Paystack is a Nigerian online payment platform that was introduced in recent years. Many companies and businesses in Nigeria use Paystack as a means of receiving payments for their goods and services. I will be explaining how to receive online payments from Paystack.
To start with, you should be aware that there are two types of Paystack accounts;
- Starter Business Account; Also called Unregistered business account are for those that have not officially registered their business name and owns a personal account instead of a corporate account. This can be said to be just an individual account, requirements to open such an account includes;
- Bank Validation Number (BVN)
- Personal Bank Account Number
- Any Valid ID Card; Voters Card, Driver’s License, National ID or Int’l Passport
- Registered Business Account; This is just the direct opposite of the Starter Business Account, it is for those that have officially registered their business name and owns and operate a corporate account, requirements to open such an account includes;
- Company Registration Documents
- Corporate Bank Account Number
How do you Receive Payments
The minimum pay-out amount on Paystack is N50.00 and there are two types of pay-out options for you to receive payment on Paystack;
- Next Day Pay-out Option: If your account is set to this method, you automatically receive your payments to your bank account 24 hours after the payment was made. This is normally the default Pay-out option and there is no transaction fee attached to it.
- Manual Pay-out Option: This option is only available for registered business account users. With this method you can receive instant payments to your bank account anytime you like, you can also leave your funds to accumulate in your Paystack account and withdraw when necessary. A fixed transaction fee of N50.00 is charged on every transaction you make with the Manual pay-out option.
The above methods are the two ways you can receive online payment from your Paystack account in Nigeria. You should also note that there are various transaction charges that are being charged to the payee (The person making the payments).