Welcome to the 21st century and the digital economy, where transactions can be carried out online. You can order goods and make purchases using online banking and money transfer services, and PayFast is one of such services. In this article, we will be teaching you what PayFast is and how it works as well as how you can register to use the service.
What is PayFast?
PayFast is an online payment processing service in South Africa that allows its users to make easy and secure payments for goods and services online. The system supports fast and instant money transfer online, allowing online shoppers access to internet banking services, permitting them to make Electronic Fund Transfers (EFT) which are instantly verified.
Payfast lets merchants accept supported online payments, including features such as recurring payments where available for the account and integration. Merchants manage payments through their dashboard. It should not be treated as a general-purpose personal wallet or a way to synchronise all your bank accounts.
How does PayFast work?
Payfast processes payments for merchants using the payment methods enabled for their accounts. Fees depend on the product, plan, payment method and agreement. Do not assume there are no charges beyond a successful-payment fee: the current general terms provide for other applicable charges, including minimum-volume fees in relevant agreements.
- At the merchant’s checkout, choose one of the payment methods offered.
- Follow that method’s official bank or payment-provider authentication steps.
- Check the amount and recipient before authorising the payment.
- The merchant receives a payment status through its integration or dashboard. This is different from synchronising the buyer’s bank account with a personal wallet.
Benefits of an Instant EFT
Using an instant electronic fund transfer system such as PayFast has several benefits to its users. Some of the benefits include the following:
- Supported payment methods can let a merchant confirm a payment during checkout.
- Availability depends on the buyer’s bank or payment method and the merchant’s enabled options.
- Payment confirmation and merchant settlement are different; processing can still require verification.
- Fees depend on the applicable plan and payment method, with other charges possible under the agreement.
- Merchants can use the dashboard and integration records to check transaction status.
A merchant must complete the required account setup and verification before accepting payments. A buyer should follow the merchant checkout and the selected payment method; this is different from opening and managing a merchant account.
How to register for a PayFast account
You can start merchant registration through Payfast’s official website. Check the current product, fees, verification requirements and integration instructions for your business:
Step 1: Open the PayFast website on your device browser. Go to www.payfast.co.za
Step 2: navigate the website’s landing page and find the ‘sign up/register button. Click on the button to proceed to the next step.
Step 3: Follow the instructions, fill in all the necessary information, including your email address and password, and then choose the type of account. When you have done these, click on “continue”.
Step 4: move on to verifying your account via your email address.
Step 5: After verifying your email address, go to the PayFast page and click on settings in the menu bar. In settings, click on “integration”.
Step 6: to set up your WooCommerce store, you will need a merchant ID and a merchant key. Copy both your Merchant ID and Merchant Key to your clipboard.
Step 7: proceed to adding and copying a passphrase.
Step 8: If your store needs subscriptions or other recurring payment features, check that your account and integration support the relevant feature and follow Payfast’s current setup guide. These are merchant acceptance settings, not a general requirement for buyers to make a payment.
Note: several goods and services cannot process payments through PayFast payment services. Ensure that your business doesn’t fall within this category before signing up for this service. After registering your account, ensure that your account is secure with a good enough password and authentication system. We will teach you how to enable two-factor authentication for your account and how to change your password if need be.
How to enable two-factor authentication
Two-factor authentication adds another verification step to your password. Use the security options and instructions currently provided in your Payfast account; the available verification method may depend on the account.
- First, you would have to log in to your PayFast account.
- After logging in, navigate the page to find the ‘profile’ tab and click on that.
- Find the ‘security information’ button and click on that, then proceed to click on the ‘two-factor authentication’ tab.
- Key in your mobile phone number along with your country code in the corresponding fields and then hit the ‘subscribe button.
- Go on to click the link displayed. This will enable the ‘two-factor authentication’ system’, and your account will be more safe and secure.
If after this you would still like to change your password, you can do that following these steps.
Login to your PayFast account and click on the “profile” button.
Find the ‘security button and click on it. Then proceed to click ‘edit’, which is situated on the right-hand corner of the page.
Enter your current password and the new password you would like to use and click on confirm.
Payfast can help a business accept online payments and manage transactions. A payment notification, the movement of funds between banks and the merchant’s settlement are different stages. Check the current fees, supported methods and settlement terms for your account before relying on a particular cost or payment time.