The Paystack payment platform can be used by everyone ranging from global brands, entrepreneurs, and large organizations.
Do you know that as a business owner you are not restricted in making financial transactions directly through your bank alone? Due to the fast pace at which technology and the internet are evolving, several platforms have actually emerged to bring sellers and buyers together and make business transactions possible irrespective of your location all over the world.
Let’s take a quick overview of online business and the role of technology.
Online Business Overview
Everyone wants an easy life, be it in business, career, and the like. The amazing part about this is that technology keeps evolving each day to continually meet the needs of man. Things keep changing and upgrading each day and man is continually adapting to this new change.
Now talking about business, Most businesses, companies, or industries initially thrived based on who they know in their network, and these businesses, companies, and industries operated offsite and there has to be a physical convergence between the buyer and seller to ensure that every business transaction worked smoothly.
Most times this only worked out when dealing with people within your convergence but as your business gets to expand you have to begin to rethink and consider other options in other to succeed effectively.
But each day things keep changing, and this also applies to business, Most offsite businesses discovered that for them to actually remain relevant and progress in this ever-changing digital world they needed to have an online presence.
If you can recall, when online business platform such as, Amazon, AliExpress, etc. were first introduced, so many people were skeptical about this new method of buying things. in fact, some people wanted to know how this new development was going to work out. But as we can see today, these companies have become some of the major industries in the world. This new development became an eye-opener to most business and industries had to re-strategize on their business as they understood that they also needed to take their product and services online and sell.
This new outcome made them realize that they were able to have a wider and larger audience reach in different locations all over the world.
However, a problem still needed to be solved. After this new and profound development started, the next issue became ‘how to make online payment transactions easy and possible’. As a result, companies such as PayPal, Payoneer, Wise, FlutterWave, and Paystack were born. These are online payment companies and they enable buyers to pay and sellers to receive their money with ease.
Platforms such as flutter wave, Paystack e.t.c were enacted in Nigeria to enable sellers to accept payments all over the world. In this article, we will be discussing fully, how the Paystack payment platform works and all you need to know.
Read Also: Cash on Delivery vs Online Payment
Over View of Paystack Payment Platform
Paystack payment platform is a digital payment platform that makes it easy for businesses to receive online payments from their customers. With Paystack you can accept payments from customers wherever they are in the world. It has facilitated an easy and seamless payment for you and your customers both locally and internationally.
This privately-owned company was launched in 2015 by Ezra Olubi and Shola Akinlade, however, they went public in the year 2016, this payment platform has enabled brands and businesses to receive payments across Africa.
How Paystack Payment Platform Works
The platform is a very secure payment gateway, it is built on PCI DSS (Payment Card Industry Data Security Standard) badge which is a standard backed by top payment regulatory bodies and they also make use of a token system. How this works is that the system generates public and private keys to protect every payment that occurs through the platform and also sets up other sensitive security measures to ensure transaction safety. Those who are not too convinced about the online space, with this, they can be assured that their money and financial transaction is safeguarded.
According to their website, they stated that they have been used and trusted by over 70,000 business organizations, which is a large number and a good enough figure to show how authentic and reliable they can be. Over 70,000 businesses can’t be wrong in my own opinion.
How To Register On Paystack
You can register on this payment platform via their mobile app or web platform,
To register via their web platform follow these steps
- Go to their official website.
- Go to the menu and click on ‘create a free account
- Fill in your basic details then click on ‘create my account’.
To register via the mobile app
- Download the app through the play store or App store.
- Create a free account.
Information Needed To Register On the Paystack Payment Platform
- Your business name
- First name
- Last name
- Email address
- Phone number
Read Also: How to Get Virtual Dollar Cards in Nigeria
Services Offered By Paystack
Below is a list of services Paystack payment platform offers to its customers
- They help you make an instant transfer.
- Paystack helps you to know how your business is performing by providing you with detailed reports and alerts.
- Paystack helps you recover all your transactions and customers’ data.
- The platform also helps you to verify your customers and get their insights.
- They give customers the opportunity for a modern and frictionless payment method.
- They help protect you and your customers from fraudulent transactions through their automated and manual fraud detection system.
What is The Transaction Fee on PayStack?
This platform charges you a transaction fee of 1.5% of every transaction that occurs. Also, they subtract a token of ₦100 on local cards. As for international cards, the platform charges 3.9% + a token of ₦100. However, if your transaction is less than ₦2500, you will not be charged the ₦100 fee. The Cards supported on this platform include Visa and MasterCard
Related: Best 5 Online Payment Gateways for Small Businesses in Nigeria
If you are into business and you are bent on expanding it, it’s really advisable to open an online account, this is going to help you make your financial transaction a lot easier and save you from a lot of stress. Paystack payment platform isn’t the only online payment platform you can make use of, there are so many depending on your choice.
It’s advisable to do more research about the different payment platforms involved but Paystack is really highly recommendable, they have proven to be trustworthy.