Fast Way to Accept Internet Payments in Nigeria.
Paystack, one of Nigeria’s emerging online payment platforms has launched Paystack Starter Businesses. This payment solution allows businesses in Nigeria to receive payments online with Paystack without a company registration certificate or opening a corporate bank account.
Paystack Starter Businesses, which is a new innovation from Paystack is aimed at supporting start-ups and merchants from their early years – from when an entrepreneur first developed an idea, through to the later years when the business is fully formalized and established.
All you need to get started with Paystack Starter Businesses solution are your BVN, a personal bank account, and a means of identification (passport, driver’s license, or National ID). With these you can start collecting payment from real customers from your online business efforts.
How to Become a Paystack Starter Business User
For you to become a Starter Business user on Paystack, you’ll need to upload the following 3 items:
- Bank Verification Number (BVN)
- Your Bank Account Number (personal bank accounts are allowed)
- Evidence of Identity – this could be: the information page of your Passport OR Driver’s License OR National ID.
Unlike the Paystack solution for Registered Businesses, the Paystack Starter Businesses do not have access to the Paystack Transfers feature. This implies that it is not able to maintain a balance inside of Paystack. Rather, funds received by Paystack Starter Business users are settled into their bank accounts within 24 hours.
Paystack Starter Business users also are limited to a 2 million Naira collections limit, but can be increased to 3 million naira, when you choose phone number verification via Truecaller.
Upgrade from Starter Business To Registered Business on Paystack?
Much later, when you want to upgrade your Paystack account from Starter Business to Registered Business, you will be required to submit your business registration document by CAC.
At this point, you may upload your Business Registration (CAC documents) on the Paystack website.