How do payments work on Bareconnect? A guide.
Bareconnect has integrated with some of the best payment gateway partners in the world to ensure your customers can pay for your products securely and easily. They offer credit cards, bank transfers, mobile money, and cryptocurrency, making payments easier and more secure.
Introduction
Receiving payment is a critical aspect of your store, we have made sure your customers feel confident that their information is secure and that their transactions will be processed smoothly with SSL encryption and tokenization to protect you and your customer's payment information and is PCI-compliant to meet strict security standards set by the Payment Card Industry.
In this post, we'll look at what you need to know to start accepting payments on your store and how payments work on Bareconnect.
Third-Party Payment Providers
A third-party payment provider (also known as a payment processor or payment gateway) lets you accept online payments. Bareconnect is integrated with third-party payment providers such as Paystack, Flutterwave, Yoco, Crypto.com, and Stripe. Each has its own transaction fees and processing times, so businesses must consider which is best.
Here is a table detailing each payment gateway payment method and supported countries to help businesses make the best choice.
| Payment Gateway | Payment Methods | Countries Supported | Transaction Fees |
|---|---|---|---|
| Paystack | Credit/Debit Card, Bank Transfer, Mobile Money, USSD | Nigeria, Ghana, South Africa | 1.5% + NGN 100 for local transactions, 3.9% + NGN 100 for international transactions |
| Flutterwave | Credit/Debit Card, Bank Transfer, Mobile Money, USSD, Barter (in-app payment service) | Nigeria, Ghana, Kenya, South Africa, Uganda, Tanzania, Zambia, Rwanda, Mauritius, Botswana, Sierra Leone, Senegal, Ivory Coast, Gambia, Liberia, Guinea, Togo, Mali | 1.4% + NGN 50 for local transactions, 3.8% + NGN 50 for international transactions |
| Yoco | Credit/Debit Card | South Africa | 2.95% per transaction |
| Crypto.com | Cryptocurrency | Over 100 countries, including USA, Canada, UK, Europe, Australia, and Singapore | 3.5% per transaction |
| Stripe | Credit/Debit Card, Apple Pay, Google Pay | Over 40 countries, including the USA, Canada, UK, Europe, Australia, New Zealand, and Singapore | 2.9% + $0.30 per transaction |
| Manual Payments | Bank Transfer, Cash on Delivery, Check | Worldwide | No transaction fees |
Please note that the countries supported by each payment gateway may vary and are subject to change. Additionally, transaction fees may also vary based on various factors such as the currency used, transaction volume, and location of the business. Therefore, it's recommended to check the official websites of the payment gateways for the latest information on their supported countries and transaction fees.
Payment Processing
When a customer makes a payment on your store, the payment is processed by the payment processor and sent to your payout account. The time it takes for funds to be deposited can vary depending on the payment gateway and bank processing times.
Conclusion
Bareconnect's platform provides secure and reliable ways for you to accept payments on your store, allowing your customers to have a seamless checkout experience. Understanding how payments work on Bareconnect can help optimize the checkout process for maximum conversions.
So, start accepting payments on your Bareconnect store today and watch your business grow! 💰💳🛍️.