If you run a small business in South Africa and you’re looking to accept payments online, chances are you’ve come across Payfast. It’s one of the most recognised names in the local digital payments space, and for good reason. Since launching in 2007, Payfast has grown into the payment gateway trusted by over 80,000 South African businesses, from solo entrepreneurs selling handmade goods to established e-commerce brands processing thousands of orders a month.
But what exactly does Payfast offer, and is it the right fit for your business? In this article, I breakdown all you need to know about Payfast, their service offerings, pricing as well as it’s positioning relative to other payment processors like Ikhokha, Yoco and Paystack.
Here’s a quick view of topics covered in this article,
- What is Payfast
- Who is Payfast For?
- Key Features
- Multiple payment methods
- No setup or monthly fees
- Easy to use dashboard
- Subscription payment optionality
- Multicurrency pricing
- Split payments
- Tokenisation
- Business funding
- Point of sale device
- Mobile App
- Payfast Pricing
- Ecommerce Integrations
- Security
- How to Get Started
- Is Payfast Right For Your Business?
- Payfast Relative to Paystack, Yoco and Ikhokha
- Fee Comparison Table
What Is Payfast?
Payfast is a South African online payment gateway that enables businesses to accept payments from customers through a wide range of payment methods. It acts as the secure bridge between your customer’s bank or payment app and your business bank account. Payfast processes that transaction and deposits the funds into your account.
Originally an independent South African fintech startup, Payfast is now part of Network International, one of the Middle East and Africa’s leading digital commerce enablers.
Check out the website here: https://payfast.io/
Who Is Payfast For?
Payfast is designed to serve a broad range of South African businesses, but it’s particularly well-suited for small and medium enterprises. Here’s who benefits most:
- Online store owners selling products through platforms like Shopify or WooCommerce.
- Service-based businesses that need to send invoices and accept payments digitally.
- Event organisers who need ticketing and payment solutions.
- Non-profits and charities looking for a simple way to accept donations. Freelancers and solo entrepreneurs who want to get paid online without the complexity of a full merchant account.
You can sign up, get verified, and start accepting payments relatively quickly.
Key Features That Matter for Your Business
1) Multiple Payment Methods
This is arguably Payfast’s strongest selling point. Your customers aren’t limited to just credit cards. Payfast supports over 18 payment methods, including:
- Visa and Mastercard credit and cheque cards, debit cards,
- Instant EFT, SnapScan and Zapper (QR code mobile payments),
- Capitec Pay, Apple Pay and Samsung Pay,
- Mobicred (buy now, pay later), MoreTyme by TymeBank (buy now, pay later),
- RCS Store Cards, and
- SCode or Mukuru Cash (cash payments for online purchases).
Why does this matter? Because more payment options means fewer abandoned carts. When a customer reaches your checkout page and sees their preferred payment method available, they’re far more likely to complete the purchase.
View my Youtube video where I showcase how to toggle your payment options within Payfast on and off.
2) No Monthly or Setup Fees
For small businesses watching every rand, this is a game-changer. Payfast operates on a pure transaction-fee model. You only pay when you actually make a sale. This makes Payfast accessible to businesses at every stage, from brand-new side hustles to established operations processing high volumes.
3) Easy to Use Dashboard
Payfast provides a single, responsive online dashboard where you can manage your entire payment operation. From the dashboard you can:
- View your account balance and transaction history,
- Enable or disable payment methods,
- Process refunds,
- Request payouts to your bank account,
- Set up recurring billing and subscriptions,
- Access business funding through Easy Advance
4) Subscription and Recurring Billing Optionality
If your business model involves memberships, retainers, or any form of recurring payment, Payfast has you covered. You can set up automated billing that charges your customers on a schedule, monthly, quarterly, bi-annually, or annually. This is invaluable for businesses like gyms, coaching services, SaaS providers, or subscription box companies.
5) Multi-Currency Pricing for International Customers
If you’ve ever thought your products or services could appeal to customers beyond South Africa’s borders, Payfast’s Multi-Currency Pricing feature makes that possible without the complexity of setting up international payment infrastructure. This feature allows your international customers to view prices and pay in their preferred currency at checkout, while you still receive the funds in South African Rand (ZAR).
Here’s how it works: during the checkout process, your customer is presented with a drop-down list of currencies to choose from. The real-time conversion from ZAR is automatically calculated and displayed, so the customer sees exactly what they’ll be paying in their own currency. They accept the converted amount, enter their Visa or Mastercard details, and complete the payment. The funds then land in your Payfast account in rands — no foreign bank accounts, no currency management headaches, and no additional platforms needed.
By displaying a familiar currency at checkout, you build trust and reduce hesitation, which translates directly into better conversion rates.
Multi-Currency Pricing can be enabled directly from your Payfast dashboard with just a few clicks, making it accessible even if you’re only just starting to explore international sales.
6) Split Payments
Running a marketplace or working with multiple partners? Payfast’s split payments feature allows a single transaction to be automatically divided between multiple recipients. This is particularly useful for platforms where you need to pay suppliers, affiliates, or collaborators directly from each sale.
7) Tokenisation for One-Click Repeat Purchases
Payfast uses tokenisation to securely store customer payment details, enabling one-click repeat purchases. Your customer enters their details once, and on subsequent visits, the checkout process is seamless.
8) Easy Advance (Business Funding)
Payfast partnered with Retail Capital to offer Easy Advance, a short-term business funding solution available directly from your Payfast dashboard. The approval and application process is streamlined because Payfast already has data on your transaction history, making it easier to assess eligibility.
9) Point-of-Sale Device for Physical Outlets
Payfast isn’t just for online payments anymore. With their Network Point-of-Sale (POS) device, you can accept tap-and-pay card payments in person.
10) Mobile App
The Payfast mobile app lets you manage your account from your phone. You can view transactions in real time, request payouts, process refunds, generate invoices, and manage payment methods.
What Does Payfast Cost?
Here’s a breakdown of the key merchant fees:
- Credit and cheque cards: 3.5% + R2.00 per transaction
- Debit cards: 3.5% per transaction + R2.00 per transaction
- Instant EFT: 2% per transaction
- Mobicred: 3.2% per transaction
- MoreTyme: 5.5% + R2 per transaction
- Mukuru Cash: 3.9% + R6 per transaction
- Apple and Samsung Pay: 3.2% + R2.00 per transaction
Additional fees:
Payout fee: R8.70 (excl. VAT) per payout request.
Immediate Payout fee: 0.8% of the amount (minimum R14.00 excl. VAT).
Refund fee: R2.00 (excl. VAT) per refund.
If you process over R50,000 in monthly transactions on average over three months, you can contact Payfast to negotiate custom pricing. For businesses with existing internet merchant accounts, Payfast also offers a Gateway solution with customised fees.
E-Commerce Integrations
Payfast integrates with over 70 e-commerce platforms and tools, making it easy to plug into whatever system you’re already using. Some of the most popular integrations include Shopify, WooCommerce (WordPress), Magento, PrestaShop, BigCommerce, and Jotform.
Payfast also supports custom integration through their API, so if you’re building something bespoke, your developer can connect directly. Additionally, Payfast offers simple Pay Now buttons that you can embed on any website, even without a full e-commerce setup.
Security and Trust
When it comes to handling money online, security isn’t negotiable. Payfast is PCI DSS Level 1 compliant, which is the highest level of security certification in the payment card industry. This means they follow rigorous standards for protecting sensitive financial data.
On top of that, Payfast uses SSL encryption, fraud detection tools, and buyer and seller protection programmes to minimise risk for both you and your customers.
How to Get Started with Payfast
Getting up and running with Payfast is straightforward. Sign up on the Payfast website (payfast.io) by providing your business details. Complete the verification process, which includes a short business check. Link your bank account where you want to receive payouts. Integrate Payfast with your website or e-commerce platform using one of their plugins, Pay Now buttons, or custom API integration. Enable your preferred payment methods from the dashboard. Then start accepting payments.
Payfast offers both individual accounts (for personal sales) and business accounts with additional features. You don’t need to be a registered company to get started, which makes it accessible for sole proprietors and freelancers as well.
For the vast majority of South African small businesses, however, Payfast offers everything you need to accept payments professionally, securely, and affordably.
Is Payfast Right for Your Business?
Payfast is an excellent fit if you’re a South African small business that primarily serves local customers. The combination of zero monthly fees, a wide range of locally relevant payment methods, and seamless integration with major e-commerce platforms makes it a low-risk option with genuine upside for your revenue.
It’s particularly well-suited for online store owners on platforms like Shopify or WooCommerce, service providers who invoice clients and need a simple way to collect payment, subscription-based businesses like gyms, coaching practices, or membership sites.
It’s also worth noting that Payfast’s transaction fees, while competitive for small businesses, may become a consideration at higher volumes. If you’re consistently processing over R50,000 per month, it’s worth reaching out to Payfast for custom pricing.
For the vast majority of South African small businesses, though, Payfast hits the sweet spot of affordability, functionality, and local relevance. It gets you accepting payments quickly, professionally, and securely, without the complexity or cost that often comes with digital payment solutions.
Payfast relative to Yoco, Ikhokha and Paystack
While Yoco and iKhokha have built solid reputations in the in-person payment space with their affordable card machines and built-in POS features, and Paystack appeals to developer-led businesses with its API-first approach, Payfast occupies a unique position as the most comprehensive online payment solution for South African small businesses. With over 18 payment methods,including Instant EFT, SnapScan, Zapper, Capitec Pay, Apple Pay, Mobicred, MoreTyme, and RCS Store Cards, Payfast gives your customers more ways to pay at checkout than any of its direct competitors.
Beyond payment variety, Payfast offers a depth of features that most alternatives don’t match in a single platform. Subscription and recurring billing, split payments, tokenisation for one-click repeat purchases, an immediate payout option, business funding through Easy Advance, and plug-and-play integration with over 70 e-commerce platforms all come with no monthly or setup fees. Add in their Network POS device for in-person sales and a mobile app for managing everything on the go, and Payfast delivers a complete payment ecosystem, online and offline, built specifically for the South African market.
The one thing to keep in mind, is that Payfast is slightly more expensive than other payment gateways when it comes to local transactions. See the table below for a comparison of fees.
Fee Comparison Table:
Fees prepared at Feb 2026. These fees can change over time, please be sure to check current fees before committing to a platform.
View my Youtube Payment Gateway Comparison Video here for a full breakdown:
Disclaimer: All fees and features mentioned are accurate at the time of publishing. Visit payfast.io for the latest information. This article is for informational purposes only and does not constitute financial advice.
