PayFast - what's your experience?

I once used PayFast to pay for a two point of sale pole displays and got the dangerous payment reference: “2SEXU”. What will our company’s accountant think when she sees the payment reference?
 
Rate My ISP said:
I once used PayFast to pay for a two point of sale pole displays and got the dangerous payment reference: “2SEXU”. What will our company’s accountant think when she sees the payment reference?
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I guarantee you that that was not PayFast you used. The references we supply take the form of PF1234567890ABCDEF (a PF followed by 16 digits & characters).

I have no idea which system you did use, but yes, that is rather funny :)
 
@JackStone

When you're dealing with money (especially other people's money), things are always a bit complicated :)

We are always improving the service though and there will developments in this regard as the year progresses.

Our server is locally hosted by Internet Solutions, which we did to ensure that speed was faster than an overseas service, so I do not believe that the site speed is a problem.

I too am interested to hear that the "people" have to say. Feedback is always welcome :)
 
PayFast said:
I guarantee you that that was not PayFast you used. The references we supply take the form of PF1234567890ABCDEF (a PF followed by 16 digits & characters).

I have no idea which system you did use, but yes, that is rather funny :)
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We bought it from someone on bidorbuy and paid for it using PayFast. Also Andy Higgins has been trolling myBB spamming links to payfast.co.za. I'm sure we used PayFast.
 
Setcom's Monsterpay product charges R2.50 per transaction , as well as the obligatory manufactured-out-of-thin-air value of 4.9% of the entire transaction value.

Therefore, PayFast is the better product, saving me 50c on each transaction. Now I have to write a new interface, thanks a lot!

:D

But, it's about time that somebody did something about the 4.9%. It's an insane mark-up.

We're forking out 13% for VAT + 4.9% for Bank fee's + some 32% on business tax + some 30% on salaries.

And we're supposed to be making a profit, the mind boggles!
 
davemc said:
Setcom's Monsterpay product charges R2.50 per transaction , as well as the obligatory manufactured-out-of-thin-air value of 4.9% of the entire transaction value.

Therefore, PayFast is the better product, saving me 50c on each transaction. Now I have to write a new interface, thanks a lot!

:D

But, it's about time that somebody did something about the 4.9%. It's an insane mark-up.

We're forking out 13% for VAT + 4.9% for Bank fee's + some 32% on business tax + some 30% on salaries.

And we're supposed to be making a profit, the mind boggles!
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Well said, I fully concur. Charges across the board are high, 5% on credit cards arghh:cry:
 
Rate My ISP said:
We bought it from someone on bidorbuy and paid for it using PayFast. Also Andy Higgins has been trolling myBB spamming links to payfast.co.za. I'm sure we used PayFast.
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Ah! That makes more sense then. What it would've been was bidorbuy's bobPay EFT system. That uses a reference of the form "3ABCDE" which would have led to the reference you were given.
 
PayFast said:
Ah! That makes more sense then. What it would've been was bidorbuy's bobPay EFT system. That uses a reference of the form "3ABCDE" which would have led to the reference you were given.
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bobPay EFT, PayFast, not same thing? :confused: or you gonna tell me they are "joined at the hip"?
 
davemc said:
Setcom's Monsterpay product charges R2.50 per transaction , as well as the obligatory manufactured-out-of-thin-air value of 4.9% of the entire transaction value.

Therefore, PayFast is the better product, saving me 50c on each transaction. Now I have to write a new interface, thanks a lot!

:D

But, it's about time that somebody did something about the 4.9%. It's an insane mark-up.

We're forking out 13% for VAT + 4.9% for Bank fee's + some 32% on business tax + some 30% on salaries.

And we're supposed to be making a profit, the mind boggles!
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I'm sure your thoughts echo the thoughts of many on MyBB, davemc, but PayFast, MonsterPay, PayPal etc. are unfortunately not in a position to change the fact that it's a % charge (and a relatively high one at that) :(

The root of the how charging is applied comes from the card associations (Visa & Mastercard) and the banks. They charge a % fee which means everyone down the line has to charge a % fee.

PayFast is in a position however, to make it easier for starting up and running your business by removing the monthly charges, handling the necessary admin overhead and integration complexity, implementing fraud detection systems and driving down costs through the power of bulk purchasing.

Perhaps it's not enough from your perspective, but we're doing what we can and the more support we get in terms of use and signup from business owners such as yourselves, the more power we have to be a force for change!
 
Rate My ISP said:
bobPay EFT, PayFast, not same thing? :confused: or you gonna tell me they are "joined at the hip"?
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No, they are not the same thing. bobPay EFT is bidorbuy's own EFT system for which they generate the references.

The reference you were given was just an unfortunate - but totally random - combination of letters and I'm sure, not intentional in any way :)
 
PayFast said:
No, they are not the same thing. bobPay EFT is bidorbuy's own EFT system for which they generate the references.

The reference you were given was just an unfortunate - but totally random - combination of letters and I'm sure, not intentional in any way :)
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Don't they run the same technology?
 
Bizcommunity 10 Oct 2008 said:
South Africa finally has its own online PayPal-like service for providing online shoppers with a safe credit card-like experience for making payment using Internet banking (EFT). PayFast, an initiative from BidorBuy founder Andy Higgins that came out of beta testing at the beginning of September 2008, is already being used by a number of South African online merchants.

Since being taken out of beta, there have been over a hundred sellers on the popular online marketplace bidorbuy.co.za that have chosen to accept PayFast as a payment method. PayFast also has built payment modules for the popular eCommerce packages, osCommerce and Virtuemart, with more modules for other packages currently under development. This makes it easy for online merchants to accept PayFast on their websites. There is also a full integration option for larger merchants who have their own proprietary software and require a custom integrated solution.
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Same thing?
 
PayFast said:
PayFast was natively integrated on bidorbuy a while back, but is not so currently. bidorbuy uses their own internal bobPay Credit Card and bobPay EFT systems to handle payments between users.
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Is bobPay a white label of PayFast or vice-versa. Why do I get the feeling you are trying to pull the wool over our eyes as getting a straight answer out of you is like extracting teeth. You must understand this forum is frequented by people in the industry. They (bidorbuy, PayFast) were both started by the same person (Andy Higgins), they work identical. Coincidence?

Why would bidorbuy need to build their own system if their founder founded a payment processor?
 
Rate My ISP said:
Is bobPay a white label of PayFast or vice-versa. Why do I get the feeling you are trying to pull the wool over our eyes as getting a straight answer out of you is like extracting teeth. You must understand this forum is frequented by people in the industry. They (bidorbuy, PayFast) were both started by the same person (Andy Higgins), they work identical. Coincidence?

Why would bidorbuy need to build their own system if their founder founded a payment processor?
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I have answered every question you have asked and no-one is trying to pull the wool over your eyes. How am I not giving you straight answers?

PayFast was started by myself and Andy, yes, but PayFast is a privately held company and totally separate from bidorbuy.

bidorbuy has been around much longer than PayFast and as such, so has their bobPay system. bobPay EFT is the most recent addition to this system (in addition to credit cards which have been on offer for years).

No, bobPay is not a whitelabel of PayFast and no they do not work identically. bobPay is only for payments between buyers and sellers on bidorbuy.

If you would like more information on bobPay, please refer to the help on bidorbuy's site (eg. http://www.bidorbuy.co.za/static/help/PaymentMethods.html) or contact them with any questions you may have.

For more information on PayFast and the service we offer, please refer to http://www.payfast.co.za/c/std/our-service
 
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