Pay with Specta is a product of the sterling bank which allows you to use your Specta ID, which is the smartest, safest and most convenient way to make purchases and pay in instalments.
Pay With Specta, Who They Are?
With PayWithSpecta, they are offering and creating a unique approach to the credit financing ecosystem.
Pay with Specta offer you a digital spending limit that can be used to make purchases from merchants (in-store and online).
A portion of this digital credit could be converted to cash, which allows you to make purchases from merchants yet to sign up for PayWithSpecta or for your personal needs.
Pay With Specta would also reward you for every merchant you refer to them. Learn more by going through this article to know how they operate.
How Pay With Specta Works?
Getting started with the Sterling bank payment gateway is quite quick, easy and hassle free:
Step 1: Sign Up
You have to register on their website, to get started and pay with specta in minutes.
Step 2: Get Your Spending Limit
Get your digital spending limit to start shopping at any of their Partner Stores. Your limit is valid for 3 months and can be renewed if not spent.
Step 3: Pay With Specta
To utilize your spending limit, provide your Specta ID at any of their Partner Stores (online or in-store) and choose your repayment option to conclude your purchase.
Get Spending Limit With Pay With Specta
To get your spending limit on paywithspecta, click “Sign Up” on their homepage to start your journey.
• To sign up, Pay With Specta will collect your basic information and send an OTP to the phone number attached to your BVN. Login to your dashboard and continue.
• From your dashboard, click “Get your spending limit” and follow the 3 easy steps to get your limit instantly:
• Fill in your personal information
• Complete your bank information
• Provide your account information.
Note: (If you are new to Sterling, get your passport photograph, utility bill, signature and valid means of identification ready as you will need to upload it to open an instant online account).
Pay With Specta Spending Limit Requirements?
• You must have a good credit history
• You need 6 months consistent cashflow (your Bank would charge you for your Bank statements)
• All outstanding obligations with financial institutions would be considered
• Maximum spending limit is N2,000,000.00 (Two Million Naira).
How To Start Utilizing Your Spending Limit With Paywithspecta?
1. Login to your dashboard to tokenize the debit card linked to the bank statement submitted for review
2. If you are new to Sterling bank, KYC documents (e.g. references, address verification) need to be verified. This usually takes 48 hours to complete
3. With your Specta ID, you can make purchases at any of our partner merchants (in-store or online)
4. 30% of the spending limit can be accessed as cash to make purchases from merchants yet to sign up for Pay with Specta or for your personal needs.
Your Spending limit is valid for 3 months and can be renewed instantly. Also, when limit is paid down, you can renew instantly by clicking “Get spending limit” from your dashboard.
Pay With Specta Interest Rates
There’s no charge for unutilized spending limit which gives you 0% rate.
1. From 0 – 90 Days Repayment
• You are not charged interest and fees when you purchase and choose to repay in 1 to 3 instalments at some of Paywithspecta partner stores.
• You can get 40% of your unutilized spending limit to spend when you choose 90 days repayment tenor
• You can get 40% of your unutilized spending limit to spend when you choose 60 days repayment tenor
• You can get 40% of your unutilized spending limit to spend when you choose 30 days repayment tenor.
2. From 7 – 12 Months Repayment
• You can get 100% of your unutilized spending limit to spend when you choose 7 to 12 months repayment tenor.
• You get charged when you spread your repayments between 7 to 12 months for purchases at any of our partner stores.
• When you pick 7 – 12 months repayment tenor, the interest rate is as low as 24% per annum or 2% monthly and does not exceed 24% per annum or 2% monthly. The insurance fee is 2% per annum.
3. When you take cash, the available repayment tenor is 7 – 12 months and the interest rate is 25% per annum or 2.08% monthly, while the insurance fee is 2% per annum.
How To Pay With Specta / Shop Online?
When you visit any of their partner online merchants/stores, pick all your products and simply check out with Specta.
1. Enter your Specta ID and choose tenor for repayment to proceed.
2. The tenor range is between 0 to 90days Interest free and 7 to 12 months with interest.
3. An OTP would be sent to the phone number attached to your BVN.
4. Input the OTP to complete the transaction.
5. Your account with Sterling would be credited and the funds moved instantly to the merchant for the purchase you made.
6. An offer letter would be sent to your email showing the terms and conditions of the loan.
Same process also apply to shopping in store, You must be physically present in the store to carry out the transaction. Do not share your Specta ID and OTP over the phone.
Pay With Specta Get Reward
Receive a reward for every merchant you refer to Pay With Specta.
To refer a merchant, go to “Refer merchants & get rewarded” section on the landing page and click “Get Referral Code” to proceed.
Sign Up to get your referral code.
An email will be sent with your referral code and link. You can share the link or code with as many merchants as you want for onboarding.
Please note that this reward is for onboarding merchants who do not have existing accounts with Sterling Bank.
The reward for referring a merchant when they start transacting include:
• A one-off payment of ₦500.00 on any Merchant account opened with a minimum credit average balance of ₦30,000.00 in the first 15days of opening.
• Up to 0.15% per annum commission to be paid monthly on the credit average balance on account opened.
The commission will be paid for one year starting from the month of onboarding a new merchant.
Pay With Specta Contacts
As always they are available to respond to your enquiries via telephone on 017004271 or send a mail to paywithspecta@sterling.ng
