Flutterwave and Paystack are two popular online payment gateways in Nigeria and a lot of Nigerian businesses and individuals make use of them to receive payment. Sometimes, new customers are confused on which of the two platforms they should use. This article will present a quick comparison among the two payment gateways to see how they perform against each other.
Registering with paystack is something that is not difficult, you just need to visit the site and fill the registration form. The most important thing associated with registering is uploading your company documents or Government issued I.D (according to your account type). If you submit the right documents and ID, your account will be verified and you’ll be ready to use paystack.
To register with flutterwave, you also need to visit the site to fill and submit the registration form. You can create account as an Individual, Company or NGO. Each account type has its own features and documents for verification. Your account will be live if all verification requirements are met.
On Paystack payment is made via multiple channels, some of these include Visa QR, mobile money, GTB 737, debit and credit cards. You can also use paystack to receive international funds from other countries in the world though you need to apply differently for that. Payouts are processed on time as well, money paid will be remitted into your account in less than 24 hours upon your request.
Flutterwave accepts payments made with credit and debit cards and from over 154 countries. The platform also supports bank account payments and mobile wallet payments; your customers can use any method of choice. You can also request for payout into your bank account or your mobile wallet.
The paystack security system is a very secure one; you have card protection and GCM encryption to prevent fraud and hacking. Even the site admins do not have access to your card details as it is PCI Service Provider Level 3 certified.
Security on flutterwave is top notch as well, it is a PCI-DSS Level 1 certified website which provides the highest level of safety to customer information. You get to use 2FA along with your password to tighten your account security.
Registering a paystack account is free of charge, however you are charged for transactions after that. You will be charged a certain percentage when a customer makes payment; the percentage charged depends on the location of the customer (1.5% for locals and 3.9% for internationals). In addition to the percentage charge, a flat transaction rate of N100 is also charged for transactions lower N2,500.
Flutterwave charges N45 per payout transaction. When receiving payments, 1.4% of the total amount is charged for local payments above N2,000 while 3.8% is charged for international payments. You won’t be charged for registration.
Both flutterwave and paystack are top online payment gateways you can use to receive payments from your customers. However in Nigeria, paystack has an upper hand as it has more positive feedback from users than flutterwave.