Learn more on Payment Providers
Payment Providers
- A payment service provider (PSP) is a third-party company that assists businesses to accept electronic payments, such as credit cards and debit card payments. PSPs act as intermediaries between those who make payments.
- If you are interested in using/integrating with other 3rd Party payment providers, please send an email to [email protected]
1. DebitSwitch (Two-Day)
Definition: Debit Orders are a method of collecting money from a bank account with the express permission of the account holder. They are most commonly used to collect monthly subscriptions, premiums or repayments.
Two-day debit order: A standard debit order that is processed on weekdays (Mon- Fri) with an authorisation cut-off time of two days prior to the action date. Funds are available on the action date. These debit orders cost less per transaction than "Same Day" debit orders.
2. DebitSwitch (Same Day)
A premium/emergency debit order can be processed Monday to Saturday with an authorisation cut-off time on the action date. Funds are available the following working day.
3. Payfast
PayFast is an online 3rd party payment gateway for South African merchants. https://www.payfast.co.za/
PayFast allows merchants (individuals, businesses and charities) to accept secure payments from online buyers by offering a variety of payment methods, including credit cards, Instant EFT, Masterpass, mobicred, SCode, RCS store cards, MoreTyme and debit cards.
At the moment Payfast is integrated with SwitchTransact for the use of Credit Card payments. Payfast does not store card information in SwitchTransact, it stores a "Token".
More on How Tokens and Tokenization work, click here to get an explanation: https://support.payfast.co.za/portal/en/kb/articles/how-does-a-token-work and https://www.payfast.co.za/features/tokenization/
When a member signs up for a product, the transaction is once-off charged upfront first and then a subscription is set on the member's profile to go off the next month.
When you create a Payfast payment method in SwitchTransact, you need an "API Passphrase", "Merchant ID" and a "Merchant Key", these can be found on your payfast dashboard once you logged in.
4. PayGate (Host to Host)
PayGate is also a 3rd party payment gateway that SwitchTransact also integrates with, currently, we use credit card payments through the system. https://www.paygate.co.za/
PayGate uses "Host to Host" services for payments that are cross-border payments made directly between two banks without a middleman.
Card tokens are stored on PayGate for PCI compliance for the use of card payments. Also, the card information does get stored on the member's profile. "Upfront Charges" are made on emandates to ensure the card works.
When you create a Payfast payment method in SwitchTransact, you need a "Public/Private Key" and a "Provider Password/Provider Key", these can be found on your payfast dashboard once you logged in.
5. Yoco
Yoco is a payments and software company that offers small businesses in South Africa an easy way to accept card payments. https://www.yoco.com/za/
Card tokens are stored on Yoco for PCI compliance for the use of card payments. Also, the card information does get stored on the member's profile.
Yoco does not support monthly recurring transactions - unlike Paygate.
Should be used for once-off upfront payments on emandates.
When you create a Payfast payment method in SwitchTransact, you need a "Public/Private Key" and a "Provider Password/Provider Key", these can be found on your payfast dashboard once you logged in.
6. "Manual" Payments
SwitchTransact has a "Manual" type of payment provider option and what this means is a member wants to pay for his product with "Cash" or wants to make an EFT directly to the client's bank account. But SwitchTransact still needs to record this transaction for the administrators to manage.
NOTE: Since SwitchTransact is a system where money needs to be verified by use of batches and CDV checks, we can't verify "Cash", but we can manage the member that paid in cash. Also, there are no batches for cash as well.
When a member paid in "Cash" the administrator cannot assign a "Subscription / Subscription Product" to this member profile, they can only create a "Transaction" on the profile and mention that this person paid in "Cash".
To create a cash transaction, the administrator can simply navigate to: https://app.switchtransact.com/finance/transactions/create and select the manual cash option as the payment and can also select the product.