April 13, 2021 All Things Fintech in Africa

PayStack Introduces USD Payouts into Zenith Banks  

 

Introduction:

 PayStack introduced USD settlements which allow Paystack merchants to list their goods in USD, get paid and settled in USD in 2018. But now you have your USD payouts settled into Zenith Bank accounts, in addition GTB accounts.

What’s USD

USD simply stands for United State Dollar. It is the currency code for money widely accepted in United States of America.  The circulating paper money which consists of Federal Reserve Notes is denominated in United States Dollars.

How Paystack USD settlements works?

The paystack’s USD feature is available to Zenith Bank account holders.  Before you can access this feature, you are to have a Zenith Bank Domiciliary Account. The domiciliary account gives you the opportunity to conveniently carry out foreign transactions anywhere or anytime.  So to get settled in USD, you’ll need to add a USD settlement bank account to your business on Paystack.

  • Log into your Paystack Dashboard
  • Click on the settings
  • Click on the Bank Accounts tab.
  • If your business does not have an international payment enabled, you will have to request for international payment.
  • Hence, when the international payments are enabled,  go back to the Bank’s Accounts tab. On the row for USD bank accounts, you can select Zenith bank from the other bank account options and add your USD domiciliary Zenith Bank account number.

 

What Paystack’s International Settlement Payments does?

 

Paystack USD settlement allows you to receive payments from international cards in various international currencies:

  • Paystack USD settlement can only be settled in a Guaranty Trust Bank or Zenith Bank account.
  • The payments are however made into your account after 7 working days of settlement.
  • Payments can be reversed and deducted from your bank account. If it in cases of fraudulent transaction is being detected.

 

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