Payfast fees in South Africa; When it comes to online payments, understanding the fees involved is essential. In South Africa, Payfast is a popular choice for handling transactions, and their fee structure is designed to be straightforward and transparent.
In this article, we’ll break down Payfast fees in simple terms and provide you with a table to help you calculate your costs easily.
What Are Payfast Fees?
Payfast operates on a “pay per transaction” model. This means you only pay fees when you successfully receive a payment. There are no hidden costs, no minimum requirements, and no long-term contracts to worry about. Let’s dive into the specific fees for different payment methods.
1. Card Payments: 3.2% + R2.00
When your customers pay you using a credit or debit card through Payfast, you’ll be charged a fee of 3.2% of the transaction amount plus an additional R2.00.
| Payment Method | Transaction Cost | You’ll Only Pay (ex VAT) |
|---|---|---|
| Card Payment | R5000 | R162.00 |
2. Instant EFT Payments: 2% + Minimum R2.00
If you prefer to receive payments via Instant EFT, Payfast charges a fee of 2% of the transaction amount. However, there’s also a minimum fee of R2.00. This means you’ll pay either 2% of the transaction amount or R2.00, whichever is higher.
| Payment Method | Transaction Cost | You’ll Only Pay (ex VAT) |
|---|---|---|
| Instant EFT | R5000 | R100.00 |
Pay Less as You Grow
Payfast rewards businesses that process higher volumes of transactions. If your monthly transactions exceed R50,000, you can reach out to Payfast for custom pricing. This could lead to even lower fees tailored to your business needs.
How to Calculate Your Fees with Payfast
Calculating your Payfast fees is easy, thanks to their handy online calculator. Here’s how to do it:
- Visit the Payfast website.
- Access the fees calculator tool.
- Choose your preferred payment method (Card or Instant EFT).
- Enter the transaction amount.
- The calculator will instantly display the fee you’ll be charged.
In Summary
Payfast offers a transparent and cost-effective solution for processing online payments in South Africa. Whether you’re receiving card payments or opting for Instant EFT, their fees are competitive and designed to help your business thrive.
Remember, the more you grow, the less you pay per transaction. So, if you’re looking for a reliable payment gateway, give Payfast a try and calculate your fees with their handy tool. Say goodbye to hidden fees and hello to hassle-free transactions.
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