PayFast is an online payment gateway provider based in South Africa. They allow money to be transferred from online buyers to sellers using various payment methods such as credit cards, Instant EFT, Snapscan, Zapper, and Mobicred.
The service was launched in May 2007 and now offers solutions for not only e-commerce websites, but also event ticketing and invoicing.
Features
Shopping cart integration – You can integrate the Payfast secure payment gateway into the checkout process of your online store. Some of the most popular e-commerce platforms, such as Shopify, WooCommerce, WHMCS, and Magento, can be integrated with the payment gateway. They also provide customized 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
- Instant EFT – 2.0% (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%
- Scode – 4.5% plus R 5.00
- Zapper – 3.5% plus R 2.00
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
Experience in the market.
Cons
Transactions happen on Payfast’s online secure payment system and not on your online store.
