Paystack has announced the launch of Paystack Starter Businesses, a merchant tier that allows businesses in Nigeria to start accepting online payments with Paystack without the need for a corporate bank account or company registration certificate.
With Paystack Starter Businesses, Paystack seeks to support merchants from every stage of their growth story – from when an entrepreneur first has an idea, through those exciting early signs of success, and all the way to when they formalize the business.
With only a BVN, a personal bank account, and a means of identification (passport, driver’s license, or National ID), anyone with ideas can start validating the ideas quickly for a period of time with real customers.
While Paystack Starter Businesses enjoy almost all the same benefits as Registered Businesses, they don’t have access to the Paystack Transfers feature i.e they are unable to maintain a balance inside of Paystack. Instead, all funds are automatically settled into their bank accounts within 24 hours.
Starter Businesses also have a 2 million Naira collections limit, which can be increased to 3 million naira if they opt into phone number verification via Truecaller.
To become a Starter Business on Paystack, you need to submit only three things:
- Bank Verification Number (BVN)
- Your Bank Account Number (personal bank accounts are allowed)
- Evidence of Identity – this could be:
i) the information page of your Passport OR
ii) Driver’s License OR
iii) National ID
How Can I Upgrade from Starter Business To Registered Business on Paystack?
If you want to upgrade your Paystack account, you will be required to submit your business registration document by CAC. You can upload the CAC documents when you are signed in to Paystack website.