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Payment gateway
In the section you can browse through our Frequently Asked Questions. You will be able to find answers to the basic elements of understanding what a payment gateway is and why you require the use of one.
Why Choose MyGate?
We are the most cost effective and innovative payment gateway in South Africa. We know how important ecommerce is or can be to your business and will ensure that it pays you to transact with MyGate. MyGate will walk you through each step to setting your website up to accept online credit card transactions.
Do I need a merchant bank account?
Yes, you need a merchant bank account with a South African bank. MyGate will streamline the merchant application process by helping with the application and liaising between you and merchant bank.
How long does it take to get a merchant account with the bank?
The banks will not commit to a time period, however in our experience this process can take anything from 2 - 6 weeks.
Can I accept Debit Cards on my website?
Presently, due to banking regulations around the movement of the Debit Card pin code, Debit Cards cannot be accepted online as a form of payment in South Africa.
How long does it take to get a merchant account with the bank?
- In the case of FNB, the client has to have a business cheque account with FNB for over 12 months. However with ABSA and Nedbank, the client can have a business cheque account with any of the other commercial banks in SA.
- Latest Audited Financials or Business Plan with projected Financials.
- Conduct their Business Cheque Account in a Good Manner.
- Not listed on ITC.
- Viewable website.
- Adhere to the VISA and MasterCard regulations pertaining to the website.
How much more cost effective is MyGate's offering than other payment gateways?
We are on average 30% less.
What credit card types can I accept?
Your site can accept Visa and Mastercard straight away. Additional cards such as American Express and Diners cards require applications.. Subject to approval and the receipt of a Merchant ID for these cards, your site will also be able to accept American Express and Diners cards.
Are my clients' credit card details safe?
Yes, MyGate is a PCI compliant payment switch. Card detail is stored in an encrypted environment.
How do I know how many and the value of transactions that have gone through my site?
You will be issued with a user name and password to log in to MyGate's Web Console where extensive backend reporting can be used to monitor credit card transactions..
Can I sell in a Foreign Currency?
No, South African banks only are able to provide you with a Rand merchant account. The card holders statement will reflect a charge in their local currency.