Nigeria has over 200 million inhabitants, with over 21 million people living in Lagos alone making it the most populated city in Africa.
This has made the country a regional hub in the African continent, in addition to innovations and developments that are taking place as well.
In the 2021 Fintech Times report, concerning fintech, Nigeria’s fintech landscape consists of 210 to 250 fintech companies, banks, and Telecommunication companies.
According to Frost and Sullivan, Nigeria’s fintech revenue is expected to reach $ 543.3 million this year, a growth from $ 153.1 million in 2017.
Various companies are playing a huge role in tackling challenges in Fintech in Nigeria, but only a few stand out and this is why we want to talk about one of them in this article called Paystack.
Paystack is a Pioneer in Nigeria when it comes to fintech leading the likes of Flutterwave and Interswitch.
What is Paystack?
Paystack helps international technology companies get paid quickly and securely by customers in Africa. It also helps businesses in Africa get paid by anyone, anywhere in the world.
Paystack processes over 50% of all online transactions in Nigeria It has also a robust suite of well-documented payment APIs and deep knowledge of the Nigerian payments landscape.
Why do I need a Paystack account?
Nigeria and in particular South Africa, Kenya and Egypt, remain, major players when it comes to dominating the financial markets in Africa.
Paystack helps businesses in Africa get paid by anyone, anywhere in the world. Give your customers the gift of modern, frictionless, painless payments.
Integrate Paystack once and let your customers pay you however they want. Here are some of the reasons why you need a Paystack account.
1. Paystack is designed to enable you to enjoy phenomenal transaction success rates.
The developers at Paystack are awesome coupled with great infrastructure have been put together to deliver one of the brightest payment ecosystems in Africa, ensuring the highest transaction success rates in the market.
2. Paystack comes with well-documented APIs.
Another reason why you should consider Paystack when making money online is the fact that it comes with well-documented APIs that let you build everything from simple weekend projects to complex financial products serving hundreds of thousands of customers without having to break the bank.
3. Paystack enables entrepreneurs Collect Payment of all kinds
With Paystack anyone can Collect one-time and recurring payments. Paystack helps entrepreneurs accept payments online at a goal and by developing instalment payments if they so wish.
4. Paystack allows you to Get paid even if you don’t have a website.
Most times we think we need a fully functional website to accept payment online, which we do, but Paystack has made it all easy.
Anyone with a Paystack account can accept payment without owning a website by simply Creating a Payment Page in 2 mins with Paystack, and sharing that link via SMS, Instagram DM, WhatsApp chat, or however you communicate with your customers.
5. You dont have to be a developer to use PayPal.
As stated earlier, non-coders can make Paystack easily as it comes built-in with an extensive plugin both for Woocommerce, Wix and Shopify. All you need do is follow well-guide documentation while you have it integrated within minutes.
6. You can build an online business with Paystack.
Paystack powers more than 50% of total transactions in Nigeria, making it a powerful tool used that can be used in building all forms of online business.
Paystack also makes it easy to accept all forms of payment from the local Naira to the US dollars.
How do I Make Money Online With Paystack?
Paystack is a payment platform that makes the online payment process seamless for both the consumers and the businesses they are trying to pay. Anyone can make money online with Paystack, you just need to know how it is done.
1. Understand how Paystack works.
Before thinking of how to make money online with Paystack, you need to know how it works then you understand how to apply it in a way that helps you make money.
Paystack is one of the leading online payment gateways in Nigeria that allows businesses to collect payments from customers using MasterCard, Visa and Verve cards anywhere in the world.
The Paystack integration tool is for small and medium-scale businesses and individual that is looking for quick and efficient ways to get paid online.
2. Sell online courses.
The e-learning market is expected to be worth $325 billion by 2025 globally. Global e-learning and course consumption has increased dramatically during the pandemic and many experts expect that to continue.
Is selling online courses profitable? With those numbers and the right know-how, it is. Selling online courses can be a source of passive income once you have an established customer base. Paystak comes built-in with the ability to sell digital products which are inclusive of online courses.
I wrote a comprehensive guide on this blog on how you can start creating courses and become successful at them. Check out the link to the article to learn more.
3. Start a Woocomerce Business.
Creating an online store is one way to sell a product online, There’s a huge opportunity in eCommerce online sales reached 4.28 trillion dollars in 2020 and it’s increasing in popularity year over year.
You need a reliable eCommerce provider to host your eCommerce store, and this is where Woocommerce becomes part of the plan.
Woocommerce integrates with Various payment processors including Paystack to ease payment collection.
Paystack comes with a payment plugin for Woocommerce to enable Nigerian merchants to accept online payments.
I wrote a comprehensive guide on how you can start an e-commerce business and make money. Check out the link to the article to learn more.
4. Develop your product using Paystack API.
APIs are mechanisms that enable two software components to communicate with each other using a set of definitions and protocols.
Paystack has spent the last decade developing a financial product that can be reused by anyone who wants to develop something similar.
With the Paystack API, just anyone can decide to develop a fintech app without having to build their infrastructure from the ground up.
All that is needed to get things done is the utilization of the Paystack API. I wrote a comprehensive guide on how you can become a web developer. Check out the link to the article to learn more.
5. Build a Paystack storefront.
Paystack also came up with a hosted version of its free eCommerce tools that allow merchants in Africa to bring products to market, beautifully without owning a website.
With the Paystack storefront, just anyone can set up an online store to sell both physical and digital products and begin to accept payments in no time.
You can decide to sell physical products like shoes, bags, and food and digital products such as e-books, services and many more.
I wrote a comprehensive guide on how to start a successful e-Commerce business. Check out the link to the article to learn more.
6. Start a dropshipping business.
Dropshipping is a business model that allows entrepreneurs to sell products manufactured, warehoused, and shipped by third-party drop shippers from their online store.
Typically, products are only charged to the business owner after a sale, meaning there’s almost no risk of overstocking.
Dropshipping is a great option for first-time entrepreneurs. It frees up time that can be refocused on marketing and provides a low-risk way for small businesses to test out new product ideas (and product lines) without having to own and pay for the product upfront.
I wrote a comprehensive guide on how you can start a dropshipping business and make money. Check out the link to the article to learn more.
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