Paystack Launches Virtual Terminal: A New Offline Payment Option

Paystack, one of the top Nigerian fintech companies, recently introduced virtual terminals to help merchants receive payments through bank transfers. 

Before now, Paystack operated on physical terminals before releasing this update; Paystack physical PoS machines were launched in November 2022.

The virtual terminals serve as a digital resort to physical point-of-sale (PoS) devices, which have not been widely available due to the low supply of the machines; this has caused transaction delays. Paystack PoS terminals have been useful when making in-store payments.

However, with the introduction of the virtual terminal, Paystack is excited because it will reduce the time spent on payment confirmations and also provide a smooth checkout experience.

How the Paystack Virtual Terminal Works

Paystack said on their website that stores can now generate individual account numbers for store attendants to help them process customer's bank transfers without the need for store managers.

The virtual terminal account number gives the store attendant limited access to the store's account. Paystack created the virtual terminal in partnership with Titan Trust Bank, which will help reduce the time taken to do bank transfers to less than eight seconds.

TechCabal said it had a conversation with Mohini Ufeli, a spokesperson, and he confirmed that the virtual terminal will rectify issues customers and merchants experience with bank transfers.

The virtual terminals will also support QR code payments, foreign bank cards, and Apple Pay.

The CEO of Paystack said,

• Bank transfers are fast becoming the go-to payment method for a growing number of consumers in Nigeria. With Virtual Terminal, we’re making it effortless for businesses to accept in-person bank transfers quickly while providing a dignified customer experience.

Paystack said on its website that when you assign virtual bank accounts to your sales agents, they receive a notification via WhatsApp for successful payments. The “successful payment” alert is the only thing that the agent sees: the notification does not contain any additional information, such as the total amount of money your business has received. Only you, the administrator of the business, can access that information via the Paystack Dashboard.