Banking

SocialPay: How to sign up, create a payment link and receive payments from customers

SocialPay is an invention of Sterling bank which helps merchants to receive payments from buyers by simply creating and sharing a payment link.

With SocialPay, you can accept payments from customers anywhere online with just a link. Share your link on Social media channels, via SMS, email, and get paid instantly.

Benefits of using SocialPay

several payment funding and disbursement options: The platform is built to accept multiple payment options which in turn adds convenience to all your transactions. These options includes, card payments, Pay with Onebank, and pay with Specta.

It enhances increase in sales: It will stop deal pullout at the source, given that the buyer must fund the transaction before the terms of transaction is fulfilled, you are rest assured that the buyer will not pullout at the tail end.

Read also: Ok Pay: How to open, fund and use the account

The specta feature promotes sales: The customers can spread payments with flexibility while it encourages them to buy more.

High end-to-end security: The payment gateway is secured with latest encryption technology which ensures both the buyer and the seller are safe.

How to sign up for Sterling bank SocialPay in few steps

Step one: Visit mysocialpay.ng, click on start receiving money as seen on the homepage

Step two: Under the setup account, you are required to provide,

  • First and last name,
  • Valid phone number
  • Email address
  • Date of birth
  • BVN, choose and confirm your password
  • Select your gender, there are two boxes to check either for registered or non-registered business, acknowledge the terms box.

Note: You are expected to input your name as it appears on your BVN, first and last name correctly with the date of birth inclusive, otherwise you’ll have hitches trying to pull through.

Step three: You’ll receive a mail in your mail box containing a link to verify your account, if you didn’t receive the mail re-enter your email by following the link provided and try again.

A 6-digit verification token will be received alongside, copy the token and input appropriately in the column advised, click on finish setup.

Read also: Stripe Payment – How to open a Stripe payment account in Nigeria 2020/2021

Step four: Log in to your account as redirected, you’ll be required to provide your bank information to create your first payment link. Select your bank name from the list of options and account number, click on “Confirm.”

Step five: Confirm if you’ll like to receive email for your transactions

Step six: A wallet will be created for you automatically to complete your account setup. Click on finish to create the wallet automatically.

Congratulations, you can now start receiving payments. The next step is to create a payment link.

How to create a payment link

Step one: Visit mysocialPay.ng, log in to your account by inserting your username and password

Step two: Click on create payment link, you will be required to pick from two options either unique or universal payment link.

  • If you choose unique payment link: This will allow you the seller to describe the product and fix the amount. This is typical for digital products and products that you need to track individually.
  • If you choose universal payment link: This allows the buyer to describe the product, include the total amount and then make payment. This is typical for retail products that are generic and vary in sizes, color, shapes, style and make.

Step three: Choose a payment link name for the product, input your business url/website address, describe the product and amount due to collect from the customer. Upload the goods/product image from the “Click upload.”

Step four: In the delivery option, you will have to choose either no shipping or cargo shipping as it applies with the product purchase.

Read also: Webmoney Nigeria: How to open, fund and withdraw from your account

Copy your payment link generated and send to the buyer to complete the payment.

Frequently asked questions on SocilaPay

Q1. What are payment links

Ans. A payment link is a secure and convenient way to receive payment online. A payment link is shared through SMS, Social Media channels, email, etc.

Q2. Can multiple customers use one link?

Ans. Yes, they can

Q3. How does it work

Ans. You are required to sign up, create a link, share the link, and begin to receive your payments.

Q4. How do I start?

Ans. Select the start receiving money on the homepage and provide some information to get started

Q5. Is it only for registered businesses?

Ans. No, it’s for both registered and unregistered businesses

Q6. Is the money safe?

Ans. Yes, it is. You get credited instantly to your bank account when the customer pays with OneBank and PayWithSpecta while you get credited within 24 working hours when they pay with a card.

Q7. How can I setup a link?

Ans. After you have successfully signed up, select create payment link on your dashboard.

Q8. How is it different from other payment platforms like Flutterwave and paystack?

Ans. An outstanding feature is that your customers can spread payment for 12 months for products and services costing N20k-N200k.

Q9. Do I pay to sign up, or is it subscription-based?

Ans. Subscription is free

Q10. What is the cost of transaction?

Ans. An NGN 107.5 transaction fee applies when paying with a card.

Q11. Can I use any bank account to sign up, or must be a Sterling bank account?

Ans. You can use any bank account to sign up and receive money.

Conclusion

The concept of SocialPay by Sterling bank is to further deepen financial inclusion, provide a ground for receiving payment for goods and services seamlessly. You can up your payment solution today as a merchant, business owner by signing up, create a payment link to start receiving funds.

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