Do you have PayStack funds that need withdrawal yet you are finding it difficult? This guide will walk through the procedural requirements to fund your Paystack account and also how to withdraw from it.
Paystack is a technology company that solves payment issues for forward-thinking businesses. Their mission is to assist African businesses in becoming profitable, envied, and loved.
Paystack develops technology to support the expansion of Africa’s best companies, from start-ups to market leaders introducing novel business models. It received $1.3M in seed money from Tencent and other investors in 2016. It received $8M in Series A funding in 2018, which was led by the Irish-American financial services firm Stripe.
In an effort to increase Stripe’s presence in Africa, it was purchased by Stripe in 2020 for $20M. Over 60,000 businesses were reportedly using Paystack in Ghana and Nigeria to collect both online and offline payments prior to the acquisition.
With the help of the payment platform Paystack, both customers and the companies they are trying to pay can make payments online easily. One of the most popular online payment gateways in Nigeria, PayStack enables companies to collect payments from clients using MasterCard, Visa, and Verve cards from any location in the world.
Small and medium-sized businesses, as well as individuals looking for quick and effective methods of receiving payments online, can use the Paystack integration tool.
You can accept online payments using Paystack in the following currencies: US Dollars (USD) and Nigerian Naira (NGN).
Payment Card Industry Data Security Standard (PCI DSS) certification is held by Paystack. Security is very important to us, and Paystack systems are audited by a Qualified Security Accessor.
It is simple for companies using Invoices to accept customer payments online thanks to integration with Paystack. All transactions are handled by Paystack for you. You can start accepting payments right away after setting up Payment with Paystack in your Invoice account. The instantaneous appearance of received funds on your Paystack dashboard.
How To Withdraw From Paystack
Nobody should ever have trouble figuring out how to withdraw money from Paystack to a bank account. Anyone should be able to figure out how to withdraw money from Paystack without any problems. Nobody should ever struggle to understand how to make a Paystack withdrawal.
We have carefully highlighted the procedures involved in order to reduce the stress caused by the technical difficulty in withdrawing from Paystack.
On Paystack, withdrawals are processed through receiving accounts.
- Navigate to “My Profile” and then click on the three drop-down buttons as shown in the red box.
- On the next page, click on “Withdrawals”, enter the amount and then select the desired payment account.
- The payout for businesses that follow an automated payout schedule is determined by the nation in which the business is located and the currency in which the payments were made.
- There is a minimum amount Paystack automatically pays out for some currencies. In that case, the business can either bear the cost of transferring the funds to their bank account or allow the funds to accumulate so that we can pay out to the receiving account.
- There are essentially two payment cycles daily, one in the morning and one in the afternoon. You can be sure that your payouts will arrive in the afternoon if they don’t in the morning. Withdrawals take 24 hours
How To Fund My Paystack Account
The process of funding your Paystack account is known as a “top-up.” You can add money to your Paystack Balance using the Top Up feature in order to transfer it to another bank account later on using the Transfers feature. Only businesses that have registered with Paystack are able to use the Top Up feature.
Top Up on the Dashboard is not available to Paystack Starter Businesses. By upgrading to a Paystack Registered Business, where you must submit your business registration document and your business corporate account, you can use the Top Up feature.
This feature will be helpful to you if your business needs to send money out. A few use cases are as follows:
- Lending companies that want to disburse loans.
- Savings or investment companies that want to pay their customers.
- Businesses that want to pay their partners for products or services.
- Businesses that want to pay their staff salaries etc.
To fund your Paystack account or top up, here is what you should do:
- Go to the Home Page of the Paystack Dashboard
- To the far right, you’ll see a section called Balance as shown above
- Click the button labelled Topup
- Enter the amount you want to top up and click the Topup button
- You’ll be able to top up your balance using the payment channels available in the currency you’re topping up in.
It is significant to note that companies with headquarters in South Africa can only top off their accounts through the EFT channel. There is no top-up charge for Nigeria and Ghana-based businesses. For South Africa-based businesses, there is a 1% top-up fee per transaction.
How To Stop Paystack Payment
Below is how to stop Paystack payment:
- Log into your Paystack Dashboard.
- Go to your settings and select the Preferences tab.
- Scroll to the bottom of the page and click on ‘Close this business’
Here are a few things you should know about closing your business on Paystack:
- Only a business owner can close a business
- When you close a business, all other users of the business will receive an email informing them that the business has been closed
- You can only close a business if your business has no pending disputes
- If after you close your business, a dispute is lodged against your business, the business account will be re-opened, and you’ll be notified of the dispute.
Additionally, you can stop your subscription to any business on Paystack by clicking on the Cancel Subscription button in the email you received when you first subscribed to the plan. This email is also known as the Subscription Activation Email and it looks like the one below:
- Go to your email inbox.
- Click the search bar and use Your subscription is now active as the search query.
- Find the email on the first page of the search results
Please get in touch with the merchant’s team via one of their support channels (social media, email, or phone call) and let them know you want to unsubscribe if you can no longer access the Subscription Activation Email.
Send an email to firstname.lastname@example.org if you are unable to reach the retailer. Indicate that you would like to cancel a plan in your email. Don’t forget to include a screenshot of one of the payment receipts you received after paying for the plan, too. A Paystack staff will use this receipt to quickly locate the plan and cancel your subscription.
- Read Also: How To Make 2,000 Daily in Nigeria
Paystack Settlement Account
Depending on the country and type of business, Paystack usually uses different banks to settle payouts. A personal bank account whose information matches that on your BVN and ID from when you submitted your request for business activation is required for the process. A business bank account with the same name as the one on your registration paperwork.
You can choose to get your foreign payments in USD if you run a business in Nigeria. To accomplish this, you would need to present a Zenith Bank domiciliary account that satisfies the aforementioned conditions. If you have international payments enabled on your Paystack business, you will be able to receive payments from customers using a USD card.
Once international payment is turned on for your business, there are two ways you can go about receiving USD, depending on how you will be paid out.
Methods of receiving USD Payment
If you prefer to receive your payouts in your local currency, simply set the prices for your products or service in your local currency. When a customer with a card domiciled in USD (or any currency) makes a payment, their bank deducts the USD (or the currency of the card if not a USD-based card) equivalent of the amount from the customer. We then receive the exact amount in the local currency which we then pay to you.
This is available in all countries where Paystack operates.A personal account or mobile money number for Ghanaian businesses that match the information on the ID you provided when sending your request for business activation; a corporate bank account or corporate mobile money account whose name matches the name on your registration document.
For South African Businesses, a personal bank account whose details match the details on the confirmation letter provided by your bank; a corporate bank account whose name matches the details on the confirmation letter provided by your bank.
- Read Also: How To Verify DHL Payment
Conclusion: How To Withdraw From Paystack To Bank Account 2022
Conclusively, Paystack enables you to accept payments from customers using different payment channels such as cards, mobile money accounts, and QR codes, directly from their bank account or USSD. I hope this guide has been helpful in providing the procedures to withdraw from your PayStack account to the bank
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