How does the Payfast legal entity change affect me?
As part of our strategy to bring our brands closer together and leverage our combined technologies, certain changes to the legal entity of Payfast are being implemented. These changes only apply to the entity details in the end-user agreement with Payfast Proprietary Limited.
On April 2023, Payfast will transfer its business to its holding company, PayGate Proprietary Limited (registration number 1999/017441/07) (to be renamed “Payfast Proprietary Limited”) (“PayGate”).
How this change affects you (the merchant):
As this change is purely a transfer in legal entity, you can rest assured that your experience of using Payfast will not be affected
is change will also have no effect on your buyers’ experience of using Payfast
Payouts and references on bank statements will remain unchanged
Any existing pre-agreed terms and rates will not be affected
The Payfast brand will remain unchanged
What is required from you:
Simply sign in to your Payfast account and confirm the updated end-user agreement reflecting the new legal entity by 31 March 2023, and continue business as usual Should you have any further queries or wish to discuss any aspect, please do not hesitate to email us on firstname.lastname@example.org
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To change your PayFast account password, do the following: Log in to your PayFast account. Navigate to Account > Security. Next to Password, enter your current password and click Reset Password. Enter your new password in the New Password and ...
What is PayFast?
PayFast is an online payment processing service for South African merchants of all sizes. PayFast allows merchants (individuals, businesses and charities) to accept secure payments from online buyers by offering a variety of payment methods, ...
Does PayFast report to an oversight entity or conform to FAIS?
We are subject to the regulation of the Reserve Bank of South Africa and their directives, position papers and policies as well as to the laws and acts of the Republic of South Africa. We have consulted directly with the National Payment System ...
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To change your phone number, do the following: Log in to your PayFast account. Navigate to Profile > Security Info. Click Edit. Click the Two Factor Authentication tab. Enter your new phone number and click Subscribe. Please note: If you are using ...