Paystack, a Nigerian financial technology company that offers payment processing services to businesses, has introduced its virtual terminal payment feature in Ghana, Kenya, Côte d’Ivoire, and South Africa.
This innovative solution aims to streamline the payment process for businesses in these regions, by enhancing efficiency and convenience.
Overview of The Virtual Terminal
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Paystack Virtual Terminal is a simple, hardware-free solution for businesses that accept in-person payments, such as retail stores, restaurants, or pay-on-delivery services. It streamlines payment processes by integrating Paystack’s seamless online checkout experience directly into users’ physical location, complete with real-time payment notifications to alert them about transactions.
With Paystack Virtual Terminal, merchants can generate unique QR codes for any customer-facing staff, such as cashiers, delivery riders, or sales agents. When a customer scans the QR code, they can choose to pay via any of Paystack’s multiple payment channels- Mobile Money, Cards, Apple Pay, and more. After the successful payment, the staff member gets an instant confirmation via WhatsApp, and the customer can be on their way.
Notably, the Virtual Terminal is optimized for the most popular payment channel in the country where it has launched.
In Côte d’Ivoire, available payment methods include; MTN MoMo, Wave, Orange Money, Visa, Mastercard, and Apple Pay. In Ghana, available payment methods include; MTN MoMo, Telecel Cash (Previously Vodafone Cash), AirtelTigo Money, Visa, Mastercard, and Apple Pay.
In Kenya, the available payment methods include M-PESA, Visa, Mastercard, American Express and Apple Pay. In South Africa, the available payment methods include Scan to Pay, SnapScan, EFT, Visa, Mastercard, American Express, and Apple Pay.
Paystack Virtual Terminal Benefits For Businesses
Increased Accessibility:
By eliminating the need for physical POS hardware, the virtual terminal makes it easier for businesses to accept payments in various settings, including pop-up shops, markets, and remote locations.
Cost-Effective:
The virtual terminal reduces the costs associated with purchasing and maintaining traditional POS equipment.
Enhanced Customer Experience:
Customers benefit from a quick and convenient payment process, which can enhance their overall experience and satisfaction with the business. Also, each virtual terminal account comes with a beautiful, auto-generated poster that one can print from the Paystack dashboard and prominently display to inform customers about the wide range of payment methods available to them.
Business Growth:
By offering a flexible and efficient payment solution, the virtual terminal can help businesses expand their reach and increase their sales.
Launched in October 2023, Paystack rolled out the virtual terminal to further expand into offline payments, as well as position itself for faster growth of its “pay with bank transfer” feature, which is witnessing rapid adoption as everyday customers use it as their primary mode of payment during checkout at offline businesses, such as supermarkets or restaurants.
Virtual terminal is part of Paystack’s broader strategy to expand beyond web-only payment collection. The introduction of the feature in Ghana, Kenya, South Africa, and Côte d’Ivoire is expected to have a significant impact on the payment landscape in these countries. By providing businesses with a versatile and secure payment solution, Paystack is contributing to the growth and development of the digital economy in Africa.
With its user-friendly design, robust security features, and cost-effective nature, the virtual terminal is poised to become an essential tool for businesses looking to thrive in today’s digital world.