{"id":804526,"date":"2025-01-06T10:34:27","date_gmt":"2025-01-06T08:34:27","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=804526"},"modified":"2025-01-06T10:34:32","modified_gmt":"2025-01-06T08:34:32","slug":"capitec-pay-commission-fees-capped-at-r7-to-all-payment-providers-2","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/804526\/capitec-pay-commission-fees-capped-at-r7-to-all-payment-providers-2\/","title":{"rendered":"Capitec Pay commission fees capped at R7 to all payment providers"},"content":{"rendered":"\n<p>South Africa\u2019s digital payment market is projected to exceed R100 billion within the next two years, and Capitec is leading the charge to help businesses harness this growth.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.capitecbank.co.za\/personal\/transact\/capitec-pay\/?utm_source=Broad+Media&amp;utm_medium=Article&amp;utm_term=January+2025\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Click here for more info about Capitec Pay<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>Capitec, through its online card-free payment platform Capitec Pay, has reduced commission fees to all payment providers while enhancing customer satisfaction for businesses with instant refunds powered by the new Capitec Pay Payout API.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Slashed commission fees can help businesses grow<\/strong><\/h3>\n\n\n\n<p>Capitec Pay\u2019s commission fee has been reduced to a maximum of R7 per transaction over R1 000 for all payment providers. Businesses can now save even more on high-value transactions such as property rentals, investment contributions, and insurance premiums.<\/p>\n\n\n\n<p>Capitec officially implemented these reduced commission fees on 1 December 2024, making digital payments more affordable.<\/p>\n\n\n\n<p>According to the&nbsp;<a href=\"https:\/\/get.peachpayments.com\/hubfs\/Online-Retail-in-South-Africa-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>2024 World Wide Worx report<\/strong><\/a>, conducted in partnership with Mastercard, Peach Payments and Ask Afrika, the retail e-commerce sector grew to R71 billion in 2023.<\/p>\n\n\n\n<p>This represents a remarkable 29% increase from 2022.<\/p>\n\n\n\n<p>Jerome Passmore, Head of Enterprise Payment Services, explains that since its launch in 2023, Capitec Pay has processed over 267.3 million transactions, with a total value of R56 billion.<\/p>\n\n\n\n<p>The platform enables secure online shopping by simply entering a cellphone number and authenticating it using the Capitec app.<\/p>\n\n\n\n<p>With over 23 million clients and growing, Capitec\u2019s bold steps ensure businesses can capitalise on the rapid growth of e-commerce.<\/p>\n\n\n\n<p>Passmore explains, \u201cThe platform maintains a transaction conversion rate of over 88%, significantly higher than instant EFT payments due to the trust it has won with Capitec\u2019s retail client base.\u201d<\/p>\n\n\n\n<p>\u201cBy reducing the cost of digital transactions, we can support more online businesses and increase the adoption of secure payment methods.\u201d<\/p>\n\n\n\n<p>\u201cWe understand that payment costs significantly impact business\u2019 bottom lines, and we\u2019re committed to continuously reviewing our pricing model to identify opportunities for further reductions.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Realtime refunds and a security-led approach<\/strong><\/h3>\n\n\n\n<p>One of Capitec Pay\u2019s new standout features is the Payout API, which enables businesses to issue refunds and payouts that clear instantly, boosting customer satisfaction and trust.<br><br>This API-first approach supports realtime settlements, automated withdrawals, and instant in-app notifications informing customers when money arrives in their accounts.<\/p>\n\n\n\n<p>Capitec Pay\u2019s cutting-edge technology helps businesses revolutionise their digital payment processes and improve customer experience.<br><br>Capitec Pay is also dedicated to creating one of South Africa\u2019s safest online payment environments. Before approval, payment providers undergo thorough vetting to ensure the platform\u2019s integrity.<\/p>\n\n\n\n<p>Additionally, it also features rich error reporting for better transaction management and eliminates failed payment fees, reducing operational costs.<\/p>\n\n\n\n<p>This combination of security and efficiency helps businesses manage their financial flow more effectively.<\/p>\n\n\n\n<p>Capitec maintains its fundamental principle of transparency by publishing its competitive rates on its\u00a0<a href=\"https:\/\/www.capitecbank.co.za\/globalassets\/pages\/documents-library\/capitec-pay\/capitec_pay_fees_nov2024.pdf?utm_source=Broad+Media&amp;utm_medium=Article&amp;utm_term=January+2025\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>website<\/strong><\/a>.<\/p>\n\n\n\n<p>This makes it easier for businesses to compare costs and make informed decisions about their payment strategies.<\/p>\n\n\n\n<p>Passmore concludes, \u201cOur platform\u2019s transparent pricing model, enhanced security features, and efficient refund capabilities make it an attractive option for businesses looking to optimise their payment operations while providing a secure and convenient customer experience.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa\u2019s digital payment market is projected to exceed R100 billion within the next two years, and Capitec is leading the charge to help businesses harness this growth.<\/p>\n","protected":false},"author":57,"featured_media":803082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[17899],"class_list":["post-804526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-capitec-pay"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/804526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=804526"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/804526\/revisions"}],"predecessor-version":[{"id":804528,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/804526\/revisions\/804528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/803082"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=804526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=804526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=804526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}