Detailed Comparison
Yoco
Card Machine + OnlineBest for: Retail, markets, mobile businesses
Card Present
2.6%
Online
2.95%
Monthly Fee
R0
Settlement
Next business day
Pros
- +No monthly fees - pay only when you sell
- +Free card machine with qualifying volume
- +Sleek hardware, great customer experience
- +Built-in invoicing and payment links
- +Excellent mobile app for tracking
Cons
- -Higher per-transaction fee than banks
- -No recurring billing built-in
- -Settlement slower than some competitors
PayFast
Online Payment GatewayBest for: E-commerce, subscriptions, digital products
Card Present
N/A
Online
3.5% + R2
Monthly Fee
R0
Settlement
2-3 business days
Pros
- +Most widely integrated gateway in SA
- +Supports EFT, credit card, Mobicred, SnapScan
- +Built-in recurring billing (subscriptions)
- +Split payments for marketplaces
- +Instant EFT option available
Cons
- -Higher fees than card-present solutions
- -No physical card machines
- -Interface can be dated
Peach Payments
Online Payment GatewayBest for: Enterprise e-commerce, high-volume merchants
Card Present
N/A
Online
From 2.5% (volume-based)
Monthly Fee
From R500
Settlement
T+2 (negotiable)
Pros
- +Lower rates for high-volume merchants
- +Apple Pay and Google Pay support
- +3D Secure 2.0 built-in
- +Excellent developer documentation
- +African expansion (Kenya, Nigeria)
Cons
- -Monthly fee required
- -Better suited for larger businesses
- -Longer onboarding process
SnapScan
QR Code PaymentsBest for: Small vendors, informal trade, tips
Card Present
N/A
Online
From 2%
Monthly Fee
R0
Settlement
Instant to SnapScan balance
Pros
- +Zero hardware cost (just print QR)
- +Instant access to funds
- +Very popular with SA consumers
- +Great for tips and donations
- +Lowest fees for small transactions
Cons
- -Requires customer to have SnapScan app
- -Not suitable for formal invoicing
- -Limited business features
Frequently Asked Questions
What's the difference between card-present and online rates?
Card-present (tap/insert) is cheaper because fraud risk is lower - you verify the customer has the physical card. Online rates are higher because of chargeback risk. Yoco offers both; PayFast is online-only.
Can I use multiple payment providers?
Yes! Many businesses use Yoco for in-person sales and PayFast for their website. Just ensure your accounting tracks both.
What about bank card machines?
Traditional bank terminals (FNB, Standard Bank) have lower fees (~1.8-2.2%) but require business accounts, have monthly fees, and longer contracts. Good for established businesses with consistent volume.
How quickly do I get my money?
Yoco: Next business day. PayFast: 2-3 days. Peach: 2+ days. SnapScan: Instant to balance, then 1 day to bank. Bank terminals: Often same-day.
The Bottom Line
For most small businesses, Yoco is the best starting point - no monthly fees, easy setup, and you can accept payments within days. Their card machines are excellent and the app is intuitive.
If you're primarily online or need subscriptions, PayFast is the standard choice with the widest integration support in SA.
High-volume businesses should consider Peach Payments or traditional bank terminals for lower per-transaction rates.