Africa is well known for its innovation in the payments space. The lack of legacy systems has allowed flexibility and innovation for African payments companies.
PayFast, South Africa’s leading payments company has taken a step to facilitate for exponential growth of online merchants by empowering them with payment solutions that meet their needs.
The latest feature from PayFast is the much needed split payments. We are very excited to announce the launch of Split Payments – a first of its kind in South Africa.
Split Payments is ideal for PayFast merchants who need to split part of their transactions with a third party; or for business models which hinge on this concept, for example commission or revenue sharing. This makes sure everyone gets their piece of the pie, hassle-free and instantly.
When an online payment is made via one of their supported payment methods, you now have the option to choose with whom, and by how much, to split the payment.
This is a game changer as it allows merchants to explore new business models. The benefits of Split Payments include:
- Supports a variety of platform-based and reseller business models
- Full control over the receiving account and split amount
- Improve cash flow by eliminating the need for collections
- Recurring payments can also be split
Please note that Split Payments is only available through custom integration
