I've Received ₦2 million from Paystack: But Is Paystack a Scam? My Love-Hate Relationship with the Payment Gateway

I've Received ₦2 million + Is Paystack a Scam? My Love-Hate Relationship with Payment

When it comes to handling online transactions in Nigeria, Paystack is like that one friend you can’t live without, but sometimes they frustrate you so much you wonder why you’re still friends.

If you’ve been running an online business for a while, I’m sure you can relate.

I’ve personally used Paystack to generate over ₦2 million from my websites, clients, and even for transactions on IBIFoundry. It’s my go-to payment platform.

But as much as I rely on it, there are days I feel like screaming, “Paystack, what’s wrong with you?!”

In this post, I’ll share my personal experiences - both the good and the bad.

If you’ve ever wondered whether Paystack is a scam (spoiler: it’s NOT), keep reading to find out why I have a love-hate relationship with this platform.

What Is Paystack?

Paystack is a Nigerian fintech company that allows businesses to accept payments online and offline.

Whether it’s through debit cards, bank transfers, USSD, or even QR codes, Paystack makes it easy for businesses to get paid.

Founded in 2015 by Shola Akinlade and Ezra Olubi, the company quickly became one of the biggest names in African fintech. In fact, in 2020, Paystack made headlines when it was acquired by Stripe for over $200 million. That’s huge!

Today, Paystack powers payments for thousands of businesses across Nigeria, Ghana, South Africa, and more.

My Love-Hate Story with Paystack

Like I said earlier, I’ve processed over ₦2 million through Paystack. From client payments to sales on IBIFoundry,

it’s been my payment engine. But despite its reliability, I’ve had countless issues that made me question my loyalty.

So, let’s get into it.

8 Reasons I Dislike Paystack

Here are some of the reasons I dislike Paystack payment platform as a freelancer, and agency owner.

1. Payment After 1 Working Day

If you’ve used Paystack, you know this pain.

You receive a payment today, but you have to wait at least one working day to access your funds.

Recently, they introduced a feature where you can request part of your funds immediately, but come on - why not make all payments instant?

2. No Payments on Weekends

Imagine this: a client pays you on a Friday evening.

You need that money ASAP, but Paystack says, “No funds for you until Monday.”

Why accept payments 24/7 if you can’t process withdrawals 24/7? It’s 2025, Paystack.

Fintech should be 24/7.

"You no getttt?

3. No USD or International Currency Support

Paystack doesn’t allow you to receive payments in USD or other major currencies. This is a huge problem if you have international clients.

It’s like building a bridge but forgetting to add the last piece.

4. No Payments on Public Holidays

There was a time I desperately needed to fund an ad campaign for a client.

The money was sitting pretty in my Paystack dashboard, but it was a public holiday.

I had to wait three extra days to access MY money.

You can imagine how frustrated I was.

5. Customer Support Isn't Always Perfect

While Paystack’s customer support is generally fast (I’ll give them that), there have been times I needed urgent help and got generic responses instead of real solutions.

6. High Downtime for Bank Transfers

Sometimes, bank transfers fail for hours.

You get display errors like “pending” or “processing,” and it’s frustrating when you’re on a deadline.

7. Limited Payment Options for Freelancers

If you’re a freelancer dealing with clients abroad, you’ll quickly realize that Paystack isn’t the most freelancer-friendly platform.

No PayPal integration? Seriously?

8. Transaction Limitations

There are limits on how much you can receive per transaction, especially if your account isn’t fully verified.

This isn’t cool when dealing with high-paying clients.

What I Actually Like About Paystack

Despite all my rants, I still use Paystack. Why? Because it’s not all bad. In fact, there are things I genuinely love about it.

1. Trustworthy

I’ve never lost money with Paystack.

Your funds are safe, and they’ve never scammed anyone.

So, if you’re worried about Paystack being a scam, it’s not.

2. Super Cheap Fees

Compared to other payment platforms, Paystack’s fees are low and transparent. You know exactly what you’re being charged.

3. Fast Customer Support

While not perfect, Paystack’s customer support is still better than most Nigerian fintechs.

You can reach out via email or Twitter and get a response within hours.

How to Sign Up for Paystack (Step-by-Step)

A good number of people (especially Nigerians) think getting a Paystack is difficult. On the other hand it's not.

In fact, I know of a lead who paid $300 to get a Paystack account for his (legal) business.

Here is it;

1. Go to www.paystack.com

2. Click on “Create Free Account”

3. Enter your email, choose a password, and click “Create Account”

4. Fill in your business details

5. Verify your email

6. Add your bank account details

7. Start accepting payments!

How to Request Payments on Paystack

1. Log in to your Paystack dashboard

2. Click on “Payment Pages”

3. Create a new payment page or use an existing one

4. Share the link with your client

5. Once the client pays, you’ll see the payment in your dashboard

How to Accept Payments Directly to Your Nigerian Bank

1. Go to your Paystack dashboard

2. Click on “Transfers”

3. Select “Withdraw Funds”

4. Choose your Nigerian bank account

5. Enter the amount you want to withdraw

6. Click “Withdraw” and wait for the funds to hit your account

Paystack Customer Care Contact

• Email: support@paystack.com

• Twitter: @paystack

• Phone: (Check your dashboard for the latest support numbers)

Frequently Asked Questions (FAQ)

Is Paystack a scam?

No. Paystack is a legitimate, trusted fintech company used by thousands of businesses across Africa.

How long does it take to receive money from Paystack?

Usually 1 working day, but weekends and public holidays can cause delays.

Can I receive payments from international clients?

Yes, but not in USD directly. Clients can pay using their cards in Naira equivalent.

Does Paystack work on weekends?

You can receive payments, but withdrawals are processed on weekdays only.

What’s the transaction fee?

1.5% for local transactions and 3.9% for international cards.

Final Thoughts

Paystack isn’t perfect, but it’s still one of the best payment platforms in Nigeria.

If they could fix a few of these issues (especially weekend withdrawals), life would be much easier.

Do you use Paystack?

What’s your experience been like?

Drop a comment or join my exclusive WhatsApp group for freelancers and online business owners.

Let’s share tips, strategies, and stories!

Best,

Simon Taki Zak,

Founder, CE, IbiFoundry