African payment processing company Paystack has brought to limelight a POS terminal (point of sale) to aid modern businesses. This was revealed via their social media platforms. We’ll be looking at the features, specifications, pricing, and availability in this post.
Originally a Nigerian fintech that enables e-commerce businesses receive payments via credit/debit card, money transfer and mobile money on their websites or mobile apps. Paystack is a disruptive financial technology company making waves in the African financial industry.
Following the fintech’s acquisition by Stripe from two Nigerian software wizards Shola Akinlade and Ezra Olubi, the company has since witnessed explosive expansions. They have made more progress and Paystack only recently, became the first payment gateway in Africa’s largest economy to become an Apple Pay partner.Â
Although, the financial service company was already spear heading advanced payment solutions in Nigeria. Before the acquisition, Paystack was on the verge of expansion into other African countries like Ghana. But presently, the company has grown to serve customers in Nigeria, Ghana, South Africa and recently, it secured Payment Service Provider Authorization from the Central Bank of Kenya.
Here are some of the countries Paystack is expanding to:
- Algeria.
- 🇦🇴 Angola.
- 🇧🇯 Benin.
- 🇧🇼 Botswana.
- 🇧🇫 Burkina Faso.
- 🇧🇮 Burundi.
- 🇨🇻 Cabo Verde.
- 🇨🇲 Cameroon.
Which Countries Use Paystack POS Terminal?
Paystack’s rapid expansion to other African countries demonstrates the company’s reliability. It equally makes it plain that they are quite deft and advanced in what they are doing.
Currently, the Paystack POS terminal is only available to registered merchants in Nigeria. But the company is looking to expand to other African countries in no time.
How Does The Paystack POS Terminal Work?
Much like the Moniepoint from TeamApt, a business payments platform helping SMEs, Paystack terminal allows businesses to accept payments from customers and keep track of sales.
There are several other mobile POS terminals in Nigeria. They include First Monie, UBA Monie, Nomba, Access Closa POS terminal, etc. But the perks of utilizing the Paystack POS terminal by far exceeds most of the other types of POS devices. Below are the features and specifications of Paystack POS terminal.
- Paystack enables multiple payment channels such as Card(Visa, Mastercard, Verve), USSD from multiple banks, as well as bank transfers. Which several point of sale devices are deficient in. This is an obvious trump card over other POS systems that have several limitations when it comes to instant payment.
- The terminal equally allows users to view individual transactions on their terminal dashboard, mitigating the stress of aggregating large sums. When reconciling figures, most businesses undergo undue stress comparing transactions and activities. But the Paystack POS terminal is able to solve this by equally allowing users to reconcile both online and offline transactions on their dashboard. As well as keep track of all transactions using the Paystack mobile app.
- Paystack open source software also enables developers to customize apps for the terminal to improve brand awareness. The entire platform is programmable in such a way that customers are treated to post-purchase experiences.
- Companies with a bevy of businesses and ventures are allowed to receive and make split payments automatically into separate bank accounts.
- The POS terminal has a global SIM card and automatically alternates Wifi connections with the fastest signals
Paystack Terminal Device Specifications
- 5.0-inch HD 1280×720 capacitive touchscreen
- 5 megapixel auto focus rear camera
- 1x Micro USB2.0, 1x DC jack
- 1GB RAM, 8GB ROM support 32GB external TF card
- Quad-core CPU
- 1D/2D barcode recognition
- 7.4V/2000mAh rechargeable Li-ion battery
- 100~240V AC 50/60HzAdapter
The Paystack hardware price for the Live P1000 is ₦‎100,00 while that of the Test P1000 is ₦‎80,000. While the fees for the various payment channels range from:
0.5% capped at ₦1,000, 1.5% + ₦100 capped at ₦2,000 with ₦100 waived for transactions under ₦2,500 and 1.5% + ₦100 for card, USSD and bank transfers respectively.