Get Paid Instantly: MyCo Payments Now Runs on Korapay
Instant settlements. That is the big change with MyCo Payments.
If you are a coach, consultant, event planner, or SME using MyCo to get paid in Nigeria, your clients pay and you get the money in your account immediately. Not in three days. Not after a settlement batch runs. Now.
The Problem We Solved
For years, our Nigerian customers told us the same story:
• I got paid on Friday, but the money didn't hit my account until Tuesday.
• My client paid, I saw the notification, but I'm still waiting for settlement.
• I need to pay my suppliers, but my funds are stuck in a payment provider's wallet.
The payment industry had normalized 2-7 day settlement delays. We thought that needed to change.
Why We Chose Korapay
We had three requirements:
1. Instant Settlements
Your clients pay. You get paid. Immediately. The moment a payment clears, it lands in your bank account automatically.
2. Fair, Transparent Pricing
No hidden fees. No surprise deductions. We charge 1% with a ₦1,000 cap. A ₦50,000 payment costs you ₦500. A ₦200,000 payment? Still just ₦1,000.
3. Built for Nigerian Businesses
Korapay is Nigerian. They understand NIBSS, NUBAN, CBN regulations, and what local businesses need. After months of testing, Korapay delivered on all three requirements.
How It Works
Old Way (Most Payment Providers):
• Customer pays
• Payment sits in provider's wallet
• Wait 2-7 days
• Settlement batch runs
• Money finally arrives (maybe, if the batch didn't fail)
MyCo Payments with Korapay:
• Customer pays
• Money lands in your account (30 seconds later)
No batches. No waiting. No wondering when you will get paid.
Real Impact: Who This Helps
Event Planners: Attendees pay for tickets today. With instant settlements, you can pay vendors immediately.
Coaches & Consultants: A client books and pays. You get settled instantly. The money is already there.
Small Business Owners: Instant settlements mean cash flow you can plan around, not cash flow you hope arrives on time.
The Technical Bits
When your customer pays, Korapay receives the payment are deducts theit standard transaction fees, MyCo's 1% fee is also deducted, and the remaining amount transfers instantly to your bank account. All of this happens in the background. You do not configure anything.
What About Fees?
Here is the breakdown:
• Korapay (Cards): 1.5% + VAT (The VAT is Nigeria’s law, so you’re compliant)
• MyCo: 1% of gross amount, capped at ₦1,000
Both fees are deducted automatically. You receive the net amount instantly.
Compare this to paying 2.9% and waiting three days, or paying 3.9% with manual payout requests. We believe instant, transparent, and affordable payments should be the standard.
How to Get Started
Existing MyCo Users:
Simply visit your Payment Settings page and verify your identity / bank account. That’s all you need to do.
New to MyCo?
• Sign up at mycentreoffice.com
• Complete your BVN verification
• Share your payment link with clients
• Get paid instantly
Why This Matters
We built MyCo because running a service-based business should not feel like wrestling with spreadsheets and chasing payments. You should focus on serving your clients, not waiting for money you already earned.
Instant settlements are not a luxury. They are a basic requirement for cash flow sanity. With Korapay, we are delivering that.
What's Next?
We are working on:
• Multi-currency support (USD, GBP, EUR) with instant settlements
• Payment plans for high-ticket services
• Detailed settlement reports with export to accounting tools
For now, Nigerian businesses using MyCo can get paid instantly. That feels good.
Questions?
What if I already use Flutterwave or Paystack directly?
You can still connect your own account. MyCo supports multiple payment providers. But if you want instant settlements, MyCo Payments is the way.
Is there a minimum payout amount?
No. Even a ₦100 payment gets settled instantly.
Can I see settlement history?
Yes. Go to Payment Hub in your MyCo dashboard.
Ready to get paid faster?
Start using MyCo Payments today at mycentreoffice.com
Have feedback? Email us at hello@mycentreoffice.com or find us on social media @MyCentreOffice.
About MyCo:
MyCo is a business management platform for coaches, consultants, and service-based SMEs. We help you manage clients, send invoices, get paid, and run your business—all in one place. Learn more at mycentreoffice.com.