Paystack, a leading African payment service provider known for enabling secure, seamless online and in-person transactions, has introduced a new feature for its Kenyan merchants, “Paystack Transfers”.
This feature allows businesses to transfer funds effortlessly to any Kenyan bank account, M-PESA wallet, Paybill, or Till account- directly from their existing Paystack Dashboard, where they also manage incoming payments. Already popular among Kenyan businesses for its M-PESA, card, and Apple Pay integrations, Paystack aims to simplify money transfers with this launch.
“We’re committed to making financial management as straightforward as possible for businesses,” the company said in a statement.
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Key Features of Paystack Transfers
1. Unified Payment Management
Businesses can now manage both payments and transfers in one place, avoiding the need to juggle multiple platforms. Whether it’s for supplier payments, customer reimbursements, or payroll, transfers can be done directly from the same dashboard, saving time and reducing the risk of errors.
2. API-Driven Customization
For businesses with unique requirements, the Paystack Transfers API offers customizable solutions. Using this API, businesses can build specific transfer workflows, such as setting up automated balance checks and receiving status updates through webhooks.
3. Bulk Transfers
With bulk transfer capabilities, businesses can upload a spreadsheet of recipients and process multiple transactions with a single click, significantly streamlining payroll or mass payments to vendors.
4. Granular Permissions for Security
Paystack’s permissions system allows businesses to control who on their team can authorize transfers, enhancing account security while maintaining flexible access for transaction management.
5. Round-the-Clock Availability
Transfers are processed 24/7, including weekends, ensuring recipients get real-time access to funds without delays.
How businesses are using Paystack Transfers
It is interesting to note that several Kenyan businesses are already leveraging Paystack Transfers to optimize financial operations:
Supplier Payments: Small and large businesses alike are using the feature to handle supplier payments smoothly.
Tech Startups: Some startups use the APl to build customer-focused payout systems, such as lending or savings platforms that provide fast, easy-to-use payout experiences.
Marketplaces: Operators of online marketplaces rely on Paystack to manage incoming buyer payments and automated seller transfers, streamlining, cash flow for marketplace operators.
Payroll Processing: Payroll firms use the platform to manage employee payments efficiently, reducing administrative overhead.
With the launch of Paystack Transfers, Kenyan businesses now have a powerful new tool to enhance operational efficiency and financial flexibility. Paystack’s latest feature reinforces its commitment to supporting Africa’s growing digital economy by providing adaptable and comprehensive financial solutions.