Get an Online Store for South Africa. Sell in Rand!

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Mar
15

Why do I need to sign up with PayFast to receive payments?

Posted by admin on March 15th, 2012 at 10:54 am

PayFast is what is known as a payment processor of payment gateway. These payment gateways are used in the online world to help websites interact with real banks. PayFast is one of these payment gateways that supports the South African Rand.

Why not use PayPal?

PayFast is a lot like PayPal, except that PayPal does not support South African Rand, and PayFast only supports South African Rand.

When dealing with mainly South African customers it is important to deal in their native currency. Since the exchange rate is constantly changing, it is difficult to determine exactly what amount you will actually be charging on their credit cards. It leaves you with a bit of a gamble. One day you’ll receive more Rands and on the other day you might receive less Rands. This might leave you making a loss on sales. Which in the end will defeat the purpose for the store.

PayFast

PayFast makes it easy to work with South African Rand. Their fees are also comparable with most prominent online gateways if not better. For their fee structure visit: https://www.payfast.co.za/c/std/fees

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