Paystack: Payment Gateway for Online Businesses and Universities

Online retailers in Nigeria, Ghana, and South Africa may now accept payments using credit cards, debit cards, and mobile money thanks to Paystack.
payment gateway for online businesses and universities

 Online retailers in Nigeria, Ghana, and South Africa may now accept payments using credit cards, debit cards, and mobile money thanks to Paystack, a payment gateway.

What is Paystack Payment Gateway?

Quick facts

In 2015, Paystack was founded in Nigeria with the intention of upending the continent's payment system. Ezra Olubi and Shola Akinlade are the creators of Paystack.

It entered Y Combinator for the first time in Nigeria in 2016 as a startup.

Its platform handles 15% of all online transactions in Nigeria, and its objective is to overtake all other payment processors in the continent. It is currently one of the nation's fintech startups with the quickest growth rates.

Stripe said in October 2020 that it has paid $200 million for Paystack.

Check Out: Best Alternative Payment Solutions For Money Transfers and Online Shopping

Bitcoin is becoming one of payment options for many businesses around the world. If you want to attract new type of clients into your business by accepting cryptocurrency payments.

The Problem Paystack is Solving

The goal of Paystack is to assist local and international businesses, entrepreneurs, and educational institutions in accepting payments online. In Africa, where cash is used in the majority of transactions, this is a significant issue. This has become more significant in recent years as businesses and governments move toward accepting these digital payments. The difficulty is that the majority of African businesses lack the talent and capacity to create the platforms and tools necessary to accept these payments.

Check out: How To Transfer Bitcoin to My Bank Account?

How Paystack is Solving This Problem

By developing technologies that let businesses of all sizes in Africa accept payments on their websites and mobile applications, Paystack finds a solution to this issue. All digital payment methods, including debit and credit cards, bank accounts, bank transfers, Visa QR, USSD, and mobile money, are supported by Paystack's software. 

Customers can start accepting these payments with its technology in less than 30 minutes. Other organizations, such as colleges and schools, can also simply collect money from their students online. The business provides all of these with an easy-to-understand pricing structure. MasterCard, Visa, and Verve credit and debit cards are all processed by Paystack. American Express credit cards can also be processed by Paystack South Africa.

What Stage Paystack is In

Currently in its expansion phase, Paystack is vying for market share in the African nations it supports. In this stage of expansion, the business has gained a considerable market share in Nigeria, where it currently handles 15% of all online transactions.

International payments are often charged and settled in your home currency. Your customer's bank is in charge of exchanging their currency and transmitting the funds to us in your country's money. Some nations can, however, accept payments made internationally in different currencies.

Paystack Fees

Paystack's pricing is clear and uncomplicated. Only when a transaction is profitable for the customer does the business succeed.

Read Also: How To Bypass CVV code

Paystack Nigeria Fees

Service Fees

  • Maintenance 0
  • Integration 0
  • Local transactions 1.5% (of the total purchase amount) + NGN100 (₦100 fee waived for transactions under ₦2500/local transactions fees are capped at ₦2000, meaning that’s the absolute maximum you’ll ever pay in fees per transaction)
  • International transactions 3.9% + NGN100
  • Transfers of NGN 5,000 and below NGN10 per Transfer
  • Monthly fees 0
  • Paystack payouts 0

Paystack South Africa Fees

Service Fees

  • Maintenance 0
  • Integration 0
  • Local transactions 2.9% (of the total purchase amount) plus ZAR1 (VAT inclusive)
  • International transactions 2.9% (of the total purchase amount) plus ZAR1 (VAT inclusive)
  • Monthly fees 0
  • Paystack payout 0

Paystack Ghana Fees

  • Service Fees
  • Monthly fees 0
  • Integration 0
  • Local transactions 1.95% plus GHS 0
  • International transactions 1.95% plus GHS 0
  • Transfer to mobile money and bank account GHS 10 per transfer
  • Paystack payout 0

Check Out: How To Bypass Credit Card Age Verification

Paystack Countries

Does Kenya have a Paystack? A Kenyan technology news website reported in May 2021 that, after Paystack's debut in South Africa, Kenya might be the company's next market.

Nigeria, Ghana, and South Africa are nations that Paystack supports. It intends to grow into new markets. To find out when Paystack will be available in your country, enter your information here.

Paystack Funding

Since its inception, Paystack has raised more than $9.4 million. Tencent, Comcast Ventures, and Singularity Investments were among the investors who provided the startup with seed capital totaling more than $1.3 million. From a consortium of investors that included Tencent, Visa, and Stripe, it later raised $8 million. Because it owns a business that is very similar to ours in the US, Stripe is an intriguing investor.

Paystack Alternative

The African business Paystack is not the first one looking to shake up the payment processing sector. Other African businesses in the sector include:

See Also: Best Way/Method to Accept Payment Via Cash App

Paystack Location

Nigeria is where Paystack was established. There are currently offices in Lagos, California, and Johannesburg.

Final Thoughts on Paystack Payment Gateway

One of the fintech businesses in Africa with the quickest growth is the Paystack payment platform. Some of the best fintech businesses in the world have given the startup financing. The company will face more local competition as it extends to other African businesses from the likes of Cellulant and Pesapal that have seized a sizeable market share.

Also Read: How To Apply For A University In Europe

Further Reading

Join Telegram Channel

Getting Info...

Post a Comment

Join Telegram Channel
Cookie Consent
We serve cookies on this site to analyze traffic, remember your preferences, and optimize your experience.
AdBlock Detected!
We have detected that you are using adblocking plugin in your browser.
The revenue we earn by the advertisements is used to manage this website, we request you to whitelist our website in your adblocking plugin.
Site is Blocked
Sorry! This site is not available in your country.