Fintech is the short form for financial technology, which describes how traditional use cases of performing financial activities are developed into new technology, to carry out finance functions like everyday banking, insurance, blockchain, etc. Fintech has made it possible to create platforms that can be used to carry out these activities like investment, savings, loans, and money transfers easily and efficiently.
Benefits of Fintech.
The benefits of fintech are enormous, few of them are
- Flexibility: fintech provides the opportunity to save, keep data, and ask questions that you couldn't do previously without going to the bank, and you can do this anywhere and anytime.
- Fintech increases the efficiency and productivity of financial institutions.
- Greater convenience: fintech platforms offer the most convenient way of operating a banking service. All that you need to do is at your fingertips.
- Speed: getting a loan has become easier with fintech, many available fintech platforms can give you loans in minutes, and you can also do any transaction easily without having to queue at the bank.
In Nigeria, there are lots of fintech platforms available and accessible to use online, some of the popular platforms are
- Paystack
- Quickteller
- Flutterwave
- Voguepay
- Carbon pay later
- Remita
- Amplify
- Paypal
- Cashenvoy
- Global pay
We will be putting you through all that there is to know about Paystack In this article.
Paystack is a payment service platform used for solving payment problems for individuals and businesses all over Africa. It is one of the ways of accepting online payments in Nigeria and most businesses use Paystack as their payment option.
Advantages of using Paystack
- It is simple, fast, and has transparent pricing. Paystack charges a very little fee per transaction.
- Seamless payment experience. Paystack allows different methods of payments, thus allowing your customers to pay with whatever method that they choose, card, apple pay, bank transfer, visa QR, USSD, or bank account.
- Paystack automatically routes payments through the most optimal channel and ensures high success rates in transactions.
- Paystack is very secure. It consists of both manual and automatic fraud systems to protect users from fraudulent transactions.
- Paystack provides detailed reports, alerts ad exports so that you can understand how your business is performing.
Features of Paystack
Mobile payments, website payments, recurring billing, POS transactions, invoice payments
Paystack supports usage from individuals, freelancers, large enterprises, and businesses(large and small).
Paystack vs Flutterwave
Paystack and Flutterwave are online payment service platforms that provide a quick, safe and easy digital payment interface to individuals, companies, and businesses. Both are among the most popular payment platforms available in Nigeria. However, there are features each platform uses to differ from each other.
| Features | Paystack | Flutterwave |
| Security | Payment Card Industry Data Security Standard (PCI DSS) certified. | Payment Card Industry Data Security Standard (PCI DSS) certified. |
| Transaction fee | Local: 1.5% + NGN 100 per transactionInternational transactions: 3.9% + NGN 100 per transaction. | Local: 1.4% per transaction.International transaction: 3.8% per transaction |
| Transaction tools supported | Paystack supports Card, Bank accounts, Bank transfers, USSD, Visa QR, and Mobile Money transfers. | Flutterwave supports POS (Point Of Sale), Debit and Credit Cards, Bank Account, Mobile Money Wallets, American Express, M-Pesa, Visa QR, Bank Transfer and USSD. |
| Coverage | Some services are not available in Ghana and South Africa | Used in over 40 African countries and accepts payments from 150 currencies. |
Flutterwave provides cheaper service fees compared to Paystack and it has a wider reach in Africa. Choosing a payment platform for your business depends on your choice. However, if you have a small business that doesn't need an international audience, you can choose Paystack. Otherwise, Flutterwave is okay whatever the choice is, both platforms are top-notch.
Here on SmartSMSSolutions, our payment service option is Flutterwave, you can fund your SmartSMS wallet to enable you to send out bulk SMS to your customers.
Get to know how you can fund your wallet here.