How To Open A Paystack Account and Receive Money2020-03-27 13:40
How To Open A Paystack Account and Receive Money
How To Open A Paystack Account and Receive Money
Would you like to discover how to receive money from people in and outside your country using Paystack Nigeria as your payment gateway?
You don’t have to panic about how you’re going to receive the money because this process can be automated.
I receive funds through my Paypal and Paystack account. You can open a Paystack account and boom, you’re on the go.
PayPal Holdings, Inc. is an American company operating a worldwide online payment system that supports online money transfers and serves as an electronic alternative to traditional paper methods like cheques and money orders.
While Paystack is a payment platform that makes the online payments process seamless for both the consumers and the businesses they are trying to pay, they make it easy for merchants to accept credit and debit card payments online from customers.
What Types Of Businesses Are Eligible To Use Paystack?
Almost all types of Nigerian businesses and organizations – registered and unregistered – are eligible to accept payments with Paystack, including startups, retail businesses, churches, NGOs, and many others.
If you have a registered business name now, kudos to you. If you don’t have, fear NOW. Remember what you read above?
Registered and unregistered businesses are eligible to accept payments with Paystack, including startups, retail businesses, churches, NGOs, and many others.
Is there a cost for creating a Paystack Nigeria account?
It’s 100% free to get started with Paystack.
Paystack only charges a transaction fee on successful payments. You can find detailed information about Paystack pricing on their Pricing page: paystack.com/pricing
How To Set Up Your Paystack Account For Business
To create your free Paystack account, go to the Paystack sign up page and fill the form.
Before you go on to create your Paystack account, bear in mind that they charge you nothing for creating accounts. After clicking on the sign up comes this where you enter a business name (registered or not).
Paystack is arguably one of the fastest-growing Nigerian Fintech startups, currently handling billions in transaction value monthly. Unregistered businesses can now accept online payments with Paystack as Paystack Starter Businesses.
Starter Businesses do not need to submit a corporate bank account or certificate of incorporation to use Paystack. This merchant tier is intended for people who’re looking to validate their business ideas for a period of time with real customers.
Starter Business Requirements
To become a Starter Business on Paystack, you need to submit only three things:
- 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 OR
- a Driver’s License OR
- a National ID
You no longer need a Company Registration or Corporate Bank Account.
Paystack Starter Businesses and Paystack Registered Businesses
Starter Businesses have access to almost the same suite of powerful payment tools used by companies such as Domino’s Pizza, Taxify, Opera, Axa Mansard, Ikeja Electric, and over 8,000 of some of the best businesses in Nigeria.
The main difference is that Starter Businesses have a 2 million Naira limit, after which they’ll need to submit documentation to become Registered Businesses.
Other announcements from Paystack includes a recent partnership with DIY Law to make company incorporation fast, easy, and affordable. The second partnership is with Truecaller to enable more African businesses to accept payments online.
Paystack Frequently Asked Questions
What are the requirements for using Paystack?
You’ll need a Certificate of Incorporation and a Corporate account with matching names (for registered business names). If you have one of the two and would like to go live, kindly contact our support team on +234 908 566 2909.
Is there a cost for integrating Paystack?
No. Integration is absolutely free.
Q: How do I create a Paystack account?
A: You can create a free account by following this link.
Q: How do I take my Paystack account live?
A: You need to send a Go-Live request from your dashboard. This link will help you out.
Q: Can I use one Paystack account for multiple websites?
A: Yes. However, since multiple websites would imply multiple businesses. Their recommendation would be to create multiple accounts. One for each business. This can be done from your dashboard.
Q: Can I use the same bank account number and CAC for multiple accounts?
A: Yes, you can.
Q: Can I register several businesses on my Paystack account?
A: Yes, you can manage all your businesses on your Paystack dashboard with their ‘Manage accounts’ feature. All you have to do is create an account for each business. Do note that for every account, you need to send a fresh Go-Live request.
Q: I forgot my password, can I do a reset?
A: Yes, you can by clicking ‘forgot password’ on the login page.
Q: Can I change my account email and password?
A: Yes, this can be done on your dashboard. Follow this link.
Q: How much does Paystack charge per transaction?
A: For local cards (cards issued by Nigerian banks), the charge per transaction is 1.5% + NGN100 and the NGN 100 is waived for transactions below NGN 2,500. This means that for transactions below NGN 2,500 the charge will be 1.5% only.
Q: How do I pass the transaction charge to my customers?
A: You can do that by calculating how much needs to be presented to your customer to get the desired amount.
E.g: For a transaction of NGN10,000, the transaction charge is NGN250. If you’d like to make the customer pay the transaction charge, simply pass NGN10,250 to Paystack, so that when Paystack calculates 1.5% + NGN100 from that amount, you should get roughly NGN10,000.
Q: When and how do I get my Payout?
A: The payout is automatic, and you get paid the following day.
Q: How much does Paystack charge for sending Payouts to my bank account?
A: It’s Free! They don’t charge for Payouts.
Q: How do I keep track of my Payouts?
A: The Income section of the Paystack dashboard shows a full breakdown of all your payouts including Total payouts and Pending payouts.
Q: I don’t want Next-day Payouts, is there any other option for my business?
A: Yes, you can request to be paid manually from your dashboard. Simply update your payout schedule to the manual here and the funds will be automatically added to your Paystack balance. Whenever you need the funds, you can use their transfers feature to send it to your bank account.
Q: How do I change my settlement account?
A: Kindly send an email with your new corporate account details to mailto:email@example.com and they will make the change.
Q: I would like to integrate Paystack to my website, how do I access the API?
A: You can access our API documentation by following this link.
Q: I do not know how to go about integration, can I get help?
Q: Does Paystack process International transactions?
A: Yes, we do. We process International transactions in Naira and remit to merchants in Naira as well.
Q: How much does Paystack charge for International transactions?
A: They charge 3.9%+ NGN100 per transaction.
Q: What will be the exchange rate for International transactions in Naira?
A: Your customer’s bank determines the exchange rate. They can guarantee that the exact amount of your product in Naira will be charged from the foreign cards and remitted to you less our transaction charges.
Q: Does Paystack plan to process International transactions in USD and other currencies?
A: Yes, we are working towards achieving this. This product is currently in beta.
I use Paypal and Paystack to receive money.
Writing this thing down can appear huge, but trust me, the setup is very easy.
Go here to create your account: http://paystack.com