Paystack has launched a new payment channel, Pay with Transfer to allow foreign businesses using its platform to receive payments from Nigerian customers through bank transfers. The new payment channel works in partnership with Zenith and Providus Bank.
Introducing the new payment channel, the payment company explained that the channel was added to help their users accept payments however their customers choose to pay. It understands that payment via bank transfers is very popular in the country, so it decided to add the channel.
This development comes after Paystack launched ‘Paystack Commerce’, a combination of free tools to help African brands sell more physical and digital products online.
Pay with Transfer has the same pricing as other payments channels like card or web payments.
Paystack charges 1.5% + N100 for local transactions and 3.9% + N100 for International tranactions.
How to use Pay with Transfer
Customer (shoppers) using Paystack interface to pay for goods and services can now pay via bank transfers by selecting the Transfer option on the Paystack Checkout.
After selecting Transfer, a Zenith or Providus bank account number which can be used to make a bank transfer payment will be generated.
Once payment is made into the account either through USSD, banking mobile app or physical bank, the transaction will be automatically approved.
However, the amount paid will not be sent to the merchant’s bank account, it instead will be reflected on the merchant’s dashboard.
This is because the account number assigned was specifically for that particular transaction and not as a personal account number for the merchant.
Nigeria-based customers can now pay Merchants using Paystack via bank transfers
The Pay with Transfer option is now available for all Paystack merchants except those who manually turned off the Pay with Bank payment option.
However, merchants can easily enable or disable the option by Checking or unchecking the Transfer option on the Preferences page on their Dashboard.
In summary, customers using the Pay with Transfer option should note that it may cost more than other forms of payment as they will be liable to pay CBN stamp charges for each transaction.
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