Meet the crypto payment gateway startup that strives to become the Stripe of Africa

A crypto payments gateway says that it now makes it easy for online merchants in Africa to accept Bitcoin at the checkout.

Paychant says its tool can be easily integrated into websites, WooCommerce, Magento, PrestaShop and an array of other online stores with a single line of code.

This gives retailers access to a growing number of consumers who want to pay using cryptocurrencies.

According to Paychant, its infrastructure is simple, secure and convenient — and is geared toward small and large businesses alike. Nonprofit organizations can also accept crypto donations with ease. Customizable widgets are offered that can be embedded directly into a fundraising campaign’s website with little fuss.

Making crypto easy

Beyond its straightforward widgets, Paychant also enables users to request money from friends, family and business contacts around the world. An intuitive billing feature means invoices can be generated directly from a custom-built dashboard, and the startup’s infrastructure empowers merchants with the tools they need to set up their very own e-commerce store.

The volatility of cryptocurrencies can be something of a concern for merchants. However, Paychant says it counters this by enabling payments made in digital assets to be instantly converted into cash — offering all-important protection when there are fluctuations in the value of Bitcoin. Payouts can also be made to a merchant’s bank account on a daily basis.

These tools are complemented by a simple yet robust dashboard that delivers a crystal-clear insight of the funds coming in and out. Transaction data can be exported with a click of a button, and elegantly designed charts provide an at-a-glance insight into how a business is performing.

Explaining why its infrastructure is needed, Paychant argues that card payments are expensive and slow — eating into razor-thin profit margins. By contrast, embracing crypto as a payment method can deliver low fees while eliminating the risk of chargebacks.

Paychant told Cointelegraph: “As digital currencies have shown to be the most reliable means for frictionless cross-border payments, facilitating fast transactions with low fees in Africa, Paychant is making it easier for businesses to accept crypto payments online or receive crypto donations with a single line of code.”

More insights from Paychant here

Exciting partnerships

Paychant began in 2019, and the project’s founders were inspired to take action after encountering difficulties when trying to receive cross-border payments from clients abroad.

The startup joined Celo’s virtual accelerator program last year — and during the eight-week program, its passionate team built a decentralized web wallet that allowed CELO and cUSD to be stored, sent and received on the Celo blockchain.

That partnership remains in place today, and both of these digital assets have been embraced alongside Bitcoin, Ether and Tether — giving businesses and individuals new opportunities.

As well as giving the business community a helping hand, Paychant wants to make cross-border remittances far less expensive than they are now. The project cites research that suggests sending $200 in sub-Saharan Africa attracts fees of 9.4% — substantially higher than the global average of 7.1%.

Over a 10-month period, Paychant says it has processed 15,000 transactions for more than 5,000 merchants in Nigeria. What’s more, it has also rolled out an all-in-one platform that enables crypto users to purchase everything from airtime and internet data to airline tickets and TV subscriptions using virtual currencies.

Looking ahead to the next 12 months, the project says that it is determined to expand to Francophone countries across Africa.

Learn more about Paychant

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