PROFILE
Paystack is a payment aggregator that assists in making the online payments process seamless for consumers and businesses. They were the first Nigerian company to be accepted into Y Combinator, the tech startup accelerator where companies like Dropbox and Airbnb were incubated. Paystack builds technology to help Africa's best businesses grow from startups to market leaders, launching new business models. In December 2016, Paystack raised $200 million from local and international investors such as Comcast Ventures and Ventures Platform to enable them to expand in Nigeria. Now, Paystack powers over 40,000 businesses.
Zenith Bank partnered with Paystack because it saw the potential for the company to be a major player in the payment and settlements space, given the role of payments in Nigeria's financial inclusion efforts. The Central Bank of Nigeria notes that the payments system plays a crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other.
Consequently, Paystack is strategically implementing its growth plans within Nigeria's payment system and beyond. Most recently, the company raised an additional $8 million from Stripe, Visa, Tencent and Y Combinator for expansion in other African countries and the acquisition of a switching license in Nigeria. The company's current total monthly transaction volume is in excess of N150 billion, with the prospect of surpassing N70 billion by year-end.
Innovative Solutions, Impact on Businesses, Value Addition, and Compliance
Paystack offers innovative solutions under its Paystack for Entrepreneurs, Paystack for Large Organizations and Paystack for Global Brands. Paystack for Entrepreneurs allows entrepreneurs and small businesses to get paid even if they do not have a website, build trust with a branded checkout form, send fast invoices, get notified when they make a sale, monitor their businesses while on the move, and accept payments even if they are not registered. Paystack pays out over $20 million to Nigerian businesses every month.
Paystack for Large Organizations, which targets the largest corporate and government organizations, offers seamless payments, detailed reporting for accounting, reconciliation, and audits, protection for businesses and their customers with advanced fraud detection, 24-hour settlement for transactions, reduced revenue loss due to chargebacks and refunds, analytics on customer purchase patterns, customized data access control, dedicated relationship management, and competitive and transparent pricing. Currently, Paystack processes over 50% of all online transactions in Nigeria.
For all its client segments, Paystack makes it easy for businesses to accept secure payments from multiple local and global payment channels and then provides tools to help them retain existing customers and acquire new ones. The company allows businesses to integrate Paystack to receive payments via card, bank account, bank transfer, unstructured supplementary service data (USSD), Apple Pay, Visa QR, mobile money and PoS. Paystack claims the best transaction success rates in the industry through a process that involves direct bank integrations, intelligent routing, and smart error resolution.
Paystack places a premium on professionalism, sound ethics and good corporate governance. The company's core values include transparency, clear communication, kindness, high standards, and the pursuit of growth and learning, among others. The company notes that it maintains the highest standards of compliance possible. Paystack has been audited by an independent PCI Qualified Security Assessor (QSA) and is PCI DSS 3.2 compliant as a Level 1 Service Provider (loosely referred to as PCI Level 1 compliance).
This is the highest, most stringent level of certification possible in the global payments industry. In addition, the company is on the Visa PCI DSS-certified service provider database, on the Mastercard Payment Facilitator database, and possesses a Payment System Service Providers (PSSP) Commercial Licence from the Central Bank of Nigeria.
Get In Touch
PC 19, Adeola, Hopewell Street, Victoria Island, Lagos
