Once a paid event is set up and customers begin the payment process, they are led to the payment gateway– powered by Paystack– where they are to select their preferred payment channel.
After a payment transaction is completed, the payout process begins and depending on the country and currency, the automated schedule differs. In Nigeria, the payout schedule is after 24 hours (next working day) for transactions in naira (NGN) and after 7 working days for transactions in dollars (USD). Other currencies can have payout timelines ranging from 2-7 working days.
At the point of processing, deductions for processor fees are made. Paystack charges 1.5% + 100 for every transaction made in Naira (NGN) or 3.5% + 100 for NGN payments made with non-Naira cards.
And as such, you will receive payment net 5% for paid events or net 1% for invoiced payment and net the processor fee at settlement (payout). You can read more about how we charge here.