When should a business use PayShap vs EFT for payments?

Use an Instant Payment via PayShap when the money needs to arrive now and the total stays within R50,000 a day. Use a Standard Payment, the regular EFT, when the payment is planned, can wait 1 to 3 business days or is above R50,000. Most businesses end up using both.

Choose PayShap when

• Goods are waiting on payment. Your supplier releases stock as soon as the money reflects, not when a proof of payment screenshot arrives.
• It is after hours. PayShap runs 24 hours a day, 365 days a year, with no cut-off times.
• You are getting paid on the spot. Send a customer a Payment Request via PayShap and the money lands the moment they approve it.
• You only have a cellphone number and bank name. Pay someone using the cellphone number linked to their ShapID, no branch code needed.

Choose a Standard Payment when

• The amount is over R50,000. That is the daily limit for Instant Payments via PayShap.
• The payment is planned. Rent, monthly supplier accounts and other bills you know about in advance.
• You want to keep costs at zero. Send a Standard Payment for free from the GoTyme Bank app.

What each option costs

Instant Payments up to R5,000 are free and a flat R7 applies from R5,001 up to the R50,000 limit. Sending a Payment Request is free and receiving money is always free. A Standard Payment is also always free with GoTyme Bank.

If the person you are paying banks with GoTyme Bank, GoTyme to GoTyme payments up to R500,000 are always instant and always free.

See how Instant Payments via PayShap can speed up your business.