Payfast

Payfast

There is a new way that you can accept payment on the retail site – Payfast. www.payfast.co.za

So on your admin you have now 4 options to accept payment on your website – cheque / postal order, bank deposit, credit card (you have to process cards yourself through wappoint) and payfast.

Register for a Premier account with Payfast https://www.payfast.co.za/user/register and then once you have verified your account (by faxing them proof or address and bank details etc), log into your admin, click on ‘Your retail site information’ and where you edit your contact details, enter your payfast ID and key number. Then go to ‘Site admin’ – ‘Payment options’, tick ‘Payfast’ and submit. Your site will then accept payment by payfast. It’s probably best to untick the ‘Credit card’ option as one of the 4 payment options, as that may create confusion.

When somebody orders product from your site, if they choose to pay by payfast then they will need to register just with their name & email and then they can pay online via credit card, EFT (bank transfer – it takes them directly to the right place to do so and gives your details online in order to do it), or to pay by Ukash (people can get cash vouchers from any Pick n Pay or Checkers in SA)

You will receive confirmation of the order and you’ll see if they’ve chosen to pay by payfast. If they pay immediately online, payfast will notify you. They will also be sent an email from you with the ‘Pay now by Payfast’ link.

Below is the information about payfast that we’ve taken from their website www.payfast.co.za

What is PayFast?

PayFast is a payments processing service for South Africa. We make it safe for buyers to send money and easy for sellers to receive money.

For Buyers

  • Shop Online without disclosing your financial information.
  • Pay using EFT with the ease and speed of a Credit Card
  • Shop with Confidence online

For Sellers

  • No monthly fees! Only per-transaction fees.
  • Accept EFT payments with the ease & speed of credit cards
  • No manual reconciliation required to accept EFT payments
  • Reduced fraud through effective use of technology

How it works.

From your website, clients are directed to PayFast for payment. They choose how they wish to pay (EFT – internet bank transfer, credit card or Ukash), make payment and are then redirected back to your site.

We have to know who uses PayFast, so require users to register, but we only need a name, surname and email address, so registration is really easy (and we even pre-populate the form if the merchant already has the info).

As a receiver, your money accumulates in your PayFast account and we transfer it to your bank account at your request.
We only charge fees to receive money and only Premier or Business account holders get charged. There are no upfront or fixed costs to speak of. We’re nice that way 😉

Per-Transaction Fees

PayFast does not charge any setup or monthly costs. Sending funds is free, and receiving funds is free for Personal account holders, with Premier and Business account holders paying per transaction fees as follows:

– Credit Card 4.90% + R2.00
– Instant EFT 2.00% (min R2.00)
– Ukash 7.00% (min R2.00)
– PayFast Voucher 2.00% (min R2.00)
– Payouts  R 8.77 ….. side note – this is the cost to tranfer money into your bank account. You can let money accumulate in your payfast account before transferring to save payout fees.
All fees are Ex VAT

3 ways your customers can pay you with payfast.

1. Credit Cards
 Credit Cards are well known and a de facto payment method the world round for both online and offline transactions. PayFast currently supports the use of Mastercard and Visa credit cards.

Benefits: 1. Ease of use. 2. Well understood means of payment. 3. Can receive payment from international buyers. 4. No delay in fulfillment process. 5. Built in fraud protection.

2. Instant EFT
Instant EFT is PayFast’s patented, revolutionary method of EFT mediation which enables a buyer to pay via EFT but without the hassle of a 2 day waiting period or faxing proof of payment. Unlike other systems, no special software is required to use Instant EFT and our system works across all browsers. Currently we support payments from ABSA, FNB, Nedbank and Standard Bank.

Benefits: 1. No manual reconciliation or missing payments. 2. No chargebacks. 3. Instant confirmation of funds received. 4. No delay in fulfillment. process.

3. Ukash
 PayFast accepts Ukash as payment. Ukash is a voucher based payment system which allows you to buy online even if you don’t have a bank account or a credit card! All you need is cash! You simply go to one of the many retail outlets which sell Ukash, buy a voucher and then enter the 19 digit voucher number when paying online via PayFast.

Benefits: 1. Guarenteed funds; No chargebacks. 2. Allows cash-based consumers to buy from your site. 3. Can accept vouchers from international buyers