What is a Paystack Starter Business?
A Paystack Starter Business is an option for entrepreneurs who have not registered their business with the appropriate regulatory bodies. We allow these businesses to test their ideas with real customers, while they prepare to scale and get registered.
What are the requirements for a Paystack Starter Business?
Currently, Starter Businesses are only available in Nigeria. To use Paystack as a Starter Business, you'll need:
- A Nigerian personal bank account
- Your Bank Verification Number (BVN)
- A valid form of identification (any one of the following)
- National ID
- Driver's Licence
- Permanent Voter's Card
Are there transaction limits?
While there's no limit to how much your customers can pay per transaction, there's a maximum collections limit per Starter Business.
The total revenue a Starter Business can receive is NGN 2 million. After this, we will place the business on hold until you upgrade it to a Registered Business. You will still be able to receive payments, but we will not settle your bank account.
How do I increase the collections limit?
If you verify your phone number with Truecaller, you can increase your limit to NGN 3 million. Also, you can perform this phone number verification at any time. We will not extend your limit once your collections hit NGN 3 million. Your payouts will be on hold until you upgrade to a Registered Business.
What's the difference between a Starter and a Registered Business?
Starter Businesses have most of the features of Registered businesses, with a few exceptions. The illustration below highlights the key differences: