Due to recent regulatory changes, Nigerian businesses on Paystack will have noticed a change in how payouts are received. Depending on how your customers pay, you're likely receiving payouts in batches, as opposed to lump sums for a single daily payout.
If you'd prefer to receive your daily payouts in a single lump sum, as opposed to multiple batches, you might like our intermediary bank account solution.
With your permission, we can create an intermediary bank account for your business where we'll collect and combine your multiple payouts and then send the combined lump sum into your regular payout account, once a day. This will ease your reconciliation efforts as you'll have the reassurance of a daily lump-sum payout.
How can I set up my intermediary bank account?
To set up your intermediary bank account, you'll need to sign a consent letter digitally on your Dashboard. This letter allows Paystack to open a bank account in your business name on your behalf. It also allows us to create a standing debit order that will enable us to automatically process your payouts into your preferred bank account.
Here's how to set this up:
- Once you log into your Dashboard, you'll be prompted to sign the consent form.
- You can then review the form and sign by typing in your full name and your title in the company. If you don't have the authorisation to sign this document on behalf of your company, you can invite someone who can do this.
- After accepting the terms, you're good to go! All your future payouts will be made to you in one daily lump sum for seamless reconciliation.
What time will I get my payouts?
Once you set up your intermediary account, you will receive your payouts into your regular payout bank account in one lump sum before 2:00 pm each day, once it is due. You can check out this article for a guide on our payout schedule: When will I receive my payouts?
Can I choose not to create an intermediary account?
Yes, you can opt out of creating an intermediary account. However, please note that this means you will continue getting your payouts in batches, instead of a daily lump sum for easy reconciliation.