Paycycle vs Paystack

Paycycle connects payment workflows around Xero for South African businesses and accounting practices. It brings approved supplier bills from Xero into payment runs and reconciles completed payments back to Xero. For payroll, it imports approved employee pay runs from SimplePay for review, authorisation and payment. Its collections tools handle electronic mandates, recurring collections, failed-payment follow-up and reconciliation. Pay Now can be added to Xero invoices so customers can pay without logging in or setting up a new beneficiary.

Supplier and employee bank accounts are checked through AVS before payment. Payments use a direct route where supported, or a funded pass-through settlement route where required. Listed supplier-payment rails include PayShap, Investec Open Banking, Paycycle Payments and Netcash Payments. Paycycle describes an AI reconciliation engine that reviews bank feeds, resolves exceptions and closes month-end reconciliation in under a minute. Listed controls include encrypted and masked bank details, controlled approvals, tamper-evident records and an audit trail. The web service offers free modules and paid plans; prices range from free to 1,450 ZAR a month.

Paystack helps businesses in Africa accept online and in-person payments from customers around the world. Listed channels include cards, bank accounts and transfers, USSD, POS, Apple Pay, Google Pay, Visa QR, and mobile money. Its APIs support one-time and recurring payments through an app or website, instant transfers, and customer identity verification. The dashboard provides reporting, alerts, exports, transaction reports, customer search, and purchase insights. Listed integrations include WooCommerce, Shopify, Chargebee, Zapier, Wix, and Xero; developer materials include an API and SDKs for Android, iOS, and Flutter. Paystack says its automated and manual fraud systems help protect against fraudulent transactions and related chargeback claims. It states that it is PCI DSS Level 1, ISO 27001:2022, and ISO 27701 certified. The pricing page lists no subscription, integration, or maintenance fee, but transaction fees apply. In Nigeria, local transactions cost 1.5% plus NGN 100; that NGN 100 is waived under NGN 2,500, with local fees capped at NGN 2,000. Automatic settlement is free and generally reaches the merchant's bank account the next working day.