How does flutterwave work for business transaction

Flutterwave is a financial technology company that provides payment solutions for businesses to make and accept payments across Africa and globally. Founded in 2016 by a team of passionate individuals, the fintech aims to simplify the process of sending and receiving payments.

It enables users to easily send and receive payments using a variety of payment methods such as credit/debit cards, bank transfers, mobile money, and cryptocurrency. By integrating with multiple payment channels, Flutterwave provides a one-stop solution for businesses looking to accept payments online, making it easier for customers to complete transactions without any hassle.

Pay Attention: Moniepoint ussd code for money transfer

Features of Flutterwave

Flutterwave offers a wide range of features that cater to various business needs, simplifying payments and making transactions seamless. Some key features include:

Payment Acceptance:

• Accept online payments from customers globally in multiple currencies via various payment methods like cards, bank transfers, mobile money, and more.
• Utilize Payment Links to create simple payment pages without needing a website.
• Integrate Flutterwave Checkout into your online store for a streamlined payment experience
• Enable in-person payments with Flutterwave POS terminals, accepting cards, QR codes, and other payment methods..

Payouts and Transfers:

• Make effortless cross-border payouts and transfers in different currencies.
• Pay multiple recipients at once, streamlining payroll and supplier payments

Invoicing:

• Generate professional invoices in multiple currencies.
• Send payment reminders and track payment status
• Include payment links directly in invoices for easy payment.

Business Tools:

• Build an online store for free with Flutterwave Store, even without technical skills.
• Create a free single-page website and sell products globally with Disha for creators
• Manage your business finances and track payments easily with the Flutterwave dashboard.

Developer Tools:

• Utilize robust APIs to integrate Flutterwave into your existing systems, automating payments and customizing solutions.
• Access extensive documentation and support for seamless integration

What is Flutterwave?

Flutterwave is a leading African fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent. It enables businesses to accept payments from customers anywhere in the world, in multiple currencies and through various payment methods.

Think of Flutterwave as a bridge that connects businesses with their customers, no matter where they are located, making cross-border payments and transactions seamless. It empowers businesses of all sizes, from small startups to large enterprises, to expand their reach and focus on growth

Flutterwave is a significant player in the African fintech landscape, driving financial inclusion and enabling businesses to thrive in the digital economy.

Read: How to block and unblock Opay account

How does Flutterwave work with online payments?

Flutterwave offers a seamless and comprehensive solution for processing online payments. It simplifies the process for businesses to accept payments from customers around the world, supporting multiple currencies and various payment methods. Here’s a breakdown of how it works:

1. Integration:

• Businesses integrate Flutterwave’s payment gateway into their websites or online platforms using pre-built plugins, APIs, or custom development

2. Checkout:

• When a customer initiates a purchase, they’re redirected to Flutterwave’s secure checkout page.
• The customer selects their preferred payment method (e.g., card, bank transfer, mobile money).

3. Payment Processing:

• Flutterwave securely processes the payment, handling all the necessary steps, including:
• Encryption of sensitive data
• Authentication and authorization
• Currency conversion (if applicable)
• Settlement with the merchant’s bank account

4. Confirmation:

• Once the payment is successful, Flutterwave notifies both the customer and the business.
• The customer receives a confirmation message or email.
• The business sees the transaction details

5. Payout:

• Flutterwave settles the funds with the business’s bank account, typically within a few business days, depending on the payment method and country

You can Also read: All Opay USSD Code and transfer money

Can I use Flutterwave for international transactions?

Yes, you can definitely use Flutterwave for international transactions. Flutterwave is designed to facilitate cross-border payments, enabling businesses to accept payments from customers worldwide and make payouts to recipients in various countries.

Key Points for International Transactions:

• Global Payment Acceptance: Flutterwave supports a wide range of payment methods including major international cards (Visa, Mastercard, etc.), bank transfers, and various local payment options, allowing you to cater to a global customer base.
• Multi-Currency Support: Flutterwave allows you to accept payments in multiple currencies and settle in your preferred currency, minimizing the complexities of currency conversion.
• Cross-border Payouts: You can easily make payouts and transfers to recipients in over 40 countries, simplifying international business transactions.
• Competitive Fees: Flutterwave offers competitive fees for international transactions, making it a cost-effective solution for global businesses

Is Flutterwave safe to use for transferring money?

Yes, Flutterwave is generally considered a safe and secure platform for transferring money. They employ several measures to protect both businesses and individuals during transactions:

1.Flutterwave adheres to strict security standards and holds various certifications, including PCI-DSS compliance, which is the highest level of security clearance for companies processing card transactions.

2.It uses advanced fraud detection tools and systems to monitor transactions and identify suspicious activities, helping to safeguard against fraud and unauthorized access.

3.Sensitive data, such as card details and personal information, is encrypted to ensure confidentiality and prevent unauthorized access.

4. Flutterwave supports 2FA, adding an extra layer of security to user accounts and transactions.

Send Money to Anyone or Business Globally

Flutterwave offers several options to send money to anyone or a business globally:

1. Bank Transfers:

• You can send money directly to bank accounts in over 30 countries worldwide using Flutterwave’s platform.
• Recipients will receive the funds in their local currency.
• You’ll need the recipient’s bank account details and SWIFT code for international transfers.

2. Mobile Money:

• Flutterwave supports mobile money transfers to various countries, allowing you to send money directly to recipients’ mobile wallets.
• This is convenient for regions where mobile money is widely used.

3. Send App:

• Flutterwave’s Send App is a dedicated mobile application for sending money globally.
• It offers a user-friendly interface and supports various transfer options, including bank transfers, mobile money, and even cash pickup at designated locations in some countries.

4. Flutterwave for Business:

• If you’re a business, you can use Flutterwave’s payouts and transfers feature to send money to multiple recipients at once, streamlining processes like payroll or supplier payments.

Read: PalmPay Ussd for Money transfer, Airtime and check account balance

Receive  Money from Anyone or Business Globally

Flutterwave offers several ways to receive money from anyone or a business globally, providing flexibility and convenience for both individuals and businesses. Here are the primary methods:

1. Online Payments:

• Flutterwave Checkout: If you have a website or online platform, you can integrate Flutterwave’s checkout solution to allow customers to pay you directly. Flutterwave supports various payment methods, including cards, bank transfers, and mobile money, making it easy for customers worldwide to make payments.
• Payment Links: If you don’t have a website, you can create Payment Links within your Flutterwave dashboard. Share these links with your customers via email, social media, or messaging apps, and they can easily make payments online.

2. Invoicing:

• Flutterwave Invoices: Generate professional invoices with integrated payment links using Flutterwave. Send these invoices to your clients or customers, and they can conveniently pay you online through the provided link.

3. Flutterwave Store:

• Create an online store: If you’re selling products or services, you can build a free online store with Flutterwave Store, even without technical skills. This allows you to showcase your offerings and accept payments securely.

4. Disha for Creators:

• Create a single-page website: If you’re a creator or freelancer, you can use Disha to create a free single-page website to showcase your work and accept payments globally.

5. Bank Transfers:

• Provide your bank details: You can share your bank account details and SWIFT code with the sender, allowing them to initiate a bank transfer to your account. Flutterwave supports receiving bank transfers from various countries.

What are the fees associated with using Flutterwave?

Flutterwave employs a transparent pricing structure, with fees varying based on the type of transaction and location. Here’s a general overview:

Local Transactions (Nigeria):

1. 10 Naira + 7.5% VAT for Transactions up to N5,000.
2. 25 Naira + 7.5% VAT for Transactions from N5,001 to N50,000.
3. 50 Naira + 7.5% VAT for Transactions more than N50,001.

Note: The fee for GBP transfers is £35 while for USD bank transfers is 0.5% with a minimum fee of $40 per transaction.

African countries

Starting from March 1st, 2023, mobile money transfers in Uganda will become UGX1,000 for transfers between UGX1,000 to UGX125,000 and 1.2% for transfers of UGX125,001 and above

South America

How do I open an account with Flutterwave?

1.To open an account with Flutterwave, follow these steps:

1. Go to the Flutterwave website or the dedicated onboarding page
2. Select the type of account that best suits your needs. Options typically include:
   • Business Account: For businesses of all sizes, including freelancers, sole traders, startups, and enterprises
   • Other Entities: For charities, non-profits, and religious institutions.

2. Fill in the required details such as your business name, contact information, and address

3. Upload Documents: Depending on your account type and country, you might need to upload certain documents, such as:

• Certificate of Incorporation or Business Registration
• Memorandum and Articles of Association
• Valid identification of directors, trustees, or owners
• Bank account details

4, Complete Verification: Follow the instructions to complete the verification process, which might involve submitting additional information or confirming your identity.

5. Once your account is approved, you can start accepting payments, making payouts, and utilizing other Flutterwave features.

Additional Tips:

• Accurate Information: Ensure that all information provided during the registration process is accurate and up-to-date.
• Document Requirements: Check Flutterwave’s website or contact their support team to confirm the specific document requirements for your country and business type.
• Verification Process: The verification process might take some time. Be patient and provide any additional information requested promptly.
• Support: If you have any questions or encounter any difficulties during the registration process, Flutterwave’s support team is available to assist you

Are there any restrictions on the types of transactions I can make with Flutterwave?

Yes, there are certain restrictions on the types of transactions you can make with Flutterwave, primarily to ensure compliance with regulations and mitigate risk. These restrictions generally fall into these categories:

Prohibited Industries and Activities: Flutterwave does not support transactions related to:

• Illegal activities like gambling, drug trafficking, and money laundering.
• Adult content and services.
• Certain regulated industries like firearms, pharmaceuticals, and high-risk financial products.
• Any activity that violates local laws or regulations.

1. Transaction Limits:

   • Flutterwave may have transaction limits based on your account type, verification level, and the specific payment method used.
   • For example, there might be daily or monthly limits on the total amount you can transact or the number of transactions you can make.

2. Card Restrictions:

   • Certain types of cards might have restrictions on the types of transactions they can be used for.
   • For example, some prepaid cards or virtual cards might not be accepted for recurring payments or international transactions.

3. Risk-Based Restrictions:

   • Flutterwave employs risk management systems that may flag or restrict certain transactions based on various factors, such as:
     • Unusual transaction patterns
     • High-risk countries or industries
     • Insufficient account verification

It’s crucial to familiarize yourself with Flutterwave’s Acceptable Use Policy and Terms of Service to understand the specific restrictions and avoid any potential issues with your transactions.

Can businesses use Flutterwave for processing payments from customers?

Absolutely, yes! Processing payments from customers is one of the core functions of Flutterwave, and it offers various solutions specifically tailored for businesses of all sizes to efficiently collect payments.

Flutterwave’s payment solutions cater to a wide range of business needs, from e-commerce stores to service providers and freelancers. Its versatility, ease of use, and robust features make it a popular choice for businesses looking to streamline their payment processes and expand their reach.

Here are some of the ways businesses can use Flutterwave for processing payments:

• Online Payments: Businesses can integrate Flutterwave’s payment gateway into their websites or online platforms, allowing customers to pay securely using various methods like cards, bank transfers, mobile money, and more.
• Payment Links: For businesses without a website, Flutterwave provides Payment Links, which are simple payment pages that can be shared with customers via email, social media, or messaging apps.
• POS Terminals: Flutterwave offers POS terminals that enable businesses to accept card payments, QR code payments, and other payment methods in-person at their physical stores.
• Invoicing: Businesses can use Flutterwave to generate professional invoices and send them to customers, with integrated payment links for easy and quick payment.
• Flutterwave Store:This platform allows businesses to create an online store for free, even without technical skills, and start selling products or services online with integrated Flutterwave payments.

Read: How to Apply for Gtbank Salary advance and Quick Credit

How does Flutterwave compare to other online payment platforms?

Flutterwave stands out in the online payment landscape, particularly in Africa, with several strengths compared to other platforms:

Strengths:

• Broad African Reach: Flutterwave has a strong presence and deep understanding of the African market, offering extensive local payment options and multi-currency support for seamless cross-border transactions.
• Wide Range of Payment Methods: It supports a diverse range of payment methods, including cards, bank transfers, mobile money, USSD, and more, catering to different customer preferences and ensuring financial inclusion
• Robust Developer Tools: Flutterwave provides powerful APIs and plugins for easy integration, allowing businesses to customize payment solutions and automate processes.
• Value-Added Services: Beyond payment processing, Flutterwave offers features like invoicing, store building, and business management tools, adding value for businesses.
• Competitive Pricing: While fees vary, Flutterwave generally offers competitive pricing for local and international transactions, making it a cost-effective option for businesses.

Comparison to Competitors:

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Meet Ogbeide Frank, also known as Perere, a blogger passionate about writing on finance and technology. He studied Business Administration at Ambrose Alli University in Ekpoma and Mobile Communication at Orange College in Malaysia. Frank has experience working as a banker and consultant for various agencies in Nigeria.

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