Loans & Grants

PayStack – An easy way to receive payments

Paystack is a payment solution company that helps businesses in Africa accept payments online and in person. It was founded in 2015 by Shola Akinlade and Ezra Olubi, and is headquartered in Lagos, Nigeria. Paystack has over 27,000 businesses on its platform, and processes billions of Naira in payments every year.

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What Products does PayStack offer?

  • Payment Gateway: Paystack’s payment gateway allows businesses to accept credit and debit card payments online. It is a quick and easy way to set up and start accepting payments, with no setup fees or monthly subscription costs.
  • POS Terminal: Paystack’s POS terminal allows businesses to accept payments in person. It is a portable device that can be used at any retail location.
  • Paystack Storefront: Paystack Storefront is a simple and easy-to-use platform for businesses to create an online store. It allows businesses to sell physical and digital products, and manage orders and inventory.
  • Paystack Commerce: Paystack Commerce is a suite of products that helps businesses sell online. It includes Paystack Storefront, Product Links, and Payment Pages.
  • Paystack Invoices: Paystack Invoices allows businesses to create and send invoices to customers. It is a convenient way to collect payments for goods and services.
  • Paystack Payment Links: Paystack Payment Links allow businesses to create a link that customers can click to pay for goods or services. It is a quick and easy way to accept payments without having to set up a payment gateway or POS terminal.

Paystack also offers a number of other products and services, such as payouts, refunds, and dispute management. These products can help businesses to streamline their payments process and improve customer satisfaction.

In addition to its products, Paystack also provides a number of resources to help businesses get started with accepting payments. These resources include:

  • Documentation: Paystack provides detailed documentation on all of its products and services. This documentation can help businesses to understand how to use Paystack and get the most out of their products.
  • Support: Paystack offers 24/7 support to its customers. This support can help businesses to troubleshoot problems, get help with setting up their accounts, and learn how to use Paystack’s products.
  • Community: Paystack has a vibrant community of users who can help each other with questions and problems. This community can be a valuable resource for businesses that are new to Paystack.

Overall, Paystack offers a comprehensive suite of products and services to help businesses accept payments online and offline. Its products are easy to use and affordable, and its support is excellent. If you are looking for a payment solution for your business, Paystack is a great option.

How can I register on PayStack?

  1. Go to the Paystack website and click on the “Sign Up” button.
  2. Enter your email address and password.
  3. Select your business type.
  4. Enter your business details, including your name, address, phone number, and website.
  5. Verify your email address.
  6. Upload your ID card or passport.
  7. Wait for Paystack to review your account.
  8. Once your account is approved, you will be able to login to your Paystack dashboard.

Here are some additional details about each step:

  • You can use your personal email address to register for a Paystack account. However, if you want to use Paystack for your business, you should use a business email address.
  • You can choose from the following business types:
    • Starter Business: This is for businesses that are just starting out and don’t have a lot of transactions.
    • Registered Business: This is for businesses that are registered with the relevant authorities.
    • Enterprise Business: This is for businesses with high transaction volumes.
  • You will need to provide your business name, address, phone number, and website. You will also need to provide your TIN (Tax Identification Number) if you have one.
  • You can verify your email address by clicking on the link that is sent to your email address.
  • You can upload your ID card or passport to verify your identity. Paystack will use this information to verify that you are the person who you say you are.
  • Paystack will review your account to make sure that it meets their requirements. This process usually takes a few minutes.
  • Once your account is approved, you will be able to login to your Paystack dashboard. From your dashboard, you can start accepting payments from your customers.

Paystack account is free to create and use. However, there are some fees associated with using Paystack, such as transaction fees and chargeback fees. You can find more information about Paystack fees on their website.

You can use Paystack without a website. Paystack offers a variety of payment methods that you can use to collect payments from your customers, even if you don’t have a website. For example, you can use Paystack’s Checkout page to create a custom checkout page for your business. You can also use Paystack’s API to integrate payments into your existing website or app.

What documents do I need to register on PayStack?

The documents you need to register on PayStack will depend on whether you are registering as a Starter Business or a Registered Business.

Starter Business: To register as a Starter Business, you will need to provide the following documents:

  • Your Bank Verification Number (BVN)
  • Your Bank Account Number (personal bank accounts are allowed)
  • Evidence of Identity – this could be:
    • the information page of your Passport
    • a Driver’s License
    • a National ID
    • a Nigerian Voter’s Card

Registered Business: To register as a Registered Business, you will need to provide the following documents:

  • Certificate of Incorporation or Registration issued by the Corporate Affairs Commission (CAC)
  • Tax Identification Number (TIN)
  • Evidence of Identity of at least one business owner or director – this could be:
    • the information page of their Passport
    • a Driver’s License
    • a National ID
    • a Nigerian Voter’s Card
  • Corporate Bank Account Number

Once you have submitted the required documents, PayStack will review your application and activate your account within 24 hours.

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Here are some additional things to keep in mind when registering on PayStack:

  • You must be 18 years of age or older to register for a PayStack account.
  • You must have a valid Nigerian bank account.
  • You must have a valid email address.
  • You must agree to the PayStack terms and conditions.

How safe is PayStack?

Paystack is a very safe payment platform. It is PCI-certified, auditor certified, and has the PCI Service Provider Level 1 certification, which is the highest level of certification. This means that Paystack has met the highest security standards set by the Payment Card Industry (PCI).

What is the transaction fee on PayStack?

The transaction fee on Paystack varies depending on the country and payment method. Here are the fees for some countries:

  • Nigeria: 1.5% + NGN 100. ₦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.
  • Ghana: 1.95% + GHS 0. No upfront fees. You can start accepting payments in 30mins for free. Accept payments from multiple payment channels including Mobile money.
  • South Africa: 2.9% + ZAR 1. ZAR 1 fee waived for transactions less than ZAR 10. No upfront or monthly fees. All payouts are free.

You can find the full list of transaction fees on the Paystack pricing page.

Here are some additional details about the transaction fees on Paystack:

  • The percentage fee is calculated on the total amount of the transaction, including VAT.
  • The flat fee is a fixed amount that is added to the percentage fee.
  • The transaction cap is the maximum amount that you will ever pay in fees for a single transaction.
  • The fee for transferring funds to your bank account is separate from the transaction fee.

How can I download the PayStack app?

You can download the Paystack Merchant app from the Google Play Store or the Apple App Store. Here are the steps:

  1. Open the Google Play Store or the Apple App Store on your mobile device.
  2. Search for “Paystack Merchant”.
  3. Tap on the “Paystack Merchant” app icon.
  4. Tap on “Install”.
  5. Once the app is installed, open it and sign in with your Paystack credentials.

Here are the links to the Paystack Merchant app on the Google Play Store and the Apple App Store:

  • Google Play Store:
  • Apple App Store:

In Conclusion:

 downloading and installing the Paystack Merchant app is a straightforward process. By following the steps mentioned above and using the provided links to the Google Play Store or Apple App Store, you can easily access the app on your mobile device. Once installed, simply sign in with your Paystack credentials to start using the app and managing your merchant account efficiently.

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