Payflex

#Buy Now Pay Later (BNPL)

Payflex is a popular online payment method in South Africa. It allows consumers to make online purchases and split the total cost of their purchases into multiple interest-free installments. […]

Certified payment providers 1
Market coverage 1
  • South Africa
Currencies 1
  • South Africa Rand
Description

Payflex is a popular online payment method in South Africa. It allows consumers to make online purchases and split the total cost of their purchases into multiple interest-free installments.

Here are some key details about Payflex:

– How it works: When making an online purchase on a participating merchant’s website, you can choose Payflex as your payment method. Instead of paying the full amount upfront, Payflex enables you to divide it into four equal installments, paid over a six-week period. No interest or additional fees are charged.
– Registration: To use Payflex, you need to sign up on their website (payflex.co.za) and create an account. You’ll be required to provide your personal information and banking details for payment processing. Payflex will conduct a quick credit check to assess your eligibility.
– Eligibility: Payflex is available to South African residents aged 18 or older, holding a debit or credit card issued by a South African bank, and having a regular monthly income.
– Security: Payflex employs security measures to safeguard your financial information. They use data encryption and adhere to applicable security standards.
– Fees: Payflex does not charge any interest or user fees to buyers. However, merchants may be subject to transaction processing fees.
– Repayment and late payments: Failure to make a payment on time may result in late payment fees imposed by Payflex. It’s important to adhere to the payment dates to avoid such fees.
– Participating merchants: Payflex is accepted by numerous e-commerce sites in South Africa. You can check their website for a list of participating merchants to see where Payflex can be used.

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Frequently Asked Questions

What are the best practices for managing cross-border payments?2023-04-18T18:56:57+02:00

NORBr is a payment orchestrator that connects you to all cross-border payment services providers that can help you manage your cross-border payments efficiently and securely, while also ensuring compliance with relevant regulations. NORBr offers advanced features like fraud detection, currency conversion, and real-time tracking and reporting, which can help you optimize your payment processing for cost efficiency and speed.

What are the risks associated with cross-border payments?2023-04-18T18:57:21+02:00

Cross-border payments can be associated with several risks for you, including currency fluctuation risk, regulatory risk, and fraud risk. Currency fluctuation risk refers to the potential impact of exchange rate fluctuations on the value of your payments. Regulatory risk relates to the complexity of complying with different regulations in different countries. Fraud risk refers to the potential for fraudulent activity, which can be more difficult to detect and prevent in cross-border transactions.

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