Paystack Review by Chijioke Adetayo
Hello there! My name is Chijioke Adetayo. I’m a small business owner and tech enthusiast based in Abuja. Over the years, I’ve dabbled in e-commerce, freelance services, and even a little bit of coding here and there. If there’s one lesson I’ve learned, it’s this: if your payment process isn’t smooth, customers will abandon you faster than NEPA takes light during a storm. That’s why I want to share my honest thoughts on Paystack, a payment gateway that has become a household name for entrepreneurs across Nigeria—and Africa at large.
From my experience, Paystack has positioned itself as a reliable solution for handling payments in a region where “cash or transfer” is still the default mode of doing business. But no platform is perfect, and Paystack is no exception. So, let’s break it down: what’s great, what’s not-so-great, and whether it’s worth your time as a business owner.
What Exactly is Paystack?
For the uninitiated, Paystack is a Nigerian-born payment platform founded in 2015 by Shola Akinlade and Ezra Olubi. The goal? To simplify how businesses accept payments across different channels. Whether it’s card payments, bank transfers, USSD, or even QR codes, Paystack has you covered. In 2020, they were acquired by Stripe, a global payment giant, which only boosted their credibility.
If you’ve ever shopped online in Nigeria or paid for services through a website, you’ve probably used Paystack without even knowing it. They’ve become so embedded in our daily transactions that you might not even think twice before clicking the “Pay with Paystack” button. But as someone who has used Paystack both as a customer and a merchant, I have a lot to say about how it performs.
What I Love About Paystack
Let’s start with the positives because, honestly, Paystack deserves some accolades for what they’ve achieved.
Ease of Use
First of all, their platform is ridiculously easy to use. As in, even if you’re not tech-savvy, you’ll figure it out in no time. The dashboard is clean and intuitive, showing you all the important details about your transactions at a glance. When I was setting up my online store last year, I was worried about how to integrate payments. Omo, Paystack made it so straightforward. No stress, no wahala. For developers, their API is well-documented and easy to implement. I tried it myself once (out of curiosity), and it worked like magic.
Multiple Payment Channels
One thing about Nigerians is that we like options. Some people love their debit cards; others swear by bank transfers. Then there are those who still believe USSD is the future. Paystack accommodates all of this. Your customers can pay through whatever method they prefer, which is a huge plus. One of my clients once joked, “Chijioke, your site dey give us presidential treatment o. E get all the payment options!” That’s the kind of thing that makes your business look professional.
Fast Payment Settlement
You know how some platforms will hold onto your money like they’re doing you a favor? Paystack isn’t like that. Payments usually hit your account the next working day. For small businesses, this is a lifesaver. Cash flow is everything. I sell customized clothing, and during peak periods like Christmas, I can’t afford delays in receiving payments. Paystack has never let me down in this area.
Responsive Customer Support
One thing I always appreciate about Paystack is their customer service. They actually respond to issues quickly, and they do so in a way that feels human. One time, a customer’s payment was stuck in limbo, and I was sweating because the amount wasn’t small. I contacted Paystack, and they resolved it the same day. Compare this to some other platforms where you’ll send emails and hear crickets for weeks.
Where Paystack Falls Short
Of course, no platform is perfect, and Paystack has its flaws. Let me tell you about the issues I’ve encountered.
Transaction Fees
Paystack charges 1.5% on local transactions (with a ₦100 cap for transactions above ₦2,500) and 3.9% for international ones. While this is fair compared to some alternatives, it can still feel like a lot for small businesses. For example, if you’re selling low-margin products, these fees start to eat into your profit. I know one or two vendors who have had to pass these costs onto their customers, and trust me, Nigerians don’t like hearing “extra charges.”
Occasional Downtime
Ah, this one pains me. While Paystack is generally reliable, there have been rare moments when their service was down. Imagine running a flash sale and customers can’t pay because the payment gateway isn’t working. It’s the kind of thing that can ruin your day. To be fair, these outages don’t happen often, but when they do, they’re very frustrating.
Limited Regional Reach
Paystack is available in a few African countries—Nigeria, Ghana, and South Africa—but they’re not everywhere yet. If you’re running a pan-African business or plan to expand to places like Kenya or Uganda, you’ll have to look elsewhere for now. For a company backed by Stripe, I expected them to move faster in this area.
International Payments Aren’t Seamless
While Paystack does support international payments, the process isn’t as smooth as platforms like Flutterwave. For example, some international cards don’t go through, and the currency options are limited. If your business relies heavily on global customers, this might be a problem.
Paystack vs. Competitors
When it comes to competitors, Paystack holds its own but doesn’t always come out on top. Flutterwave, for example, has more robust international payment features and operates in more countries. Monnify is another option that offers lower transaction fees for bank transfers. That said, Paystack’s simplicity and reliability for local transactions make it the go-to choice for many Nigerian businesses. It’s like jollof rice: not everyone’s recipe is perfect, but you can’t go wrong with the basics.
Final Verdict
Paystack is a solid platform that has changed the game for payments in Africa. It’s easy to use, reliable, and built with the unique challenges of our continent in mind. Yes, it has its shortcomings—transaction fees, occasional downtimes, and limited reach—but the good far outweighs the bad.
For me, Paystack is like that dependable friend who doesn’t have all the answers but will always show up when you need them. If you’re running a business in Nigeria or other supported countries, I’d recommend giving it a shot. It’s not perfect, but it gets the job done.
At the end of the day, the question isn’t whether Paystack is flawless. The question is: does it work for you and your business? For me, the answer has been a resounding yes (most of the time).
So that’s my take. What about you? Have you used Paystack before? How has it worked for you? Let’s talk! I’d love to hear your experiences—you just might teach me something new.