Paystack is a digital payment system owned by Shola Akinlade and Ezra Olubi. It is designed to facilitate e-commerce in Africa. As a system for financial transactions between customers and merchants, Paystack is changing how people conduct business. The platform is auditor-certified, PCI-certified, and has PCI service Provider level 1, the highest certification level. The connections to the platform occur over HTTPS using TLS 1.2. That makes the payment system safe and reliable.
The card information is also encrypted using AES-256 GCM, and the decryption keys are kept on a separate machine. So, the cards aren’t stored as plain figures but safely hidden even from Paystack systems and personnel. The only thing this system does is request that card data be sent to the provider.
Paystack has created an effective internal decision support system. The system uses intelligent rules to define the risk factor of transactions or clients. It blocks payments from being processed if they don’t pass the obligatory checks. The decision depends on several factors like IP address, geolocation, behavior, and purchase history.
Merchants on this platform have a dashboard that lets them blacklist clients that have been frauds. This further helps the system to learn and prevent such habits. Additionally, Paystack’s fraud and dispute crew is always at work creating procedures for detecting fraud patterns to enhance fraud prevention.
Benefits of Paystack
Paystack is extremely flexible to accommodate several startups. What you decide to proceed with relies on your business structure, the payments you want to process, technical coding skills, and the functionality you want.
If you are not into coding, go for Paystack invoices, payment pages, or some of the system’s selected plugins, such as WordPress. Paystack invoices allow you to launch invoices and send them to clients. Then, the recipient submits the payment without even having a Paystack account.
Paystack payment pages work the same, with a few differences. Since the invoice deals with simple payment requests, Paystack Pages is a straightforward URL form you send to purchasers. They send payments via the form. The most exciting thing about the two setups is that you do not require a website to complete transactions. So, Paystack payment pages and Paystack invoices are ideal for micro businesses and freelancers.
Additionally, the platform offers numerous plugins that you can integrate with giant e-commerce platforms such as Shopify and Magento. Having said that, the system grants you freedom via its SDK and API libraries. This is where you should put your coding skills to use because only developers can comprehensively personalize the system to embed it into an online store.
From the clients’ end, buyers will make payments via mobile money, GTB 737, Visa QR, debit, and credit cards. Some of the banks that the system supports include:
- Wema Bank
- Diamond Bank
- Fidelity Bank
- Zenith bank.
How to use Paystack
Using this platform is convenient and straightforward; you must integrate it into a business website, though. But first, you need to have an account, and here is how to open one.
- Visit Paystack’s official website or download the app from the app store
- Fill in the required details such as name, business email address, and password, choose your country, and press the “Create Account” button.
Now, start using the platform on your website and have a chance to grow your business.