NEW: Public beta of USD settlement
Paystack merchants can now list goods and get settled in USD
One of the most popular feature requests we receive at Paystack is for businesses to be able to list their products in USD, and get settled in USD. Well today, we’re excited to announce a public beta that’ll allow you do just that!
How does it work?
We’re currently running a pilot of USD settlement, meaning that we’re actively working to support more settlement banks and refine the process over time.
For now, you’ll need to have a Guaranty Trust Bank (GTB) Domiciliary account to be able to get settled in USD. (If you don’t have one, this short guide from GTB explains how to get started).
Next, you then link the GTB Domiciliary bank account to your business on Paystack. Here’s how:
- Log into your Paystack Dashboard
- Click on Settings [1]
- Click on the new Bank Accounts tab [2]
- Click on Add bank account on the USD row [3]
- Add your USD domiciliary GTB account number
Your USD bank account will be reviewed within 24 to 48 hours. Once this is done, you will be able to list your products in USD, your customers will be able to make international USD to your business, and Paystack will settle you in USD - easy!
How long before you get settled?
Paystack settles all international USD payments into merchants’ GTB domiciliary bank accounts 7 working days after customers pay. So, say a customer pays you in USD today, the amount paid will reflect immediately on your Dashboard, and you’ll get settled into your bank account 7 working days from today.
The processing fee
Paystack charges a processing fee of 3.9% per USD transaction.
Any questions?
If you have any question at all concerning international USD settlements, please feel free to send us an email at [email protected], or request a phone call - we’re happy to help!
