PayFast Celebrates A Decade Of Business:
PayFast is celebrating 10 years of growth and partnerships in the payment and ecommerce sectors of South Africa. Ten years ago PayFast’s founder and managing director, Jonathan Smit, had a vision of making online transactions simple, secure and accessible to all South African sellers and buyers. Even though in 2007 online retailing in South Africa was still in its infancy, PayFast would revolutionize the local ecommerce landscape, starting with the launch of their proprietary product: Instant EFT.
Instant EFT enables buyers who hold a bank account to make online payments that are immediately verified. This service opened the e-commerce market to a whole new consumer segment, changing the playing field of the online payments sector.
PayFast soon identified that the requirement to open a merchant account to accept card payments was slowing down the potential growth of South Africa’s ecommerce industry. This inspired PayFast to again lead the way in developing a progressive onboarding flow that made it easy for anyone, even individuals, to accept card payments.
As PayFast hits the 10 year landmark, a look back showcases a series of industry firsts, including offering Bitcoin as a payment method in 2014, launching the first South African payment gateway option for the growing Shopify platform in 2012 and making the PayFast plugin for the ever-popular Woocommerce shopping cart available for free to South Africans in 2013.
More recently PayFast launched another game-changer with their recurring billing and subscription service, encouraging innovative new business models for merchants and simplified payment options for customers. It is technological advances such as these, that ensure that South African merchants remain at the forefront of innovation and growth in the e-commerce sector.
Since the company’s founding, PayFast has been determined to stay ahead of the curve. This ambitious strategy has secured the brand’s status as market leader and led to the payment gateway’s extensive list of 80,000 registered merchants with over 1.5mil unique buyers having used the service by 2016.
“We are proud to have achieved the 10-year milestone, which provides an opportunity to reflect on the growth PayFast and our merchants have enjoyed,” said Jonathan Smit. “South African merchants have trusted us with their online payment processing for more than a decade. To acknowledge the important role our growing merchant base has played in the company’s success, we have lowered our card rates by more than 10% until the end of the year.”
PayFast’s standard card fees have been reduced from 3.9% to 3.5% as part of the 10th birthday celebration. The reduction in fees is valid from 21 June 2017 until 31 December 2017 and applies to existing merchant accounts as well as new accounts registered during the promotion period.
PayFast is a PCI DSS Level 1 Service Provider and the growing merchants list is testament to their robust payment processing service that has stood the test of time.
“Looking ahead, PayFast is committed to bringing new, cutting-edge solutions to market that South African sellers and buyers can bank on, and being the payment provider of choice for South African merchants for many more decades to come!”
For more information regarding PayFast’s services and their 10 years in business promotion visit their website: www.payfast.co.za
PayFast offers an online payment service to merchants of all sizes, providing access to a variety of payment methods, including credit card, Instant EFT, MasterPass, mobicred, debit card (through PayD) and Bitcoin. Without the need of a merchant account, a PayFast account can be activated within 24 hours and incurs no monthly or setup fees. PayFast supports both merchants and their customers and is packaged with advanced security layers and fraud detection. Integration with over 70 platforms provides seamless payment access to anything from ecommerce stores to invoicing and event ticketing.