A Detailed Look at Flutterwave’s Payment Infrastructure for Businesses and Freelancer

Flutterwave is among the flurry of fintech companies that came to be in Nigeria over the past half a decade. You’ve probably seen the company’s branded shirt, and you’ve been wondering, “What does Flutterwave do?” We embarked on the search, and came back with a detailed look at how the company’s infrastructures are helping freelancers and business owners scale.

Flutterwave is an online integrated platform for making and accepting payments from customers around the world. In addition, you can pay bills online and manage business funds all on this platform. Flutterwave, as a fin-tech startup offers; provision of technology infrastructure, and services to international and local merchants, service providers, and banks. The company ensures a smooth funds exchange through the delivery of well-built, secure, and seamless payment solutions.

Flutterwave was founded by Aboyeji Iyinoluwa and Agboola Olugbenga (GB) in 2016. The firm started off with a team of ex-bankers and engineers who came together to develop an award-winning fintech company. The services provided by Flutterwave is core to providing businesses around the world with a hitch-free payment gateway. The company has its headquarters at San Francisco and major offices in Africa cities such as Accra, Lagos, Nairobi, and Johannesburg.

Security of Funds and Partnership 

Flutter wave was designed to give individuals and businesses a seamless connection of the different traditional payment portals they operate. Examples of these are; Debit/Credit cards, POS, USSD, Bank transfers, Mobile Money, etc. Most of Flutterwave’s customers and partners are also startup service providers of basic necessities. Through Flutterwave, you can make payments for these services in Nigeria. Some of which include: Max.ng, Uber, Hotels.ng, GIGM, Muster, Flywire, Alat, Jumia, and so on.

Achievements in the Previous year

Flutterwave stood out as one fin-tech startup that achieved outstanding milestones in the past year. From the company’s yearly report for 2019, below are some of the achievements the company is proud of:

  • Flutterwave in partnership with Livespot 360 powered the payments for the concert held by American musician Cardi B on her visit to West Africa. This concert was held on the 7th and 8th of December last year, in Lagos and Accra respectively.
  • The fintech startup made it clear that since it began operations in 2016, a total of about $5.4bn have been processed thus far with about 107 million in 2019 alone. This achievement was due to about 1.8 million financial transactions carried out in 2019.
  • Currently, Flutterwave has gained a place in ten African countries. The firm plans to reach out to Northern Africa as soon as possible as it aims spread its tentacles around the world.
  • The reports also read that about 55,000 new merchants came on board last year. This brings the total number of merchants in alliance to the company at 85,000. These merchants comprise owners of small and medium scale enterprises who send and receive payments through Flutterwave.
  • The firm also took a bolder step last year by partnering with AliPay – a China-based payment platform. This was so as to broaden the potential customer capacity to almost a billion. Now payments through Flutterwave can be sent to and received from China without hassle.
  • To help business owners including freelancers gain control over their revenue, Flutterwave introduced invoicing to keep business owners abreast of their financial transactions on the platform.
  • After observing that majority of clients preferred their payments via bank transfers, Flutterwave introduced a Pay-with-Bank-Transfer feature. This additional feature was well received by users as over 160,000 transactions were recorded since the launch of the feature.
  • Flutterwave also organized a Job fair in 2019. This was in a bid to curb the problem of unemployment in the country. The participants in attendance amounted to over 400 developers and 40 businesses. The job fair spanned for only 3 days and a lot of persons were employed thereafter. According to GB, the co-founder, the company is set to hire more business development staff and expand its developer team so as to create more sector expertise.
Source: flutterwave.com

Freelancers are benefiting from Flutterwave

Freelancers are at an advantage when they make payment transactions via Flutterwave. As a freelancer, you have the leverage to create and send your payment link to customers. It is quite easy to set up and get started even without the need for a website. This tech firm was built putting freelancers in mind.

You can create a link that can be sent to customers regardless of the payment platform or channel. Be it Whatsapp, Instagram, Twitter etc you get to receive your payment seamlessly.

An additional feature is the Checkout. With the Checkout feature, Flutterwave allows a user or business owner to collect funds from clients in over 150 currencies, including Naira, Dollars, Pounds, Euro, Yuan, etc.

Flutterwave’s standing partnership with Visa implies that the fin-tech company has the ability to issue virtual and physical cards and process payments using the network.

Flutterwave Products

Flutterwave has two online payment technologies through which digital payments can be made, these are:

  • Barter App
  • Rave Online Payment Gateway

As a freelancer, you can integrate either of these services into your business. We detail the functioning of these payment technologies below. You no longer have to worry when receiving business gigs from outside the country.

Barter App (Flutterwave for Customers)

The Barter app is available on Google PlayStore and it is free. This app gives you the opportunity to manage your finances. Thus, you can focus more on enjoying life and focus less on spending and borrowing money. With the Barter app, you can manage payments and subscriptions.

On the Barter app is the peer to peer payment feature which you can use to notify family and friends to send you money, pay for airtime, or other purchases. Barter from Flutterwave simply puts you in control of managing funds in your bank accounts. You receive timely notifications on cash transactions and a detailed report that shows your spending pattern. Cool right?

Rave Online Payment Gateway (Flutterwave for business)

With a registration process of less than a minute, Rave by Flutterwave gives you the leverage of making and accepting payments from around the world. Rave comes with a unique payment link so you don’t need a website before cash transfers are done. You can also set recurring bills or subscription services as well.

As a freelancer or entrepreneur, all you need is your name, name, and address of the business, email and phone number to open an account. It is quite simple to use and totally free of charges. To get started, you simply need to log on to www.rave.flutterwave.com and follow the instructions to register. Thereafter, click on payment links and create a unique link following the stated directions. Voila! You can then send this link to your customers and receive payments for services rendered.

Payments are accepted from Master Cards, Visa, Verve Cards, Bank accounts, and USSD across the world.

Flutterwave Rip-offs

In the past 4 years, Flutterwave has been faced with a series of challenges. Nonetheless, the firm is resolved to ensuring that these challenges do not cause them to fade away from the Nigerian tech space.

Users of the Rave or Batter App have raised few technical concerns over the past months. Evident from the latest reviews on Google Play are few hitches from using Flutterwave. However, these hitches have been resolved by developers on the company’s team.

Some of the issues raised includes transfers that take time to get delivered and that the customer service department delays in attending to the needs of customers. However, the customer services rendered as of now are well improved.

How Flutterwave gets its returns

Flutterwave only makes a profit when their merchants or customers make sales. The company generates income both internationally and locally. Flutterwave places a 1.4% charge on every single transaction made via its platform. However, processing fees are capped at N2000 for local transactions. For international transactions, there is a benchmark of a 3.8% processing fee.

According to a report by TechCrunch, co-founder, GB Agboola alleged that the firm is not only going to be based on payment transactions but will also gain sector expertise around agriculture, education, travel, gaming, and e-commerce. Flutterwave has become a valuable startup in Africa today not only for its daily transactional volume but for its partnership with other startups and individuals.

The company has built a technology infrastructure in Nigeria that is highly recognized. Creating an avenue for seamless payment transactions between service providers and their customers.

Do you use Flutterwave? Kindly drop a review of your experience with the payment platform.

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