack currently are:
- Shopify: You can learn about how to integrate Paystack in Shopify 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 and
- Xero: This is yet another accounting tool in which Paystack integration works with for easier invoicing and accounting
How much does Paystack integration costs?
Integrating Paystack into your business to accept payments does not cost a dime. The service and the support you receive from the company before and after the integration come absolutely free!
