Get Paid Your Way: Top 5 Payment Links in South Africa

💡Key Takeaways

• Payment links are a flexible and user-friendly solution for accepting payments across various platforms, including social media, email, and on your Savvy site.

• Payment gateways serve as the secure backbone behind payment links, processing transactions safely.

• The blog provides a detailed comparison of the top five payment gateways available in South Africa.

Being able to accept online payments isn't just about exchanging goods or services for cash—it's about integrating secure online payment solutions that enhance the customer experience, drive brand loyalty, and boost your business’s bottom line. 

Whether you're a budding entrepreneur or an established small business owner, it’s important to understand digital payment processes and the fees involved. 

So, we've rolled up our sleeves to bring you a comparison of various payment link providers in South Africa.

What Are Payment Links?

Payment links are links that lead your customers to a secure payment page, where they can complete their purchase with just a few clicks. 

Whether you're selling on social media, via email, or even on your Savvy site, payment links provide a flexible and user-friendly solution that adapts to various sales environments. 

Payment links come in many forms, including:

• QR codes.

• WhatsApp messages.

• SMSs.

• Emails.

• Buttons.

No matter which format they come in, payment links simplify the transaction process and make it easier for customers to complete their purchase.

But how do they actually work? Behind all payment links are payment gateways. The payment gateway acts as the backend system that securely processes and approves the transaction, ensuring the customer's payment is safely transferred from their account to yours.

So, while the payment link is the visible, accessible part that your customers interact with, the payment gateway works behind the scenes to create a secure payment process.

Top 5 South African Payment Gateways (And What They Cost)

Choosing the right payment gateway is essential for any business that wants to handle online transactions smoothly. 

It's all about finding a balance between cost, ease of use, and the features that best fit your business needs. 

To help you make an informed decision, we've put together a comparison of the top five payment gateways available in South Africa, focusing on what they offer and how much they cost.

At A Glance: South African Payment Link Costs

1. Yoco: Yoco Gateway

Yoco is a user-friendly payment solution designed to empower small business owners across South Africa.

Designed with small local businesses in mind, Yoco Gateway makes accepting online payments a breeze at competitive rates.

Pricing

✅ No joining fee: Businesses can sign up with Yoco without any initial setup costs, making it an attractive option for startups.

✅ No monthly fees: Yoco doesn't charge monthly fees, allowing businesses to manage their finances without worrying about recurring costs.

✅ Transaction rate: Yoco charges a maximum of 2.95% (ex. VAT) per local transaction. This rate decreases as sales volume increases, which can be beneficial for growing businesses.

2. iKhokha: iK Pay Link

iKhokha’s iK Pay Link allows businesses to create payment links that can be shared with customers through various channels like WhatsApp, social media, email, and SMS. 

It's designed to be quick, easy, and secure, providing a seamless payment process for both the business and the customer.

Pricing

✅ No setup fees: Starting with iKhokha is cost-effective, as there are no initial fees to set up your account.

✅ No monthly fees: Business owners can enjoy the benefits of iKhokha's services without worrying about monthly subscription costs.

✅ Transaction fees: iK Pay Link offers affordable online rates from as little as 2.85% (excl. VAT).

✅ Rate match: iIf you're considering switching to iKhokha, the company offers to match or beat the transaction rate you're currently paying with another payment gateway provider.

3. Paystack: Payment Pages

Paystack’s Payment Pages allow businesses to create simple, customisable payment forms. 

These forms can be used to collect either one-time or recurring payments and are accessible through a unique link that businesses can share with their customers through various channels, such as email, WhatsApp, or social media.

Pricing

✅ No upfront or monthly fees: You can sign up with Paystack without paying any fees.

✅ EFT payments: For businesses that accept payments via EFT, Paystack offers a rate of 2.9% + R1.00 per transaction.

✅ Fee waiver:Paystack waivers the R1.00 fee for transactions under R10.00.

4. SnapScan: SnapLink

SnapScan, a well-established name in South Africa's digital payment scene, offers a convenient and versatile payment solution for businesses of all sizes.

With SnapScan, you can instantly create a secure SnapLink, which you can then share with customers through WhatsApp, email, or social media, so they can pay using their bank card or the SnapScan app.

Pricing

✅Dynamic rates: SnapScan's transaction fees are based on your previous month's turnover. As your business grows and your turnover increases, your transaction rate decreases.

✅Transparent structure: With SnapScan, there are no minimum transaction requirements, no settlement fees, and no monthly fees.

✅Transaction fee: If you're using a SnapCode, SnapLink, or eCommerce integration, the transaction fee is 2.5% (ex. VAT) per transaction.

5. WigWag

WigWag is a new and innovative player in the South African payments industry, offering unique solutions that cater specifically to small businesses. 

Powered by Stitch Payment's robust infrastructure, WigWag is focused on streamlining sales and payment processes over WhatsApp, a platform used by 96% of internet users in South Africa.

✅Transaction fees: WigWag's pricing starts at 2.95% for local card transactions and 3.4% for international cards. It offers a dynamic structure where rates decrease as business transactions increase.

✅Payouts: The platform charges R2.00 for a normal payout and R10.00 for an instant payout.

✅Custom pricing: If you transact over R200,000 per month, you can get a custom pricing plan with Wigwag.

Ready to start accepting payments online? Sign up for your Savvy site and get your business online today!