In South Africa, there are several online payment platforms, and one such payment platform is PayFast. It is noteworthy that these online payment platforms come with their own advantages and disadvantages and PayFast is no different.
In this article, we would be taking a look at the PayFast platform with the hope that I will be able to address all the questions that you have about PayFast at the end of this article so I would want you to stick with me till the end of the article.
What is Payfast
PayFast has been around for quite some years now and one thing that you have to note is that many people have heard about PayFast, you might probably be one of such people, however, there will be little idea about what exactly is PayFast.
This section of the article is well-organized to answer the question of what PayFast is and I hope by the end of this section, you will have a broader knowledge of PayFast.
In South Africa, PayFast is a top brand and it is considered one of the leading online payment processing solutions.
PayFast is used by individuals, non-profit organizations, and businesses of all sizes one thing to note is that PayFast has shown commitment in many ways and one of such ways is making money transfers to online merchants absolutely stress-free.
It is noteworthy that there are over-popular and established payment methods that PayFast supports and what this means is that no matter the payment method, PayFast will get you sorted easily.
Is Payfast Trusthworthy
PayFast has grown to become a household name and when it comes to whether PayFast is a trustworthy platform, it is absolutely prudent and safe to say that it is a trustworthy platform.
This is due to the fact that PayFast has not only provided one of the fastest means which payments can be done, but it has also provided an avenue where businesses can grow very fast irrespective of their size and location.
PayFast being trustworthy can be seen in the number of individuals and businesses who use the platform on a daily basis.
How Does Payfast work
PayFast works in the same way as other online payment platforms. It is a medium through which transactions are made. PayFast works in a way that business transactions become very simpler than you would expect. Using any of the payment methods provided by PayFast, you can be sure of having a secure business transaction.
PayFast Account Registration
Before you can use PayFast to transact business, you must first register and have an account on PayFast.
The PayFast signup is absolutely free and you can actually create an account at any time of the day so the first step is to create an account.
One major thing that you will need to do during the registration process is by verifying your email address and this is because it will be the primary contact that PayFast will use to reach you.
If you want to create an account, do the following;
- Visit the URL, https://www.payfast.co.za/registration
- When the webpage opens, proceed to enter your email address and the password you will want to use.
- After entering these two, you must choose the type of account you want to have – individual, business, cause, and buyer. When done choosing the type of account, click on continue.
- At this point, you will be required to follow the prompts in order to get the account creation process completed. How To Make Payment With Payfast Making payments with PayFast is very simple. Upon checkout, alert your customers to use any of the payment methods provided by PayFast and once he or she is able to verify their identity, the payment will go through successfully. The steps involved in making payments with PayFast are not herculean and these steps can be completed in a few minutes. How to receive money from Payfast Once you have your account set up and running, you are now ready to receive payments from PayFast. One notable thing about receiving payments from PayFast you can payments through your website or your email. You do not need any merchant for receiving payments and these payments are made when you personally request them. What Are Payfast Fees PayFast fees are fees charged by PayFast when you use the platform to transact your business. These fees vary and you must have in mind that these fees are highly dependent on the payment method that you used to transact the business. Aside from these transaction charges, PayFast does not charge any daily, monthly, or weekly fees making life very serene for the customer at all times without thinking about the charges being accrued. Some payment methods on PayFast include Credit and Cheque Card, Instant EFT, MoreTyme, Masterpass, Store Cards, SnapScan, Debit Card, Mobicred, Scode, and Zapper. These methods have their own charges and below are the charges;
- Credit and Cheque Card – 3.2% + R2
- Instant EFT – 2%
- MoreTyme – 5.5% + R2
- Masterpass – 3.5% + R2
- Store Cards – 3.2% + R2
- SnapScan – 3.5% + R2
- Debit Card – 3.5% +R2
- Mobicred – 3.5%
- Scode – 4.5% + R5
- Zapper – 3.5% + R2 In addition, PayFast charges flat payout fees. You are charged the flat payout fee when you request money to be sent to your bank account. This fee is pegged at R8.70 and irrespective of the amount, the value will not change. Also, refunds attract a fee of R2. How Long Does Payfast Take To Payout You must have in mind that PayFast payout takes time to complete. The reason why it takes time for the PayFast payout to be completed is that PayFast collects multiple payments on the individuals’ behalf. These payments are added to the individual’s PayFast account and it is from the PayFast account that the individual can request funds. If you are looking forward to using PayFast, be mindful that it will take up to 48 hours to 72 hours for your PayFast money to reach your bank account.