Third-Party Payment Solutions
Last updated
by
Mira Kudrevatyh
We have been evaluating options for an effective payment solution to facilitate disbursements to WiseNxt participants and contractors. One potential approach we are exploring is;
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### **A).** Partnering with **Daigle Enterprise** (Kevin’s company) to manage the payment process. Below is an outline of how this solution would work:
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## **Payment Process with Daigle Enterprise:**
1. **Account Activation**: The company’s bank account, which has been dormant since registration in 2019, would need to be reactivated to facilitate payments.
2. **Deposit of Funds**: The required funds for participant stipends and contractor payments would be deposited into Daigle Enterprise’s account.
3. **Participant Payment List**: WiseNxt would provide Daigle Enterprise with a list of participants, including the amounts to be disbursed to each individual.
4. **Payment Initiation**: The bank, in coordination with Daigle Enterprise, would initiate the payments to the participants.
5. **Payment Reporting**: After payments are processed, a detailed report from the bank would be received to confirm that all disbursements were successfully completed.
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### **B)**. We are also exploring the option of partnering with **[iPayAfrica](https://www.ipayafrica.com/)**, a B2C payment provider that helps organizations streamline their payment processes. Below is an overview of the steps required to set up and use [iPayAfrica’s](https://www.ipayafrica.com/) services for our payment disbursements:
### **Account Setup Requirements with [iPayAfrica](https://www.ipayafrica.com/)**:
To create an account, we will need to provide the following:
1. **Company Name**
2. **Email Address**
3. **Business Description**
4. **Desired Service**
5. **Business Registration Status**
6. **Business/Trade License**
7. **Director's National ID Card or Passport**
### **Payment Procedure After Registration**:
Once registered, the payment process will work as follows:
1. **Deposit Funds**: We will deposit the required funds into the iPayAfrica account shared during the onboarding process.
2. **Proof of Deposit**: Proof of deposit will be sent to the assigned iPayAfrica account manager.
3. **Account Credit**: After the deposit is confirmed, the funds will be credited to our iPayAfrica account, where the balance will be visible on the system.
4. **Payment Initiation**: To initiate payments to multiple recipients, a CSV document with the participants' phone numbers and the respective amounts will need to be uploaded.
5. **Payment Processing**: iPayAfrica will process the payments within 48 hours and provide a detailed report upon completion.
**Additional Information**:
* There is **no setup fee** for using [iPayAfrica](https://www.ipayafrica.com/).
* A **Ksh 100 ($1)** transaction fee is deducted per transaction.
This option offers an organized and streamlined payment solution, with no upfront setup costs, making it a feasible alternative for WiseNxt’s needs.