Flutterwave reviews: Everything you should know

Flutterwave reviews show that it is one of the best-known payment processing platforms, especially in Africa. Remittance flows in Africa have increased to $54 billion, and the digital payments market is projected to reach $191 billion.

Flutterwave, a fintech company valued at $3 billion, provides payment infrastructure and services, enabling businesses to send and receive payments across borders. Its reach, services, and products contribute to the growth of the payments industry.

Whether you are a business owner looking to streamline payments or simply curious about this fintech, here is everything you need to know about Flutterwave—from its features and benefits to alternative options available to you.

Key takeaways

• Flutterwave is a payment processing platform that offers a range of products, including transaction security, benefiting businesses of all sizes. 
• It operates in several countries across Africa, the United States, Europe, and the United Kingdom. 
• However, Flutterwave has some drawbacks, including payment delays and security breaches. 
• Flutterwave is not the only payment gateway, as several others are available.

Flutterwave’s services

Flutterwave, headquartered in San Francisco and Nigeria, was founded in 2016 by Iyinoluwa Aboyeji (former CEO), Olugbenga Agboola (CEO), and Adeleke Adekoya. 

It offers a range of products and prides itself on accepting payments in over thirty currencies. Its API requests per day have peaked at 231 calls per second, totaling more than 20 million API calls.

The platform now processes an average of 500,000 payments daily, with over 15 payment options available, including debit and credit cards, bank accounts, mobile money, POS, M-Pesa, and VISA QR. Beyond Africa, Flutterwave holds money transfer licenses for up to 13 US states, enabling faster, more affordable, and secure money transfers between the United States and Africa.

What exactly does Flutterwave do?

Key features of Flutterwave

Payment processing: Flutterwave’s APIs and business tools allow you to collect payments in multiple currencies and process payouts globally.

Store: Flutterwave offers an online store that helps you find customers and accept payments from anyone, allowing you to grow your business easily.

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Payment links: You can create a payment link through Flutterwave and share it with customers. When they click the link, they can send money directly to you.

Invoices: Flutterwave lets you create invoices to get paid and track payments through its invoicing tool.

Capital: Capital is Flutterwave’s loan product, offering flexible loans to grow your business without needing collateral.

Grow: Flutterwave simplifies the process of registering and incorporating your business in the US, UK, or Nigeria from anywhere. It is designed to remove complexity around paperwork and legal procedures and has opened a waitlist for businesses to join.

Card issuing: You can create and manage virtual and physical cards, including virtual dollar and naira cards, through the Flutterwave dashboard or by integrating with its APIs. You can request and manage cards for customers or employees for physical naira cards, enabling you to control and manage employee expenses at scale.

Fintech As A Service (FaaS): With Flutterwave’s FaaS, you can embed financial services into your product or business. FaaS is a paid service offering features such as:

• KYC (Know Your Customer): Facilitate your customers’ identity verification.
• Account opening: Open and manage branded consumer and deposit accounts with Flutterwave’s developer APIs.
• Debit crards: Issue and process branded virtual and physical consumer and business debit cards.
• Payments and account servicing: Integrate with Flutterwave FaaS for ACH payments, bills, transfers, and account management.

Disha: Disha, Flutterwave’s no-code platform, helps creatives market their products and process payments. Currently, Disha’s services are on hold. Similarly, Flutterwave discontinued Barter, its virtual card service.

Send App: The Send App lets you make international transfers to local bank accounts and mobile money wallets. Flutterwave is also expanding this product to more regions, including a commercial launch in Malawi.

Tuition: Launched in 2023, Tuition helps Africans pay school fees in their local currency, whether they study domestically or abroad. You can pay using debit or credit cards, Apple Pay (UK only), Google Pay, or bank transfer (Nigeria only).

Flutterwave Events: If you’re an event organiser, you can use Flutterwave Events to sell tickets online. Once you create an account and fill in the event details, you can share the link and collect ticket payments for events like concerts or movies.

Flutterwave mobile app: Available on Google Play and the App Store, the Flutterwave mobile app functions as a mobile POS. It allows you to generate payment links inside the app and share them for payment via card or other options. Just sign in with your Flutterwave account, as you would with the web platform.

Is Flutterwave legit and safe?

With over 900,000 businesses using Flutterwave to process payments globally, here are some key points to help you answer the question: Is Flutterwave legit and safe?

Security measures

Security is essential to your business and payment integrations, especially when protecting user data and transactions both when receiving payments and when sending out funds. Flutterwave offers several security features, including:

• Fraud protection: Flutterwave includes built-in fraud analysis that flags potential issues, giving you clear indicators to help you decide whether to proceed or cancel a transaction.
• Account security: You can activate two-factor authentication on your Flutterwave account. This requires both your password and a one-time password (OTP) sent to your email each time you log in.
• 3D Secure (3DS): The 3DS checkout flow provides an extra layer of security by adding an authentication step during card transactions.
• IP whitelisting: With IP whitelisting, you control who can access your Flutterwave account via API to process payouts. Only whitelisted IP addresses are allowed to transfer funds from your account.
• Certification and standardisation: Flutterwave is PCI-DSS certified, ensuring that transactions and transaction details remain secure. PCI-DSS compliance is vital for any organisation that accepts or processes card payments.
• Periodic audits: Flutterwave works with auditing firms to ensure that its payment infrastructure meets standards designed to protect you and your customers.

Additionally, Flutterwave is working to combat cybercrime by partnering with Nigeria's Economic and Financial Crimes Commission (EFCC) to build and equip a state-of-the-art cybercrime research center.

How much does Flutterwave charge?

Flutterwave’s payment structure includes transaction fees that vary based on your country or region, your customer's location, and the payment channel used. 

In Africa, local card transactions range from 1.4% to 3.8%, while international card payments attract up to 3.8% fees. In the USA, Flutterwave charges 2.9% for local cards, 4.8% for international cards, and 2.9% for mobile money transactions. 

For businesses with large-volume or high-value transactions, Flutterwave also offers custom pricing options. 

Transaction fees can vary between providers like Paystack, Stripe, and DPO Group. Some providers charge higher fees than Flutterwave, while others offer rates within a similar range. Additionally, Flutterwave enables you to accept payments in multiple currencies, which can help avoid extra currency conversion fees.

How does Flutterwave make money?

Flutterwave generates revenue by charging a fee on transactions, which is a common approach among fintechs. They facilitate business transactions and charge a fee for this service. 

Flutterwave’s expansion and licensing efforts help increase the number of businesses it serves, improving its reach and revenue potential. It operates across multiple countries, including several in Africa, the United States, Europe, and the United Kingdom.

Benefits of using Flutterwave

Advantages for businesses in Nigeria and Africa

Small businesses in Africa often need help accessing global payment gateways due to factors like regional restrictions, currency limitations, and high fees. With Flutterwave, you can receive payments from various sources, including cards, bank transfers, and mobile money, empowering Nigerian and African businesses to reach a global customer base.

Flutterwave’s multi-currency support allows you to set prices and receive payments in local or foreign currencies. This avoids unnecessary conversions and reduces transaction costs while providing a cross-border payment system.

Flutterwave’s payment APIs also lets you embed payment processing functions directly into your platform. It also offers security checks and features to help you run safe, secure transactions.

Accessibility and usability

Flutterwave has been acquiring licenses in new countries and launching its products in additional regions, which increases accessibility. It offers a user-friendly platform designed to cater to businesses of all sizes. The Flutterwave dashboard, along with its various tools and features, makes it easy for you to navigate the platform and monitor your activities.

Flutterwave's low-code and no-code setup options allow anyone, even without technical expertise, to create a payment system quickly. For more tech-savvy businesses or larger organisations, Flutterwave provides APIs that can be seamlessly integrated into your website or products.

Disadvantages of using Flutterwave

While Flutterwave is very popular, it receives some criticism from users. Many mention delays in receiving payments, especially with cross-border transactions, and sometimes experience issues with processing refunds or pending payments. You may also find that there can be delays in the verification process during sign-up.

Some users note that while certain support representatives are helpful, others provide limited assistance. Flutterwave’s fees are competitive for local payments, but international transaction fees can be higher.

Occasionally, accounts may be frozen due to suspected fraudulent activity or a failure to comply with regulatory requirements.

There have also been reported security issues, including a breach in April 2024 that caused Flutterwave to lose $7.2 million. In October 2023, a glitch caused Flutterwave a loss valued at $26 million, as of 2023.

Alternatives to Flutterwave

Flutterwave is not the only payment gateway, and several others exist in Nigeria.

Other payment gateway options in Nigeria

Payment gateways in Nigeria as alternatives to Flutterwave include:

• Paystack
• SeerBit
• Monnify
• Remita
• Interswitch
• DPO
• Squad
• Kora

FAQs about Flutterwave

Is Flutterwave safe to use for Payments?

Yes, you can consider Flutterwave safe for payments. The platform maintains PCI-DSS Level 1 compliance, which is a security standard for handling credit card information. It also has fraud detection and other security measures in place to protect your transactions.

How much does Flutterwave charge for transactions?

Flutterwave's transaction fees vary depending on the type of transaction, payment method, and region. In Nigeria, local transactions incur a 1.4% fee, while international transactions can incur up to 3.8% fees.

Can I use Flutterwave for international payments?

Yes, you can use Flutterwave for international payments. Flutterwave supports cross-border transactions.

What are the pros and cons of using Flutterwave?

Pros

• Security certifications like PCI-DSS
• Multi-currency support
• User-friendly interface with extensive products and business tools
• Caters to small and large businesses
• Flexibility with payment methods, including bank transfers, cards, and mobile money

Cons

• Higher fees for international transactions
• Occasional delays in payment settlement
• Occasional slow customer support
• Issues of security breaches

What payment methods does Flutterwave support?

Flutterwave supports a variety of payment methods, including credit and debit cards, bank transfers, mobile money, and international payment options. This enables merchants to offer diverse payment choices to their customers.

What are the fees associated with using Flutterwave?

Flutterwave's fee structure varies based on transaction types and regions. For instance, in Nigeria, the standard fee for local transactions is 1.4% per transaction, capped at ₦2,000. International transactions may incur different fees. It's advisable to consult Flutterwave's official pricing page or contact their support for detailed information.

How does Flutterwave handle settlements and payouts?

Flutterwave processes settlements based on the transaction type and currency. Local transactions typically have a settlement cycle of T+1 (one business day), while international transactions may have a cycle of T+5 (five business days). Merchants can choose to settle funds into their bank accounts or Flutterwave wallet.

Is Flutterwave compatible with my existing systems?

Flutterwave offers various integration options, including APIs, SDKs, and plugins for platforms like WordPress, Shopify, and Magento. This flexibility allows seamless integration with existing e-commerce platforms and business tools.

What security measures are in place to protect transactions?

Flutterwave is PCI-DSS Level 1 certified, ensuring adherence to the highest security standards. The platform employs encryption, tokenization, and fraud detection systems to safeguard transactions and customer data.

How does Flutterwave support international transactions?

Flutterwave enables merchants to accept payments from customers worldwide, supporting multiple currencies and payment methods. The platform handles currency conversion and provides settlement options in various currencies, facilitating international business operations.

What customer support services does Flutterwave provide?

Flutterwave offers customer support through various channels, including email, live chat, and a comprehensive Help Center. Support can assist with technical issues, account management, and other inquiries.

Are there any limitations or restrictions on transactions?

Transaction limits and restrictions may vary based on the merchant's account type, location, and regulatory requirements. For specific information related to your business, it's recommended that you review Flutterwave's terms of service or contact their support team.

How user-friendly is the Flutterwave dashboard?

The Flutterwave dashboard is designed for ease of use and offers features like transaction monitoring, reporting, and account management. An optimized search bar enhances navigation, allowing merchants to access various functionalities efficiently.

What is the process for handling disputes and chargebacks?

Flutterwave provides a structured process for managing disputes and chargebacks. Merchants are notified of disputes and can respond with relevant documentation within specified timeframes. Detailed guidelines are available in Flutterwave's Help Center.

Conclusion

Flutterwave is a popular payment gateway that provides businesses across Africa with essential tools for accepting local and cross-border payments. While it has many advantages, Flutterwave reviews show that it has some drawbacks.

While Flutterwave is an excellent choice for businesses seeking a secure and versatile payment gateway, you should consider your specific business needs before settling on it. This article also provides a list of other alternatives to Flutterwave in Nigeria.