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Payfast

Table of Contents
Introduction

PayFast is a South African online payment gateway provider. They enable the transfer of money from online buyers to sellers with various payment options such as credit cards, Instant EFT as well as Snapscan, Zapper and Mobicred.

The service was launched in May 2007  and today not only provides solutions for e-commerce websites but also, event ticketing and invoicing.

In 2021, in response to the COVID-19 crisis, they launched a new merchant-financing service in partnership with local fintech lender, Retail Capital, called Easy Advance. The service is designed to help merchants leverage short-term working capital to grow their business, without compromising their cash flow.

Main Features

Shopping cart integration – You can integrate the Payfast secure payment gateway into your online store’s checkout process. The payment gateway can integrate with some of the most popular e-commerce platforms, including Shopify, WooCommerce, WHMCS and Magento. They also offer custom integration.

Payment methods – They support all popular payment methods, including: Credit and Cheque Card; Instant EFT; MoreTyme; Masterpass; SnapScan; Debit Card; Mobicred; Scode; Zapper.

Dashboard – Using the dashboard, business owners can view and download reports of the account balance and recent transactions. Businesses are also able to access the following dashboard features – set up and manage features like split payments, subscriptions and Easy Advance. You can also enable a variety of payment methods, including credit cards and Instant EFT and action instant refunds on the dashboards.

Subscriptions – Beyond processing single payments, businesses with a subscription or membership model can process recurring payments, monthly, quarterly, bi-annually, or annually. This process is automated and scheduled.

Pricing

Payfast charges the following transaction fees.

  • Credit and Cheque Card – 3.2% plus R 2.00
  • Debit Card – 3.5% plus R2.00
  • Instant EFT – 2% (minimum R 2.00)
  • MoreTyme – 5.5% plus R 2.00
  • Masterpass – 3.5% plus R 2.00
  • SnapScan – 3.5% plus R 2.00
  • Debit Card – 3.5% plus R 2.00
  • Mobicred – 3.5%
  • Mukuru Pay – 3.9% plus R 6.00
  • Scode – 4.5% plus R5.00
  • Samsung and Apple Pay – 3.2% plus R 2.00
  • Zapper – 3.5% plus R2.00
  • Store Cards – 3.2% plus R2.00
  • Capitec Pay – 2.0% plus R2.00

They charge a flat fee of R8.70, excluding VAT, every time you make a request for a payout to your bank account.

Instant refunds will cost you R2 excluding VAT.

Pros and Cons

Pros

Experience in the market.
Wide range of payment options
Easy to set up

Cons

Transactions happen only on Payfast’s online secure payment system
Withdrawal fees
Limited outside South Africa
FAQs

Payfast uses industry-standard security protocols to protect your financial information. They also offer buyer and seller protection programs to minimize the risk of fraud.

No, Payfast offers individual accounts for personal sales or receiving payments. Business accounts come with additional features but are not mandatory.

Funds are typically available in your Payfast account within 48-72 hours after a successful transaction. You can then initiate a payout to your bank account, which may take an additional 1-2 business days.

Payfast accepts a variety of payment methods, including credit cards, debit cards, Instant EFT, Mobicred, and Zapper.

Currently, Payfast only processes transactions in South African Rand (ZAR).

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