How Does Flutterwave Work: Welcome to TeezabTech.com.ng, your go-to source for all things tech-related! Today, we’re diving into the world of online payments with a closer look at how Flutterwave works.
As one of the leading payment solutions providers in Africa, Flutterwave has revolutionized the way businesses send and receive money online.
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In this post, we’ll explore everything you need to know about Flutterwave, from its key features to its benefits for businesses and consumers alike.
What is Flutterwave?
Flutterwave is a financial technology company that provides payment solutions for businesses and individuals across Africa and beyond.
Founded in 2016, Flutterwave has quickly established itself as a trusted and reliable partner for online payments, offering a wide range of services to streamline transactions and empower businesses to grow.
How Does Flutterwave Work?
At its core, Flutterwave acts as a bridge between businesses and their customers, facilitating seamless and secure transactions across various channels. Here’s how it works:
- Integration: Businesses integrate Flutterwave’s payment gateway into their websites or mobile apps, allowing customers to make payments using their preferred payment methods.
- Payment Processing: When a customer makes a purchase, Flutterwave securely processes the payment in real-time, ensuring that funds are transferred from the customer’s account to the merchant’s account quickly and efficiently.
- Multiple Payment Options: Flutterwave supports a wide range of payment methods, including debit/credit cards, bank transfers, mobile money, and more, ensuring that businesses can cater to the diverse needs of their customers.
- Currency Conversion: For businesses operating across borders, Flutterwave offers currency conversion services, allowing them to accept payments in multiple currencies and settle transactions in their local currency.
- Fraud Prevention: Flutterwave employs advanced fraud prevention measures to protect businesses and customers from fraudulent transactions, including real-time fraud monitoring and secure encryption protocols.
- Analytics and Reporting: Flutterwave provides businesses with valuable insights into their payment activities through detailed analytics and reporting tools, enabling them to make informed decisions and optimize their payment processes.
Benefits of Using Flutterwave
The following are some of the benefits of using Flutterwave:
- Global Reach: Flutterwave enables businesses to reach customers across Africa and beyond, opening up new markets and opportunities for growth.
- Easy Integration: With easy-to-use APIs and plugins, Flutterwave can be seamlessly integrated into existing websites and apps, minimizing development time and costs.
- Secure Transactions: Flutterwave prioritizes security, employing state-of-the-art encryption and fraud prevention measures to safeguard sensitive information and protect against cyber threats.
- Flexible Payment Options: Flutterwave supports a wide range of payment methods, making it convenient for customers to pay using their preferred method, whether it’s a debit card, bank transfer, or mobile money.
- Real-Time Settlement: With fast and reliable settlement processes, businesses can access their funds quickly, improving cash flow and liquidity.
Requirements for Opening Flutterwave Business Account
There are different requirements for opening a Flutterwave business account, depending on the kind of enterprise you operate.
Requirements for unregistered businesses
- Website URL or social media page
- Residential address with proof of address from the following:
- Utility bills such as electricity and water receipts
- Signed lease or tenancy agreement,
- Bank statements not older than 3 months.
- Personal bank account details that match the account owner’s name
- Estimated monthly sales
- Business profile detailing the nature of business operations
- BVN (Bank Verification Number)
- Residence permit/authorization to live and work (only show if nationality is not same as home country)
- Valid means of ID (Clear and legible)
- International passport
- NIN Slip
- Driver’s License
Requirements for a sole proprietorship
- CAC Certificate & Application for Registration for Business Name form (CAC/BN/1 or Form A)
- Proprietor’s name, original colored ID, BVN-Colored, and Proof of address from the following:
- Utility bills like electricity and water receipts
- Signed Lease/tenancy agreement,
- Bank statements not older than 3 months old.
- Corporate bank account details
- Proof or operational business such as:
- Utility bills like electricity and water receipts
- Signed lease or tenancy agreement
- Bank statement 3 months old or older
- Verifiable website URL showing business activities
- Estimated Monthly sales
- BVN (Bank Verification Number)
- Operating License where business is regulated
- Residence permit/authorization to live and work (only show if nationality is not same as home country)
- Valid means of ID ( Clear and legible )
- International passport
- NIN slip
- Driver’s license
The Requirements for a Limited Liability Company
- Certificate of Incorporation
- Memorandum & Article of Association
- Directors’ & shareholders’ original colored IDs, BVN, and proof of address from the following:
- Utility bills like electricity and water receipts
- Signed lease or tenancy agreement,
- Bank statements not older than 3 months
- Shareholder structure & Valid ID – If the shareholder(s) is an entity, please provide the registration documents for the entity with the business owners’ IDs
- Corporate bank account details and BVN
- Proof of Operational Business Address from the following:
- Utility bills like electricity and water receipts
- Signed lease or tenancy agreement, Bank statements 3 months old or older.
- Verifiable website URL showing business activities.
- Operating license (where business is regulated)
- Estimated monthly sales
- Residence permit/authorization to live and work (only show if nationality is not same as a home country)
- Valid means of ID ( Clear and legible )
- International passport
- NIN Slip
- Driver’s License
Requirements for Other Entities
To open an Other Entity account in Nigeria, you will need the following:
- Certificate of Incorporation
- Operating license/permit
- Constitution/Memorandum of Guidance
- Business owner/Trustee original colored IDs, BVN, and proof of address from the following:
- Utility bills such as electricity and water receipts
- Signed lease/tenancy agreement
- Bank statements not older than 3 months
- Trustees’ resolution confirming approval given to open the Flutterwave account
- SCUML Certificate
- Corporate bank account details and BVN
- Proof of operational business address from the following:
- utility bill [e.g., electricity bill, water bill]
- signed lease/tenancy agreement
- bank statement not older than 3 months
- Verifiable website URL showing business activities
- Operating license (where business is regulated)
- Estimated monthly sales
- Residence permit/authorization to live and work (only if nationality is not the same as the home country)
- Valid means of ID (clear and legible), such as:
- International passport
- NIN slip
- Driver’s license
Please note: the expiry dates for your identity document should not be more than 6 months from the submission date.
FAQs on How Does Flutterwave Work
What payment methods does Flutterwave support?
Flutterwave supports a wide range of payment methods, including debit/credit cards, bank transfers, mobile money, and more.
Can businesses integrate Flutterwave into their websites or apps?
Yes, businesses can integrate Flutterwave’s payment gateway into their websites or mobile apps, allowing customers to make payments conveniently.
How does Flutterwave payment work?
From your Flutterwave dashboard, you can create custom links that you can send to customers or embed in your website for customers to pay you. A payment link directs your customers to a custom page created by Flutterwave
Does Flutterwave offer currency conversion services?
Yes, Flutterwave offers currency conversion services, allowing businesses to accept payments in multiple currencies and settle transactions in their local currency.
How does Flutterwave protect against fraud?
Flutterwave employs advanced fraud prevention measures to protect businesses and customers from fraudulent transactions, including real-time fraud monitoring and secure encryption protocols.
Does Flutterwave offer customer support?
Yes, Flutterwave provides dedicated customer support to assist businesses with any questions or issues they may encounter.
How much does Flutterwave charge?
The base price of the transaction is NGN100,000 while the Flutterwave transaction charge is 1.4% (NGN 1,400) making a total of NGN 101,400 for the customer to pay.
Which bank does Flutterwave Currently Support?
You have Ecobank, United Bank For Africa PLC, First Bank PLC, and Guaranty Trust Bank PLC.
How do I get my money from Flutterwave?
The funds in your Flutterwave balance can either be automatically settled to your bank account, or used for transfers. The Balances page on your dashboard shows the amounts you have in both the Collection balance and Payout balance for all the currencies we settle in.
TeezabTech Conclusion on How Does Flutterwave Work
In conclusion, Flutterwave is revolutionizing the way businesses send and receive money online, providing a secure, seamless, and convenient payment solution for businesses and consumers across Africa and beyond.
With its robust features, flexible payment options, and commitment to security and reliability, Flutterwave is empowering businesses to thrive in the digital economy.
Whether you’re a small startup or a multinational corporation, Flutterwave offers the tools and support you need to succeed in today’s competitive marketplace.
If you have any questions regarding this post simply leave us a comment in the comment box below and we will get back to you as soon as possible. Thanks for stopping by!
See Also:
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- Does Flutterwave Work in USA
- Is Flutterwave a PayPal
- Does Flutterwave accept NIN Slip
- is Flutterwave Legit or Scam
Meet Tiamiyu AbdulBazeet Olawale, popularly known as Teezab, a blogger who loves writing about tech, education, cryptocurrency, telecoms, and finance. He studied Electrical and Electronics Engineering at the University of Ilorin. With his mix of tech skills and creativity, Tiamiyu aims to share useful info in a fun way that everyone can enjoy.