Paystack Launches Virtual Terminal: A New Offline Payment Option
- Posted on October 05, 2023
- Finance
- By PETER AGADA
Paystack, one of the top Nigerian fintech companies, recently introduced virtual terminals to help merchants receive payments through bank transfers.
Before now, Paystack operated on physical terminals before releasing this update; Paystack physical PoS machines were launched in November 2022.
The virtual terminals serve as a digital resort to physical point-of-sale (PoS) devices, which have not been widely available due to the low supply of the machines; this has caused transaction delays. Paystack PoS terminals have been useful when making in-store payments.
However, with the introduction of the virtual terminal, Paystack is excited because it will reduce the time spent on payment confirmations and also provide a smooth checkout experience.
How the Paystack Virtual Terminal Works
Paystack said on their website that stores can now generate individual account numbers for store attendants to help them process customer's bank transfers without the need for store managers.
The virtual terminal account number gives the store attendant limited access to the store's account. Paystack created the virtual terminal in partnership with Titan Trust Bank, which will help reduce the time taken to do bank transfers to less than eight seconds.
TechCabal said it had a conversation with Mohini Ufeli, a spokesperson, and he confirmed that the virtual terminal will rectify issues customers and merchants experience with bank transfers.
The virtual terminals will also support QR code payments, foreign bank cards, and Apple Pay.
The CEO of Paystack said,
Bank transfers are fast becoming the go-to payment method for a growing number of consumers in Nigeria. With Virtual Terminal, we’re making it effortless for businesses to accept in-person bank transfers quickly while providing a dignified customer experience.