Paystack and Flutterwave started out as online payment gateways in Nigeria but have now become more than that. Paystack was recent acquired by stripe for $200m while Flutterwave is now available in 17 countries and counting.
Both these two payment companies are powering institutions, businesses, entrepreneurs, creators and freelancers on the African continent.
Both Paystack and Flutterwave allow businesses and individuals to easily get paid locally and internationally. Both these company are both similar in operation and function. These two payment platforms are empowering organisations, companies, entrepreneurs, creatives, and freelance contractors on the African continent.
How does Paystack work?
Paystack offers a well documented API suite which allows merchants to integrate and customize any payment method they desire in their online platform. It can be built to offer a one-time or recurring payments service on the e-commerce app or website, verify the identity of customers or used to make instant transfers. Paystack also allows retrieval of customer data and transaction information.
Is Paystack Secure?
Yes. Paystack provides a system of automatic and manual security systems against fraudulent transactions. It is authorized with a Payment Card Industry Data Security Standard (PCI DSS) badge. The online platform has been reviewed and certified by the top payment business systems like Mastercard, Visa and Verve’s regulatory bodies. Moreover, communication is completed over secure HTTPS using Transport Layer Security (TLS) 1.2. A token system is also put in place to generate keys for further security of every payment transaction that occurs via its platform.
How does Flutterwave work?
Flutterwave caters for both businesses and individuals. It provides the option of ‘Flutterwave for Business’ for businesses and entrepreneurs to accept money from clients while monitoring and growing their businesses.
The other option is a mobile app – Barter by Flutterwave designed for people who want virtual cards for their shopping. It allows sending and receiving money as well as a convenient way to pay bills.
Is Flutterwave secure?
Yes it is. Beside being PCI DSS compliant, it is also certified by PADSS and the ISO, thus possessing a highly satisfactory security audit. Additionally, Flutterwave launched the Payments Protection Promise to assure customers who pay using the platform that they will get the value for their money spent.
Flutterwave service Fee
Flutterwave charges at a rate of 1.4% on every local transaction made. The peak transaction fee deducted is a total of NGN 2000.
It’s international transaction processing fee is fixed at a rate of 3.8% of the transaction amount.
Paystack vs Flutterwave Final Verdict
Paystack vs Flutterwave, which should you go for? Businesses and entrepreneurs aim to provide swift, reliable and easy service to ensure that their customers have an enjoyable experience while transacting online.
Though Paystack and Flutterwave provide similar functions to their customers, their services have some noticeable differences, both payment platforms provide secure payment services. However, Flutterwave provides a slightly cheaper service fee than Paystack. This can eventually make a huge difference, in the long run, to businesses and entrepreneurs.
Besides, Flutterwave has a wider reach in Africa than Paystack. Also, Merchants are able to keep and receive foreign currency in their foreign accounts.
Business owners often worry about the best payment platforms to offer their customers a seamless and comfortable service. This article can help to choose the best plan to achieve this goal while minimizing their running cost.