Paystack Vs Flutterwave

You found this page because you want to know Paystack vs Flutterwave which one is better or best for your needs.

The comparison between Paystack and Flutterwave is a controversial one and often at times, a lot of people find themselves confused about the basic characteristics, similarities and differences between both payment companies.

This article is designed to clear the confusion and give you deep insights about each of these payment companies. So welcome to another informative session and keep reading! (smiles).

One thing to note is that both payment companies are responsible for connecting businesses, organizations, institutions, entrepreneurs, and freelancers within the African continent.

With the expeditious upgrade in technology, commercial proceedings have moved beyond physical exchange of products and services as business transactions have become more seamless as a lot can be done within the confines of your home.

Then came along the emergence of e-commerce and numerous business enterprises and everyone sought for payment options that could help meet up the demand of online financial transactions, that could be achieved seamlessly and securely.

Paystack and Flutterwave were designed to give solutions to these challenges as online payment plans that provide a fast, secure and effortless online payment interaction, to individuals and corporate bodies around.

Paystack and Flutterwave payment services have been tested and are presently trusted and have become popular as viable options for completing online payment transactions by individuals, entrepreneurs, small and large business enterprises and a host of others here in Nigeria and in many other countries in Africa.

There are a lot of features and advantages that can be accessed on both payment platforms which would be elaborated in this article, so you can’t afford to stop reading now.

Paystack Vs Flutterwave Video:

HOW DID PAYSTACK COME INTO EXISTENCE?

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Paystack was launched in 2015 as tech company in Africa, designed to help individuals and corporate organizations receive payment for online transactions securely and seamlessly from anywhere in the world. The Paystack platform enables individuals and corporate organizations process payments through the use of credit and debit cards as well as mobile money apps.

Paystack is used by over 40,000 businesses, and the company does over a billion transactions within a month, as it provides a properly documented API format that allows users to merge and build any payment mode they deem fit for their online transactions. It can be set up to proffer a one-time or cosistent payments service on the e-commerce app or website, ascertain identity of customers or make instant transfers; in addition it also enables users to retrieve customers’ data and update transaction information.

How Secure Is Paystack?

Paystack is a 100% secure as it offers a process of automatic and manual security systems that guide against deceitful transactions. Top payment business systems such as Mastercard, Visa and Verve have made a review on the online platform and have certified it secure for financial transactions.

Paystack transaction Fee

For every local transaction made, Paystack makes a deduction of 1.5% + NGN100, but the NGN100 fee is disregarded on transactions under 2500 naira. Moreover, the highest transaction fee it charges is NGN200. For International transactions, an amount of 3.9% + NGN 100 is charged on every transaction. Other charges include:

• International Transactions – USD Settlement 3.9%.
• On each transfer of NGN 5,000 and below – a sum of NGN 10 is deducted.
• For each transfer in the range of NGN 5,001 to NGN 50,000 – you are billed NGN 25 per transfer.
• Transferring above NGN 50,000 – NGN 50 per Transfer is charged and a few other smaller charges.

Transaction tools (Paystack)

Paystack allows its users to adopt some forms of payment on their online systems, such as Bank accounts, Credit and Debit cards, Bank Transfers, Mobile Money transfer, USSD and Visa QR; thereby giving customers several options to choose from.

In addition, this payment platform gives its customers- businesses and entrepreneurs the platform to create payment links and generate invoices for their international Clients. When payments are made from outside the country, the pay-outs are completed in the user’s local currency and the user’s bank is charged with the responsibility of converting and disbursing the funds in the local currency.

However, Paystack allows its users in Nigeria to withdraw US dollars to their private accounts after the deduction of a service fee, though this service is currently inaccessible to users not in Ghana and South Africa.

So if you are seeking for a seamless and secure online transaction platform, then you’re good to go with Paystack. I hope you found this session informative, as well as enlightening.

What Really Is Flutterwave?

Flutterwave is an online payment service which is responsible for processing financial online payments between its users, their banks and their clients. These financial transactions can be carried out through the use of credit and debit cards, money transfers, POS and mobile money. The payment system-Flutterwave allows for seamless and assured financial transactions for individuals, small businesses and corporate organizations around the world.

How does The Flutterwave System Work?

Flutterwave offers its services to both individuals and businesses. It further offers the alternative of ‘Flutterwave for Business’ which is directly targeted at entrepreneurs, and small and large scale businesses to receive payment from customers and simultaneously overseeing and developing their businesses.

Furthermore, there is another option which is a mobile app known as – Barter by Flutterwave; dedicated to people who desire virtual cards for their shopping sprees. This therefore makes for a convenient way to pay bills, as well as sending and receiving funds.

How Secure Is Flutterwave?

Flutterwave is a 100% secure; Yes, you heard that right. Moreso, it has been certified by PADSS and the ISO as being secure, which means it possesses a highly competent security probe.

In Addition, Flutterwave introduced the Payments Protection Promise which is simply to give assurance to its users that they will get optimum value for their money spent.

What Is Flutterwave’s Service Fee?

Flutterwave charges at the rate of 1.4% on every home/ internal transaction made. The highest transaction fee deducted amounts to a total of NGN 2000, while for international transactions, a processing fee of 3.8% of the transaction amount is charged.

Additionally, Flutterwave charges a flat rate of NGN 50 BVN API calls, on each call to resolve BVN issues.

Transaction tools Employed By Flutterwave

Flutterwave proffers a wide range of financial transaction options to businesses on their e-commerce system, such as including POS (Point Of Sale), Credit and Debit Cards, American Express, Mobile Money Wallets, Bank Transfer, etc, all you have to do is to choose from the many available options.

Flutterwave’s Wide Coverage

Flutterwave grants entrepreneurs in over 30 African Countries the unrivalled privilege to receive payments in 150 currencies such as GBP, EUR, USD and the likes. This way, vendors can swiftly create accounts, generate payment links, and send out professional invoices to clients after each transaction. The platform further provides its users the option to accept and keep foreign currency like the EUR and USD.

Paystack or Flutterwave?

In summary, here are a number of things that can be done on both Paystack and Flutterwave:

• You can make instant transfers.
• You can confirm the identity of your customers
• You can make seamless reconciliation of your account, whenever
• You can receive one time payments from clients using payment links and further issue invoices simultaneously.
• You can easily retrieve all transactions and customer data in no time
• You can process automated charges alerts.
• You can get comprehensive reports on failed, delayed and completed transactions.
• And a lot more.

Now after reading the previous article which analyzed the Paystack payment system and now this which centres around Flutterwave, I’m sure the question on your mind is, “Which is the better option?”

As a business owner or if you run a corporate organization, I’m sure you understand the need for timely, dependable and easy transaction service for your customers.

Although it may seem that Paystack and Flutterwave offer similar services, it is worthy of note that both services still have some notable differences.

While both payment systems offer secure payment structures, Flutterwave still provides a somewhat cheaper service fee in comparison to Paystack. This characteristic alone serves to make a huge difference to businesses and entrepreneurs.

Furthermore, Flutterwave has a broader reach in Africa when compared to Paystack and it further allows its users to accept and retain foreign currency in their foreign accounts.

But in all of these, it is hard to pick one above the other due to how similar they are. As a small business which aims to easily receive online payments, Paystack would be the best bet as you can accepting payments on the platform without the need for a Corporate Bank Account or company registration document.

But if you run a registered business in Nigeria and you’re simply out for the cheaper option, then Flutterwave would be the best bet as it has slightly lesser fees than Paystack. In addition, if you want to make online payments with either platform then its best to make use of Flutterwave, with its virtual dollar card feature.

And who says you can’t have both a Paystack and a Flutterwave account? They are both free, so there’s absolutely nothing stopping you.

Wow! This was fun to write and I hope it was fun to read too. Click for more information about Flutterwave.