Flutterwave is one of the best payment gateway in Nigeria. The fintech is revolutionizing the way businesses collect payment from their customers. However, Flutterwave is not only for Nigerians businesses, the financial technology transcend beyond Africa, with presence in United States and United Kingdom.
Flutterwave was established in 2016 and since then, the company has built a reputation around being a trusted and reliable partner for online payment gateway.
The payment gateway is currently offering a wide range of payment services such as business integration, payment processing, multi-payment options for business customers, currencies conversation, fraud prevention and analytics and reports, to streamline transactions and empower businesses to grow.
What is Flutterwave Used For?
Sole proprietorship businesses, partnership businesses, individuals, small scale and medium enterprises and other businesses are using Flutterwave as a means to collect payment from their customers.
Flutterwave payment integration is mostly used online. When you connect your business through its API, you will be able to receive payment from your customers and send receipt and invoice all through Flutterwave leveraged payment technology.
In a nutshell, Flutterwave works by helping businesses through their websites and applications receive payment for goods and services purchased by their customers.
You can simply manage and integrate all these features through your Flutterwave dashboard. You also have the ability to generate personalized links, which can be shared with your customers or integrated into your website for payment purposes. These links guide customers to a tailor-made page provided by Flutterwave for processing payments.
Is Flutterwave Legit or Scam?
It's normal to be afraid about the security of Flutterwave. In recent years back, online payment has seen a surge. However, security risks and reliability concerns are gradually increasing as online payment is becoming popular.
This has raised concerns and many users and customers are asking if Flutterwave is safe. In this section, I will answer the question about is Flutterwave safe, legit or scam, and give reasonable proof to back my reviews.
Is Flutterwave Safe?
Aside the fact that Flutterwave has built it reputation in the previous years, the payment gateway is also complying with regulators.
In addition, Flutterwave prioritizes transparency in its operations, ensuring that customers have access to clear terms of service, comprehensive pricing information, and reliable customer support channels.
This commitment enables users to address any concerns or inquiries with confidence, fostering trust and accountability. With a focus on security, Flutterwave implements robust measures to safeguard user data and prevent fraudulent activities.
These measures include encryption protocols, advanced fraud detection systems, and compliance with PCI-DSS standards. By prioritizing security, Flutterwave provides users with peace of mind when conducting transactions through its platform.
Flutterwave has cultivated a positive reputation in the fintech industry by consistently delivering reliable services and demonstrating a strong commitment to customer satisfaction.
This dedication has earned the trust of both businesses and consumers, solidifying Flutterwave's position as a reputable and trustworthy financial services provider.
Furthermore, Flutterwave has forged strategic partnerships with leading financial institutions, technology companies, and e-commerce platforms.
These partnerships enhance Flutterwave's credibility and legitimacy within the industry, while also expanding its reach and capabilities. By collaborating with key players, Flutterwave strengthens its position as a reliable and innovative payment solutions provider.
How does Flutterwave Make Money
Flutterwave generates revenue primarily through transaction fees. When businesses and individuals use Flutterwave's payment platform to process transactions, they are charged a fee based on the volume and value of the transactions.
Additionally, Flutterwave may offer premium services or features for a subscription fee to certain users or businesses.
Other revenue streams may include fees for currency conversion, integration services, or value-added services provided to merchants.
In a nutshell, Flutterwave's revenue model is based on facilitating secure and efficient financial transactions while charging fees for the services rendered.
Does Flutterwave requires BVN and NIN Slip?
Yes, Flutterwave does require your bank verification number (BVN) and National Identification Number (NIN) as a valid means of identification. These documents are mandatory by the central bank of Nigeria (CBN) for all baking and payment providers to collect from their users.
Hence, to open an individual account on Flutterwave, your BVN and NIN will be required. However, do note that, it will also be required while opening a business account on the payment platform as a part of business owner personal information.
In a nutshell, Flutterwave accepts NIN slips as a valid form of identification for verification during the merchant onboarding process. This, along with other recognized forms of identification like the National ID Card, Driver’s License, International Passport, and Permanent Voter’s Card, ensures a smooth KYC verification process for businesses registering on their platform.