Bola is a fashion designer. While studying Accounting in Digital University, Ireland, she was a well-known fashion plug and was patronised by both students and locals. She graduated top in her class, and was immediately scouted by top companies in Nigeria who saw her worth and offered to pay her accordingly. Bola is very passionate about fashion designing, but also had the desire to start her career as an accountant. She knew that going back to Nigeria would cause her to lose a lot of her customers who would be unwilling to go through rigorous payment methods. Being a problem solver, she decided to go online to find convenient payment methods for her dear customers. She discovered Flutterwave and never lost any customer abroad. And in Nigeria? Bola is a full-time accountant and fashion designer who delivers on time in both jobs. Everyone wonders how she does it.
Businesses and consumers all over the world have taken to digital payment methods. Valid reasons for this include convenience, speed, and security. As such, there has been a recent rise in the number of available online payment options. Needless to say, online payment platforms are the practical future for transactions amongst merchants, businesses, consumers, banks, and individuals. Payment gateways facilitate online transactions/payment. A payment gateway is a software application that payment service provides use to make payment for online transactions or money exchange. One payment gateway that stands out because of its simplicity, efficiency, speed, and optimal security is Flutterwave.
What is Flutterwave?
Flutterwave is an award-winning payment technology company that is focused on helping businesses, banks, companies, and individuals provide top-notch and secure payment, as well as money transfer services with specially designed products such as Barter and Rave. It enables merchants, especially in Africa to explore their global capacity by smoothening fund exchange processes in more than 150 countries/currencies. With Flutterwave, you can access payments, make pay-outs, and manage your business funds from one integrated platform that helps you connect globally. It is described as “the complete payment solution to thrive in the global economy”. In summary, Flutterwave:
- Accepts diverse payment methods from customers around the word online or in-store with Rave
- Makes payment to anyone around the - world with Moneywave Issues and manages virtual and physical cards for retail, loyalty, and manage expense with Barter. It makes provision for its clients to tap its APIs and work within developers to customise payment applications.
Products
- Barter (Everyday Payment):
With Flutterwave’s virtual card API and platform, Barter has been designed as a digital solution that allows users to create virtual dollar cards. The mobile and web based application is specifically constructed for people who shop online on international platforms, want to pay subscriptions, track and manage their expenses, as well as borrow money. This seems like a good deal, really. Barter is notably easy to understand. The simple and direct features in its UI allows for a great user experience. Here are some reason you should start using Barter now:
- You have the option of owning a virtual naira MasterCard or a Visa debit card that isn't linked to your bank account, which provides more security for you.
- Some transactions make you qualified for #BarterReward. For example, when you pay add your barter card to your Uber app, you get 0.5% cash back after every ride.
- Barter has a free plan that contains lots of features. The free plan allows you transfer funds for as low as 25 Naira, amongst many other money-wise features. With the premium plan, which costs only 500 Naira per month, you get more features such as an eligibility for 2% cashback on airtime transactions.
- You can manage your subscriptions and payments all in one platform
- You have absolute control of how you’re spending with the detailed report of your expenses sent to you if you request it.
- You are able to apply for short-term loans.
Download the app Getbarter on Google Play Store or iOS App Store now to begin your journey towards financial liberation
- Rave (Payment Platform): While business owners are faced with the inescapable challenge of sustaining a well-established business, worrying about payment methods for staff, clients, and suppliers is just another headache no business owner wants to face. This is why Flutterwave’s Rave has designed a completely integrated global payment platform that gives you as a business owner the free range of creating a simple payment link to managing pay-outs for hundreds of people. The product also allows websites to accept payment from customers in more than 154 countries across the entire world. It supports Visa, Mastercard, and Verve cards. With this, it means that a customer in Ethiopia can pay a merchant in Ghana. What is more? Rave also offers you Instant Settlement. As it sounds, it means that any money any money sent would be made immediately available to the reciever. This payment infrastructure is accessible via USSD, mobile point-of-sale, as well as web channels. Flutterwave can be integrated in apps/websites such as Shopify, Quickbooks, Xero, Squarespace, Sage, and Zoho. To get started with Rave, sign up here. You can also download the Rave App on Google Play Store
Achievements
As at 2018, Flutterwave Inc had recorded over $2.6 billion processed with 26,000 businesses within three years. It has its headquarters based in San Francisco but is a Lagos based fintech start-up. This is a staggering figure, considering the time frame. It was founded by Olugbenga Agboola, a financial technology engineer, and Iyinoluwa Aboyeji, an entrepreneur and co-founder of Andela. After Iyinoluwa pitched the company idea to investors in 2017, the idea was quickly bought into because of its innovativeness. In 2017, Flutterwave Inc started operations in Lagos state. The past few years have seen a rapid growth and wide impact of the company. In about three years, Flutterwave has made tremendous achievements. See some notable mentions:
- Flutterwave got ISO 27001 certified in 2018. This means that they have internationally acceptable business practices and processes, as well as an interestingly robust business continuity plan.
- Rave became PADSSS Certified. This means that it has satisfied the highest level of Security Audit as a payment gateway processor.
- Successful renewal of PCIDSS Level 1. This shows that Flutterwave can manage cardholder data in their switching infrastructure.
- Flutterwave is now licensed in Zambia and the UK for electronic remittances and payment processing.
- Flutterwave saw a 550% growth in the customer base of Flutterwave for Business.
- It has received the award for “Best Payment company in Africa”
- It has partnered with international companies from across the world, and integrated its products on widely used websites and application
This list is almost non exhaustive. The milestones that Flutterwave has gone beyond in only a short time is truly worthy of being studied closely for inspiration.
Partnerships
Flutterwave has partnered over the years with companies/business across various fields.
Alipay – Flutterwave is in partnership with Alipay, an e-commerce company that offers digital payments between African countries and China. With large portion of Alipay’s network being in China, Flutterwave’s integration in significant in terms of turning payment activities round the estimated $200 billion in China-African trade. “This means that all our merchants can accept or install Alipay as a payment type to accept payments from its billions of users,” says the CEO of Flutterwave, Olugbenga Agboola
Pay attitude – This partnership introduced using for customers phone numbers as a channel of payment full stop the customer needs to have Pay Attitude installed on your phone.
Flywire – In 2018, Flutterwave made a deal with Flywire, a telegraphic transfer/payment system that allows one to pay tuition fees oversees many times in local currency in order to make it easier for banks and businesses to propose payment across Africa.
Other partnerships include: Bookings.com, Jumia, Accessbet, Nairabox, Max.ng, Uber, and many more.
Recommendations/Conclusion
As has been repeatedly stated above, Flutterwave, being a payment gateway, meets a large percentage of the requirements for a convenient, easily accessible, and effective payment/fund transfer with the products and services provided. Here are more reasons you should consider using Flutterwave products and services.
- You are assured of safe and dependable transactions. Flutterwave is PCI-DSS level certified.
- It is convenient for transacting customers both abroad and home.
- It has multiple currency payment methods. With is, businesses are ensured that they do not miss out on revenues because Flutterwave products accept the payment methods that are convenient for customers.
- You have an easy to understand, transparent account. It could be quite frustrating when one has to figure out transaction details that are unclear. Flutterwave collects payment from different avenues in one dashboard. That enhances accounting transparency.
- Fraud Protection. Tech tools and human security experts have been employed to monitor transactions. This means more security their customers against fraudulent attempts of misuse.
- Dispute Resolution and Refunds. Nothing is as frustrating as a failed transaction which can be caused by poor network service. With only a few clicks within the easily accessible Flutterwave dashboards, issues like this are attended to briskly, and solutions are provided within short period.
- Reliability. Payment gateways like Flutterwave are faster and more reliable than bank direct transfer. Flutterwave topped its game recently by introducing instant settlement link which means that your money is made available to the customer immediately after payment and vice versa.
Having given you an introduction to the future of fintech in Nigeria, Africa, and the world, you might still want a slight push to get started with your Flutterwave experience. I can do that for you.
Sign up for Flutterwave on rave.flutterwave.com/login
Download GetBarter on Google Play Store or iOS Apple Store
Download Rave on Google Play Store
You can also check out www.flutterwave.com for more information.
Written by Olamide Williams
Twitter: @lami_williams
Instagram: @lami_williams
LinkedIn: Olamide Williams
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