Verify a Business Account

Verify a Business Account

A Business Account on PayFast is for companies that are registered with CIPC/CIPRO. Examples of these are:

  • Closed Corporation
  • Pty (Ltd)
  • Trust

How do I verify my account?

To verify your account, you will need to provide us with the documentation indicated below. You can securely submit the documents through your PayFast Dashboard (documents must be legible).

Required documentation: 

1. Proof of company registration 

Closed Corporation (CC):

  • CK1 (Certificate of Incorporation)

South African Company (Pty) Ltd:

  • CM1 (Certificate of Incorporation) or
  • CoR14.3 (Certificate of Incorporation)

Trust:

  • Trust registration documentation (IT Number) or
  • The Trust Agreement / Deed of Trust

2. Proof of physical address of the business

Any document that is used to validate a physical business address must reflect the name of the business and the physical address of the business (legal property descriptions are also acceptable - eg. erf 1 Johannesburg).

Acceptable documents:

A document that must reflect the business name and physical address.

Please note: We cannot accept proof of address that is sent to a PO Box address.

Here is a list of valid documents that can be used to verify a business physical address:

  • A utility bill, such as water, electricity or rates (less than 3 months)
  • A bank statement or financial statement from a financial institution (less than 3 months old)
  • A copy of a signed lease agreement (by both parties) (less than 1 year old)
  • A municipal rates and taxes invoice (less than 3 months old)
  • A mortgage statement from another financial institution (less than 6 months old)
  • A telephone account, i.e a landline or cellphone account (less than 3 months old)
  • An official tax return/tax assessment (less than 1 year old)
  • Official correspondence from the South African Revenue Services (SARS) (less than 3 months old)
  • A recent business insurance policy issued by an insurance company
  • Correspondence from a body corporate or share-block association (less than 3 months old)
  • A valid television license document
  • A recent short-term insurance policy document or a short-term insurance renewal letter (less than 1 year old)
  • A retail account statement (less than 3 months old)
  • A written affidavit signed and stamped by a registered commissioner of oaths which confirms that the business is permitted to operate from a legitimate address
  • A CIPC document such as a CoR 14.1, CK1 or CM1 reflecting the business address (registration number and business name) can be put forward as well

Unacceptable documents:

  • Once-off invoices, ie. doctors accounts or invoices from plumbers etc.
  • Company registration documents that do not reflect the current physical address
  • Proof of address sent to a PO Box address


3. Proof of company bank account

Please note: We cannot accept an internet banking transaction statement. A scanned paper statement or an electronic monthly statement issued by the bank are acceptable. A single document is sufficient, below is a list of examples that could be used:

  • Bank account statement reflecting the company name and bank account number
  • A letter from bank reflecting the company name and bank account number
  • A cancelled cheque reflecting the company name and bank account number

4. Proof of managing director showing:


5. Proof of one additional director (should there be more than one) showing: 


6. Proof of the PayFast account holder (if not a director) showing:

Where do I upload the documents?

New PayFast Dashboard

  1. Log into your PayFast account.
  2. Navigate to Account > Verification Documents.  
  3. Upload the necessary verification documents.
  4. Click Submit Documents.

Legacy PayFast Dashboard

  1. Log into your PayFast account.
  2. Select the Account tab.
  3. Click the red Verify button.
  4. Upload the necessary verification documents to your account.

Our Support team will review your documentation. Please be aware that account verification usually takes two business days to complete.

Upgrading your account

You can no longer upgrade your Business Account to Cause Account, unless you accidentally selected the wrong account type when signing up with PayFast. In such an instance, please email merchantsupport@payfast.co.za 

If you have an active registered Business Account (ie. with a transaction history) you won’t be able to update the information for a different business. In this case, you will need to register a new Business Account. However, if there isn’t a transaction history, you can update the account’s information.  


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