Flaxx was born out of shared concern of every Nigerian entrepreneur, I still remember when i first landed a gig online with a client in Belgium and needed to process payments to my Nigerian account, Got on PayPal and Nigeria got banned and my funds unrecoverable for months…the job so took everything I had to the point where i was left disappointed, confused and frustrated. the same concern goes to most business people who process their daily bread online.
Flaxx came into existence in 2022 and have ever since made payment processing as easy and seamless as possible for its customers, flaxx is an international payment processing service that processes international payments from any country through your payment link or virtual account number to your flaxx account and down to your Nigerian bank account.
Below is a well thought out process to open and verify your flaxx account in less than 10 minutes
How to Successfully Complete Your KYC on Flaxx.co in (2023)
- To register and verify your Flaxx account, follow this process
- Go to https://Flaxx.co
- On the left side corner, click on the three lines and choose Register
- Provide all your necessary details, including your Full name, email, Phone number and password.
- When you are done, click on create an account. Then the website will ask you to verify your email address.
- An OTP would be sent to your email to verify, input the OTP code and click on Verify. You will be verified immediately and your account will be activated successfully
- And there you have it, your account would be ready, you can simply login with your email and password to complete your KYC. They trade with the black market rate and receives deposit at zero cost.
How to Complete Your KYC
- Login into your account with your previously generated email and password
- Click on complete KYC ( KYC stands for “know your customer”)
- You’ll be taken to a page where you will provide personal information’s about yourself
- Thereafter, you will be asked to present a means of identification. could be your:
- National identity card (NIN)
- International Passport
- Voters card or
- Drivers licence
After ID verification, you can request virtual cards. You can request GBP, USD, Euro, and Naira bank accounts. Your USD account will be given to you immediately you request for one.
- Support for major currencies and accept payments from countries from around the world.
- Easy Activation. Hassle free activation for businesses upon sign-up.
- Real-time currency conversion
- Settlements in Nigerian naira
- Deals on black market rate
- Inbuilt PayPal Integration
- Promotional links available for referrals
- No- charge withdrawals
Flaxx is one of the most popular, fastest and safest online payment methods available today. Famous for how customer friendly it is, Flaxx has a solid system that is convenient to use globally.
The upsides of using Flaxx are that It is free to sign up, Fast, efficient, and clients need to sign up only once and get verified within the shortest possible time.
1. Transaction between Two Countries:
International transaction is done between two countries, i.e., the business done between two countries is called international business. When one country buys goods from another it is called the importer and the selling country is called the exporter.
2. Two Parties:
Like local business, in international business too, there must be at least two parties. One party receives the payment while the other gives the payment. This giving and receiving of payments is included in international payments.
3. Value Transfer:
Money transfer and value transfer are two different things. Money transfer happens in local business while in international business value transfer takes place. Because two countries have different currencies the value transfer is done through an exchange banker.
One characteristic of international payment is its difficult work process. It is a difficult process in comparison to local business. The reasons for this are different currencies, exchange control, variation in exchange rates etc.
5. Economic and Non-Economic Activities:
International payment takes place due to both economic and non-economic activities. Export-import, loan, interest etc. are included in economic activities. Due to these activities one party becomes the payer and the other becomes the receiver. The responsibilities are fulfilled by – payment from one to another. Non-economic activities include help, grant, damages, money transfer by non-residents, expenses incurred on embassies, tourists, sports persons etc.
There are no difficulties for payments in local business. Both parties reside in the same country and face no problem in giving or receiving payment in the local currency. But when payment process takes place between two countries it is called international payment. There is difficulty in international payment because both parties are in different countries. Currencies in both countries are different and the currency of one is not legally acceptable in the other and foreign exchange is controlled by the governments in all the countries and not individuals.
And there you have it, a step-by-step guide to open and verify a flaxx account to receive payments in Nigeria, I’ll definitely love to hear from you, what are your thoughts on the account processes, was it seamless or difficult for you to walk through..?