Nigeria-based fintech company Paystack is launching virtual terminals to enable retailers to accept bank transfers for multi-person enterprises.
The new product accepts payments by QR codes, international bank cards, and Apple Pay. Additionally, business owners can give virtual accounts to sales representatives so that they can track and confirm transactions without getting in touch with their boss or having access to the company’s bank accounts.
“Bank transfers are fast becoming the go-to payment method for a growing number of consumers in Nigeria,” Shola Akinlade, Paystack CEO, said.
“With Virtual Terminal, we’re making it effortless for businesses to accept in-person bank transfers quickly, while providing a dignified customer experience.”
The business is putting itself in a better position for faster growth of its “pay with bank transfer” service, which is gaining popularity as more and more regular customers utilise it as their primary method of payment at checkout at offline establishments like restaurants and supermarkets.
A digital-only replacement for the physical point-of-sale equipment that has been widely adopted in the nation over the past few years is Paystack’s virtual terminal.
Paystack, which has operations in four African countries, is certain that its new virtual terminals will reduce the amount of time customers must wait for payment confirmation and guarantee a smooth checkout process.
The use of a virtual terminal is a component of Paystack’s larger plan to go beyond web-based payment processing.
Paystack launched in 2015 with a cutting-edge payment gateway that was less expensive and quicker than currently available commercial solutions created by market leader Interswitch.
