What is Paystack?
Paystack is a technology-based company that specializes in processing payments for businesses. The company aims at solving payments problems for all businesses and to help businesses in Africa become more loved and profitable
The Mission of the company is to help businesses in Africa succeed. Paystack is involved with Entrepreneurs and start-ups to ensure support at each stage of growth. The company also helps large corporate and government organizations to receive payments securely and quickly.
Paystack is founded two software developers and friends, Shola Akinlade and Ezra Olubi
Paystack is the payment processor of choice for more than 30,000+ businesses. This post tells about the achievements of Paystack and the benefits they have to offer to their customers.
Benefits of using Paystack
Instant processing of payments
Paystack enables faster and easier and simpler means of accepting payments in Nigeria. The process of signup to receiving payments could take not up to 15 minutes. Paystack enables smooth running of businesses as business owners do not have to worry about the payment processes some have to go through. Paystack offers modern, frictionless, painless payments.
It also offers a variety of payment options to the business’ customers such as
- Bank Account
- GTB 737
- Visa QR
- Mobile Money
The use of mCash and POS is said to be in the process.
Modern and Easy payments experience for your customers
With Paystack, when customers of businesses pay, they are given a modern checkout that boosts the confidence of customers and also elevates the business brand. This includes:
No redirects – This keeps customers on the businesses page
Automatic and Smart Error Resolution
If there is a failed transaction, Paystack checkout form smartly suggests other payment channels to the customer, so they can try making payments through a different method.
For example, if the customer’s card fails, the Paystack Checkout Form might suggest that the customer try paying through QR code instead. This offers customers multiple payment options
Helps you send invoices quickly
With Paystack you are able to request payment electronically and issue professional itemized invoices so as to receive your payments faster
- You can track who has paid you
- Monitor how much you’re owed
- Send electronic reminders to customers
Notification of sales
Paystack gives automated email alerts every time a sale is made. Business’ customers also receive an automated receipt for their records.
- Branded receipts for business owners and customers
- Receive automated transaction email alerts
- Receive daily and weekly settlement reports
- Paystack helps you monitor your business performance while on the move
With paystack, you can track your most important business metrics on your mobile device. Monitor information such as sales, success rates and customer information.
This helps you to:
- Send invoices from your mobile device
- Work offline
- Look up transactions
Business owners will also be able to track Revenue targets and instant alerts soon.
- Track customer purchase patterns
On a client’s Paystack Dashboard, business owners are given useful customer insights from their payments data. Here you can:
- See who your top customers are in terms of number of purchases and expenses spent
- See your new customers and returning ones over a period of time
- See your busiest average time of day, and also what day of the week
- Access to data with User Permissions
With Paystack you can give members of your business team useful information they need and also control what they can see and cannot on your Paystack dashboard
Paystack charges only a little fee for every successful transaction. Zero maintenance fee and no integration fee too.
- Ensures high transaction success rates for clients
Paystack makes sure to route payments through the most satisfactory channels, dynamic routes transactions and different gateways and processors, thereby ensuring the highest transaction success rates and optimal payment pathways in the market.
- Helps you route your business performance
Paystack provides detailed reporting, alerts, and exports. This enables business owners to know just how their business is faring. They do this by ensuring
- Super easy reconciliation
- Detailed reports on successful and failed transactions
- Granular user permissions which allow you to manage the information each member of your team has access to
- Automated chargeback alerts
- Searchable Customer Directory
- Analyze customer purchase patterns with Customer Insights
- No delay in payments
Paystack ensures merchants receive their payments within 24 hours of the transaction.
- No barriers
With Paystack, you can do business and accept payments with international customers, anywhere in the world.
You can also receive payments from internationally-issued cards, display prices in USD, and also get settled in USD. Paystack does not leave out localized payment options such as mobile money which are in use in some places.
- Protection of businesses and customers from fraud
Paystack uses both automated and manual fraud systems. This helps protect their clients from fraudulent transactions and associated chargeback claims. In fact, once a fraud attempt is discovered, all other businesses registered with Paystack are protected from further attempts
- PCI-DSS-certified systems
- Automated fraud monitoring
- Build custom payments experiences with well-documented APIs
Paystack has thorough and well-documented APIs that allows business owners to build such as simple weekend projects, to complex financial products for their customers. Paystack also enables you to
- Collect one-time and recurring payments from your app or website
- Make instant transfers
- Retrieve all your transaction and customer data
- Verify the identity of customers
- 24/7 Customer support
Paystack has a functioning Customer service team that is available around the clock to attend to you and help you resolve issues quickly.
- Direct Bank Integrations
Paystack is directly connected to some of Nigeria’s largest banks, this helps ensure an almost 100% success rates for many card transactions.
Achievements of Paystack
Launch of Paystack Starter Businesses
With Paystack, businesses that are not yet formally registered can now receive online payments
Paystack is located at 3A, Ladoke Akintola Road, Ikeja GRA, Ikeja, Lagos, Nigeria.