By Grant Johnstone24th March 2017
Make your products and services more attractive by offering your clients the ability to pay you by credit-card as well. Easily generate payment-links or integrate the service into your eCommerce website.
Motivation to sign up for a merchant account with a system like the one mentioned below:
- Get a verified online merchant account within 24 hours
- Pay just a small fee per transaction (ie no monthly fees payable)
- Setup is free
- Increase your product sales by offering an alternative payment method
- Improve your business efficiency by automating your payment options
Step 1: Sign up for an online merchant account
Sign up for an online merchant account using PayFast, a South African payment processor which is trusted by well known South African brands and which also integrates with many online third-party web-solutions.
PayFast makes use of Extended Validation SSL with 256-bit encryption to ensure that your banking-details that you enter into their system are extremely secure. Their encryption process is the same encryption process used by the major banking institutions.
You may sign up online by going to: www.payfast.co.za/user/register
You can register as an individual, business, or non-profit organization.
As opening a merchant account is similar to opening a bank-account, you will need to supply your full name and company-name; street-address; ID Number or company registration details; and your bank-account details, so ensure that you have all these details at hand before completing the registration process.
Step 2: Login and verify your account
Once you have completed the online registration process, you will be able to log into your new account straight away, and which will allow you to start accepting customer payments by EFT (electronic funds transfer).
In order to accept credit-card payments as well, you will need to have your account verified and which you can do by uploading the required documents to the account-tab in your admin area.
Details of what documents are required can be found at the following web-page:
Once you have uploaded your documents, your account will be verified within 24 hours and which will allow you to start accepting credit-card payments and up to a limit of R5,000.00.
Step 3: Set up payment limits
If any of your products or services that you sell are priced at more than R5,000.00, you may wish to apply to PayFast to have your credit-card payments limit increased.
Remember that if you are selling a service, your customer will most likely pay you a deposit first, and then the final amount on completion of the assignment.
For guidelines on how to apply for an increase in your credit-card payments limit, go to the following web-page:
Step 4: Set up payment links
Once your account has been verified, you may now start offering your clients the ability to pay by credit-card. You may also send a payment-link to a customer should you not wish to disclose your own banking details and which allows your customers to pay by EFT via PayFast as well. (PayFast has bank-accounts with the big 4 South African banks)
Before generating any payment-links, you may wish to visit the settings-tab in your PayFast account and review your DISPLAY and EMAIL CONFIRMATION settings.
Now to generate a link to insert in your email-message or for insertion on your website, go to your dashboard page on PayFast, and under the recent-transactions report, you will see “Pay Now Buttons”. Click on the red “generate” button and complete the respective fields to generate the code to insert in your email or on your website. You also have the option of creating an html-form to allow a customer to fill in shipping information, and you may also insert a return-url and cancel-url if you are going to integrate the code into your website.
If you are selling products or packaged services, you may also wish to set up an eCommerce website to offer a fully integrated system for your clients including stock-management and shipping calculations.
In this case, the easiest way to start with eCommerce is to set up a WordPress website with the WooCommerce plugin installed and by using a theme that is designed to work with WooCommerce .
You can then integrate your PayFast account with your eCommerce website by simply adding your Merchant ID and Merchant Key details to the respective WooCommerce checkout settings. You can locate your merchant-info on the settings-tab in your PayFast online account.
Diwi eCommerce (www.diwi.co.za) also offers a very affordable eCommerce solution with instant free setup to assist you in getting started with selling your products online. You can select from 5 standard site-designs and your site comes pre-configured and including the necessary pages you require for an eCommerce site.
Step 5: Conduct customer transactions and get paid out
Once a customer has paid you via PayFast , you will receive an email confirming the transaction, and you can also view the respective transaction in your PayFast account on the dashboard-tab.
You will be able to request a payout to your banking-account within 2 working days or you are free to retain funds in your PayFast account until a few transactions have been concluded and which will save you in withdrawal fees.