Blog » Online payment methods for small businesses

Online payment methods for small businesses

If you’re an entrepreneur ready to launch your small business online, it’s important to have the ability to receive payments directly through your website. In South Africa, when it comes to online payments, we’re fortunate to have several popular payment methods that consumers are actively using and trust to make payments online.   

According to Statista, at the start of 2020 the most common payment methods of online shoppers in South Africa were:  

  • Credit card  
  • Bank transfers or EFT  
  • E-wallet  

PayFast Black Friday data from 2021 shows that this trend has persisted with credit card payments leading the way. Our data also shows that since 2020 there has been a notable increase in QR code or scan to pay payments, such as SnapScan, Zapper and other payment apps powered by Ukheshe Scan to Pay (formerly Masterpass) that are connected to digital or e-wallets.   

Accepting credit card payments for small business  

To cater to a broad online consumer base, it’s important to at the very least offer Visa and Mastercard credit card payment options, which are the most popular credit cards in South Africa. A significant percentage of South Africans have bank accounts, with a linked credit, cheque, or debit card that they are comfortable using to make payments within physical retail stores and on ecommerce websites.   

By taking credit card payments on your online store, you’ll be able to prevent cart abandonment because online shoppers will be more likely to complete their transactions using an easy-to-use payment method that they are accustomed to using on a regular basis. All they need to do is enter their card details at checkout, verify the payment and voila, they’ve completed their purchase on your online store.   

Other popular online payment methods for small businesses in South Africa    

While your online store will do well by offering the credit card payment option, the reality is that the more payment methods you offer, the more you’ll cater to each individual online shopper’s preference of how they would like to pay you. 

Accepting Instant EFT payments  

Instant EFT is a convenient payment method because shoppers don’t have to find their credit card in their wallet, purse, or handbag and copy the card’s information every time they want to shop online. If Instant EFT is enabled on your online store, all they need to do after selecting it is log into their banking profile and approve the payment on their mobile device.   

Accepting QR code payments   

Contactless payments through payment apps like SnapScan and Zapper grew in immense popularity during the COVID-19 pandemic. By loading their preferred payment app on their smartphone, online shoppers can quickly scan a payment QR code at checkout on your online store and approve the payment via their banking app. Scan to pay is as simple as it sounds.   

What makes PayFast the best payment processor for small business   

PayFast is a leading online payment gateway that enables businesses of all sizes in South Africa to get paid online. When you sign up for a free PayFast account online, you can easily integrate the online payment portal with your website or online store, whether it’s hosted on Shopify, WooCommerce (a popular ecommerce plugin for WordPress websites), a custom-built website or any of the 80+ shopping cart platforms we support.  

Once set up, small businesses can easily accept credit card payments from almost anywhere in the world; not to mention Instant EFT payments, QR code payments like SnapScan and Zapper, as well as a variety of other popular payment methods from across South Africa. 

Start using PayFast today 

Our online registration process makes it easy for you to sign up for an Individual, Business or Cause account. There are no monthly or hidden fees, and with us you don’t even need a merchant bank account to start getting paid.  

Sign up now or contact us for more information on how PayFast can help grow your small business online. 

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