It’s important for us to remain pioneers in the payments industry by providing you with the best cutting-edge capabilities. This is why we are proud to announce the launch of Split Payments – a first of its kind in South Africa.
Setting your business up for success in the digital economy
Gone are the days when businesses can rely solely on selling products or services on their own website to a niche market. Platform economies have seen tremendous growth in size and reputation over the last few years, due to the immense value they provide in digitally matchmaking various parties. Platforms help merchants find buyers, while simultaneously helping buyers find the products or services they are looking for, or should be looking for, with a quick search. It’s a win-win situation.
Split Payments complements this exciting digital marketplace ecosystem. It is a solution designed to cater for a variety of business models that require the instant allocation of an online payment to a third party. Whether you run a digital marketplace that brings together multiple sellers or you’re a vendor selling on one, with Split Payments you can instantly split out commission, membership or listing fees when a payment is made via one of our supported payment methods.
Unlimited business applications
No matter what your business requirements are, we are confident that you will find value in Split Payments. With payments getting split instantly with a third party PayFast account you can expect streamlined financial processes and improved cash flow because it reduces payment error and eliminates the need for invoicing and payment collections.
The applications of Split Payments are only limited to your imagination. Find out more about how you can use Split Payments to your business’ advantage.
At PayFast we pride ourselves on staying ahead of the trend and delivering relevant solutions to the South African ecommerce sector. We are excited about the future evolution of digital platform economies and our role in them in facilitating secure online payments. We are confident that you will find immense value in Split Payments and we look forward to hearing your valuable feedback.
If you have a PayFast account, you can enable Split Payments by navigating to Settings > Integration in your dashboard. Split Payments is only available through custom integration.