Introduction
Founded in 2016 by Olugbenga Agboola a Nigerian software engineer and entrepreneur, Flutterwave is a Nigerian fintech company that provides payment infrastructure and services for global merchants and payment service providers. The company has rapidly emerged as a leading player in facilitating cross-border transactions, especially in Africa.
In just 5 years, Flutterwave has raised over $225 million in funding, reached a valuation of over $3 billion, and processed over 100 million transactions worth $9 billion annually. The company serves 900,000 businesses worldwide.
This comprehensive Flutterwave review analyzes its products, services, fees, security, pros and cons, user experience, and more based on hands-on testing and market research.
Flutterwave’s Payment Services
Flutterwave offers a wide suite of payment products and solutions, including:
1. Payment Gateway: The Flutterwave payment gateway allows global merchants to collect various payment methods from customers in Africa and worldwide. It supports card payments, bank transfers, Apple Pay, Google Pay, Barter by Flutterwave, MTN and Airtel mobile money, QR payments, and more.
The secure gateway is easy to integrate using the REST APIs and offers extensive customizable checkout experiences. It includes useful features like payment links, recurring billing, and split payments.
2. Virtual Accounts: Flutterwave virtual accounts enable African companies to receive international transfers easily. Companies can create and share virtual USD, EUR, and GBP accounts to invoice and receive payments from clients worldwide. Funds are automatically settled the same day into local African bank accounts.
3. Enterprise Solutions: For large enterprises and financial institutions, Flutterwave provides custom payment infrastructure like issuing card programs, bank transfer services, offline payments, and more to scale business growth.
Benefits include reduced operational costs, improved reconciliation, consolidated reporting, and optimized revenue collection.
4. Storefronts: The Flutterwave Storefronts help African businesses create customized checkout pages to collect payments online using the Flutterwave gateway. No coding is required.
The easy-to-use tool is ideal for small businesses, individuals, churches, and event organizers to sell products and tickets effortlessly.
5. Barter by Flutterwave: Barter allows Flutterwave merchants in Africa to exchange goods and services without money. Businesses can leverage surplus inventory or excess capacity to barter for other needed items instead of paying cash.
Flutterwave Fees and Pricing Plans
Flutterwave offers tailored pricing plans for global and African clients across all products.
Global pricing: Flutterwave charges international companies a flat 2.9% + $0.30 fee per successful card transaction outside Africa. Fees for other payment methods vary. High-volume discounts are available. There are no monthly fees or hidden charges.
Africa pricing: Flutterwave has three pricing plans for African-registered businesses: Standard, Premium, and Enterprise. Fees range from 1.4% to 3.4% per local payment transaction. Estimated charges are as follows, depending on your account limit.
- NGN 0.50K for NQR transactions below NGN 250
- NGN 1 for NQR transactions between NGN 250 to NGN 999.99
- NGN 5 for NQR transactions between NGN 1,000 to NGN 4,999.99
- NGN 25 for NQR transactions above NGN 5,000
The Premium and Enterprise accounts have higher transaction caps, lower fees, dedicated account managers, and advanced tools. Discounted annual pricing is offered.
Flutterwave Checkout User Experience
- Fast and user-friendly checkout page
- Clean and customizable design templates
- Supports paying in various currencies
- Mobile optimized
- Easy integration with e-commerce platforms.
The Flutterwave hosted checkout UX makes payment collection seamless for merchants and customers. Multiple customization options are available for branding and preferred payment methods.
Supported Currencies
Flutterwave payments can be collected and settled internationally in:
- USD
- CAD
- GBP
- EUR
- NGN
- GHS
- ZAR
- KES, and more.
Flutterwave also facilitates paying African merchants in these local currencies using cards, bank transfer,s and mobile money – no need for dollar conversion. This helps avoid cross-border fees.
Flutterwave Users and Clientele
Flutterwave serves over 900,000 businesses globally, including major multinationals, financial institutions, media companies, travel aggregators, marketplaces, and more.
Some brands using Flutterwave include:
- Uber
- Shopify
- Booking.com
- Transferwise
- Lenovo And hundreds more…
The platform’s wide coverage across 34 African countries makes it easy for international companies to scale locally. Flutterwave is well positioned as a market leader as digital payments boom across the continent.
Security and Compliance Standards
Flutterwave utilizes best-in-class security to safeguard transactions and user data, including:
- 256-bit SSL encryption
- 3D-secure certification
- Direct connections to major card networks like Visa and Mastercard
- PCI DSS certification to ensure card data compliance
The platform undergoes scheduled external audits and vulnerability testing. This ensures that Flutterwave adheres to international security guidelines and protocols.
The fintech company was awarded its Payment Card Industry Data Security Standard (PCI DSS) certification in 2021. This globally recognized qualification reinforces Flutterwave’s commitment to protecting merchant and customer card information.
Pros:
- Easy integration and customizable checkout pages
- Easy, fast, and self-on-boarding process.
- Good customer service, email, and phone calls are available.
- Accepts local and international payments from major cards, banks, Apple Pay, Google Pay, and mobile money services
- Virtual USD/EUR accounts to enable global billing
- Robust API and developer docs for customization
- Serves clients across 34 African countries
- Fast payouts within 24 hours
- Competitive pricing structure
- Strong security measures and PCI DSS certification
- Recommended by Shopify
Cons
- Flutterwave’s checkout process isn’t seamless, which can result in a lower conversion rate as not all customers finish their purchases.
- The platform can occasionally suffer downtimes and latency
- Sudden account freezes have been reported in some cases
- The standard plan has low monthly volume limits
The pros highlight Flutterwave’s easy integration, wide payment methods supported, payout speed, security standards, and ability to scale payments in Africa.
But there are also limitations around reliability, checkout page, fees, geographical support, and account issues to consider in user complaints.
Flutterwave Sign Up Process
Signing up for a Flutterwave merchant account is straightforward and involves following these main steps:
1. Visit the Flutterwave website and click the “Get Started” button. Select whether you need an international or Africa-focused account.
2. Enter your name, business email address, and phone number, and create a password on the sign-up form.
You will then fill in additional details, including:
- Business name
- Country of residence
- Type of business (e.g. retail shop, travel agency, etc.
3. Flutterwave will ask you to upload business incorporation documents, depending on your country and business structure. This includes registration forms, BVN, tax IDs, etc.
4. Once submitted, Flutterwave reviews the information for approval. The time for account review ranges from 1-3 business days before activation.
After approval, users gain access to their Flutterwave dashboard to integrate payment tools and begin collecting from their website, app, or social channels worldwide.
Additional identity and business verification checks may be required in certain cases to comply with financial regulations before transaction processing activation.
The sign-up experience is optimized for quick self-onboarding. Merchants can reach out to Flutterwave customer support if any assistance is needed during the account creation process.
Flutterwave Review Conclusion
Flutterwave has rapidly emerged as a leading fintech infrastructure company supporting global commerce in Africa. Its wide range of innovative payment products, extensive coverage across key African markets, and focus on security make Flutterwave a trusted partner for major international and multinational brands.
While the company does face competition from more established players like Paystack, which Stripe acquired, Flutterwave continues to add marquee enterprise clients and expand functionality to maintain a leading industry position.
With projections that Africa’s digital payments market will grow to $500 billion by 2030, Flutterwave has a sizable runway for long-term growth by powering more of the continent’s payment activity.
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