Top 10 Online Payment Processing Platforms In South Africa
Payment gateways and merchant accounts are two phrases that are used interchangeably in South Africa. If you want your online business to thrive, go for the top 10 online payment processing platforms in South Africa and a merchant account. This is because most, if not all, internet shoppers expect to be able to pay online.
After all, one of the reasons people buy online is because they don’t want to deal with the hassle of mailing a check or walking down to the store to pay. If you don’t accept credit cards online yet but have always wanted to, here’s some information to get you started if you want to pay online in South Africa.
Criteria for Marchant Accounts
The following are the most basic requirements for obtaining a merchant account and knowing payment platforms in South Africa:
- You must be the only owner of a business, have a business licence (Tax ID) or DBA (SS#), a bank account, a driver’s license, and a good credit history. Your application’s chance of approval is also determined by characteristics relating to your website, which should:
- be current
- contain the business name or DBA name
- show items and price, terms of service, refund policy, delivery methods, privacy policy, and content information (check out page)
When it comes to securing payment gateways in South Africa with the top 10 online payment processing platforms in South Africa, you may apply with a merchant bank or a merchant service provider. Each will have its own set of essential and distinguishing benefits. As part of the package, clients, for example, may get a complimentary credit card terminal. Banks use the First Data Corporation Network throughout the credit card payment process, which clears nearly 80% of all credit card transactions.
Some Special Advantages
MSPs, on the other hand, are businesses that provide merchants with transaction processing solutions and are well-known for the following advantages over merchant banks:
- MSPs have numerous bank affiliates, which means they have extremely high approval rates;
- They provide recommendations on the best packages or solutions, whereas banks offer limited options; and
- MSPs are more flexible during contract terms and pricing discussions.
If you’ve heard the word but didn’t know what it meant, it refers to payment platforms in South Africa that provide a link between your website and your merchant account.
It also offers a virtual terminal for manually entering credit card transactions via the Internet. You need to pick one of the top 10 online payment processing platforms in South Africa.
