PayFast

Detailed Explanation

PayFast is a State Bank of Pakistan (SBP) licensed payment gateway that enables online businesses to accept payments via credit/debit cards, bank accounts, and mobile wallets.

How It Works

Once you integrate PayFast into your ecommerce store, customers can seamlessly pay at checkout. PayFast handles the secure transmission of card details or wallet authorizations and returns a success response to your platform.

Requirements

To open an account with PayFast, businesses typically require:

• Valid CNIC of Directors / Owners
• Company Registration Documents (SECP or equivalent)
• Active Corporate Bank Account
• NTN (National Tax Number) Certificate

Advantages

• Localized payment methods suited for the Pakistani market.
• Direct settlement to local bank accounts in PKR.
• Developer-friendly APIs for custom integrations.

Limitations

• Requires strict compliance and KYC before going live.

Fees & Pricing

Setup fee applies. Per transaction MDR ranges from 2.5% to 3.0% for cards depending on the merchant agreement.

Settlement

T+2 to T+3 working days directly to the registered merchant bank account.

Supported Integrations

• Shopify
• WooCommerce
• Magento
• Custom API