Top South African Payment Gateways

Top South African Payment Gateways

The money transfer sector is a fast growing business sector in South Africa. As more and more people look for alternatives to send money securely and easily, the more service providers answer this call. Below are top South African payment gateways.

Paypal – Clients can choose between the PayPal Express Checkout, which provides a seamless checkout for PayPal account holders via an API integration or the PayPal Standard Checkout, where PayPal authorizes payments and then returns the online customer to your website. PayPal enables FNB bank account holders to easily make payments and withdrawals using their bank accounts. FNB has also made it possible for non-FNB account holders to withdraw funds paid into their PayPal account to their bank accounts at other banks, through the FNB Withdraw Service.

Pay4it – Pay4It provides e-commerce solutions for small to medium businesses. A subsidiary of REDi Internet Services, Pay4It will even host and develop the online retailer’s website and make it entirely ready for e-commerce transactions. Pay4It charges a R500 +VAT once-off setup fee and a monthly subscription fee from R150 to R250. A 6% fee is levied per transaction.

Sage Pay – Sage Pay transacts directly with 4 of the larger banks – Standard Bank, First National Bank, ABSA and Nedbank, and through Bankserv, with the smaller banks. Sage Pay is therefore able to guarantee service levels and payment clearance times.

Monsterpay – MonsterPay is a favoured choice for smaller businesses. MonsterPay is a Setcom company and does not charge a setup or monthly subscription fee. To receive payments, MonsterPay levies a transaction fee of 4.5%, plus an additional R2 for credit card payments. Payments received via SID Instant EFT are levied a 2.9% transaction fee and an additional R2.

SID – SID is another Setcom company and it provides the only instant EFT service in South Africa, called SID Payment. SID Payment is an assisted EFT (electronic funds transfer) that allows the customer to make payment directly to a merchant using their existing Internet banking facility, and deposits are made in real time. If a customer has never used SID before, they will be asked to run the application.

Payfast – PayFast does not charge monthly fees – only per-transaction fees. PayFast is geared towards South African sellers (who serve both local and international buyers) and is constantly looking for innovative new ways to serve this market. PayFast discounts transaction fees for charities and for other businesses, in accordance with their monthly transaction volumes.

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