Jaco Jonker, CEO of bidorbuy.co.za, says that the acquisition is a natural progression for bidorbuy: “Online payments are critical in ecommerce and bidorbuy is committed to growing all aspects of online commerce in South Africa. Online payment solutions are an integral part of any transactional based website,” he adds.
According to Jonker, bidorbuy strives to enhance the online trading experience by making it easier, safer and more convenient for buyers and sellers alike. ”PayFast complements the bidorbuy offering by providing a valuable tool for online merchants,” he says.
PayFast operates a South African online payment service through websites payfast.co.za and notifi.co.za. It provides South Africans with an online payment service that makes it safe for buyers to send money and easy for sellers to receive money.
PayFast’s flagship product is a patented EFT system which gives merchants the ability to accept EFT payments with the speed and ease of credit cards, but without the risks of charge backs.
PayFast’s revenue model is based on a percentage of transaction. Online merchants only pay on a per transaction basis and there are no setup or subscription fees.
According to Managing Director of PayFast Jonathan Smit, about 4000 merchants are currently making use of this online payment service.