Paysoft Review

INTRODUCTION TO PAYSOFT

PaySoft is a debit order company that provides users with a highly secure and affordable collection system whereby the users can sign on and upload debtor account files through unique access-controlled authorization levels.

The main objective of all PaySoft products is to reduce costs and increase the effectiveness of the total credit cycle.

The PaySoft CDV (check-digit verification) system pre-validates bank accounts to determine whether account numbers are consistent with bank and branch validations, which is especially useful for South African businesses because users can add and process debit orders against all South African bank accounts, whether current, cheque, savings and transmission accounts with this PaySoft’s CDV system.

This process allows users to ensure the accurate capturing of data, before submitting transactions to the bank, reducing returned or rejected transactions and the costs associated with such occurrences.

Returned debit order files are analyzed by PaySoft’s expert credit consultants who will then assist each client with additional strategies to deal with each different returned debtor category.

Once batch reports have been processed, they can be used to manage and measure success and returned debit orders.

Further to this, PaySoft also provides numerous settlement options, or users can run their accounts.

PaySoft makes its setup process quite simple and easy, and the company’s professional customer support team is ready to guide new clients through the process of obtaining the correct legal customer mandates which are needed to process debit order payments.

PaySoft provides a secure platform for keeping debtor details, and beneficiaries can be added with an easy file upload, secure FTP, or API, while the debit order itself is submitted through the company’s secure high-speed bank links.

The PaySoft platform also provides a centralized system where users can view all reports of both successful, returned, and rejected transactions in the debit order batches.

PaySoft has low transaction fees which are combined with an ability to pre-check account details to reduce the number of returned transactions. Users can thus combine their debit order workflow with the company’s account holder verification services for greater control.

PaySoft offers valuable financial and credit management products to aid clients with credit screening, and payment and collection processing. As a result of the high volumes of transactions PaySoft processes, it can offer its clients significant savings on their EFT payment, debit order, DebiCheck, and account verification transaction costs.

PaySoft clients can use all these secure Web-based interfaces to manage and report on their transactions or integrate PaySoft services directly into their systems with its secure FTP and API solutions.

All PaySoft servers are in a category-5 biometric data vault, and its systems are audited by its banking partners because data privacy and security are of paramount importance to them.

PaySoft is also proud to be a level 2 BBBEE contributor with an expert team that can help a business to increase efficiency and reduce operating costs.

HEADQUARTERS OF PAYSOFT

PaySoft has its head offices at the Courtyard Building 2, Century City, Cape Town.

FEATURES OF PAYSOFT

Easy Payments

PaySoft offers a secure and cost-effective electronic fund transfer (EFT) payment system, ideal for payroll and creditor payments.

Transaction costs are low and the automatic CDV (check-digit validation) system pre-validates bank accounts to confirm consistency between account numbers and bank and branch rules, thereby reducing the number of rejected transactions.

You can load beneficiaries and process single transactions because PaySoft supports approximately 80 different file formats for batch importing and processing of large-volume transactions.

Payments can be processed through all South African banks and payments to Lesotho, Swaziland, and Namibian bank accounts are also supported.

You can select any of your pre-loaded beneficiaries or upload your beneficiaries with a file upload through the secure Web platform, via secure FTP or secure API and transfer the funds to cover the total of your batch. Once PaySoft has received notification that the funds are available, these are matched with your batch and released to the bank for processing.

The funds are paid into your beneficiaries’ accounts and the PaySoft platform will provide you with comprehensive reporting on all your payment transactions.

Aside from lower per-transaction fees, PaySoft also pre-checks account details to reduce returned transactions. Exportable batch and audit reports are provided to manage and measure success and rejected payments.

Cashless banking

The excessive costs of drawing and depositing cash and additional logistical overheads of having to draw, process and distribute cash make it an undesirable solution in the digital world.

The PaySoft debit card allows cardholders to enjoy all the benefits of an account-linked card: ATM withdrawals, use at points of sale, and the security of a card versus cash.

The card is also perfect for digital wallet solutions, company petty-cash cards, students, short-contract seasonal workers, and even employees who may not qualify for full-FICA bank accounts.

There are three types of card accounts available, the Disbursement Card, PaySoft Lite, and PaySoft Plus.

With the Disbursement Card one can draw cash at any ATM, or all major retailers (with any small card purchase), it offers point-of-sale transacting at all major retailers, one can view the balance, a mini-statement, buy airtime, change the pin, and stop a card via USSD.

Cash deposits are not allowed – funds must be transferred via the PaySoft system, and no debit orders may be processed against the account. No interest accrues on the account balance and international transactions are not allowed.

With a PaySoft Lite card, you have the same benefits, and cash deposits into the card may be made by the cardholder at ATMs, all approved retailers, and the ABSA branch network. Funds may be transferred to the card via the PaySoft system, or any banking/system operator system.

No debit orders may be processed against the account and no interest accrues on the account balance.

PaySoft Plus works like a full bank account.

Interest accrues on account balance; debit orders may be processed against the account and international transactions are allowed.

Automate your collections

One of the key elements of a cash flow and debtor management cycle is the use of efficient debtor payment mechanisms, such as debit orders. PaySoft offers a secure and cost-effective debit order collection system where users can sign on and upload debtor account files through unique access-controlled authorization levels.

Debits can be made against current, cheque, savings, and transmission accounts of South African banks, and the automatic CDV (check-digit verification) system pre-validates bank accounts to ensure the accurate capturing of data, before submitting transactions to the bank.  Once processed, batch reports are provided to manage and measure success and returned debit orders.

DebiCheck protects both parties to a transaction

DebiCheck is a world-first that makes use of the prevalence of personal electronic communication mechanisms to ensure that transactions processed through the system have been irrefutably pre-approved by debtors, thereby safeguarding both parties from unauthorized transactions and unwarranted disputes.

DebiCheck contracts can be once-off or recurring, for fixed, variable, or usage-based amounts can be set to optionally track an account (for a maximum of 10 days) and can run on the date of your choosing.

No new, extended, or renegotiated AEDO or NAEDO collection agreements may be concluded within the debit order system, as part of the process for the migration to DebiCheck.

Bank account verification

You can save on your transaction costs by reducing the number of transactions that are returned or rejected due to incorrect account details.

PaySoft’s automatic CDV (check-digit verification) will pre-validate bank accounts to determine if account numbers are consistent with bank and branch validations.  This service is free to all bank account verification (BAV) clients.

BAV is available as a batch or real-time service and can be integrated into your systems via an API. You can use BAV as a pre-paid service with monthly or as-needed top-ups, or you can apply for monthly billing.

ID verifying

With identity fraud as a rising global phenomenon, being able to verify identity can save unnecessary hassle and cost when concluding contracts and transactions.

PaySoft’s ID Verify service provides you with peace of mind by checking identity details against the SA Department of Home Affairs database and allowing you to make decisions with confidence.

PAYMENT METHODS ACCEPTED

The PaySoft debit card allows cardholders to enjoy all the benefits of an account-linked card: ATM withdrawals, use at points-of-sale, and the security of a card versus cash.

The cards are also perfect for digital wallet solutions, company petty-cash cards, students, short-contract seasonal workers, and even employees who may not qualify for full-FICA bank accounts.

You may select from one of three types for each card account opened: A Disbursement Card, PaySoft Lite and PaySoft Plus.

The Disbursement Card does not require a full FICA process – only the name, surname, SA ID number, passport number, or full asylum number of the cardholder to open the account. With it, one can:

• Draw cash at any ATM, or all major retailers (with any small card purchase)
• Offers point-of-sale transacting at all major retailers
• View the balance, a mini statement, buy airtime, change the pin, and stop card via USSD
• Cash deposits are not allowed – funds must be transferred via the PaySoft system
• No debit orders may be processed against the account
• No interest accrues on the account balance
• International transactions are not allowed

The PaySoft Lite Savings account

This account can be opened with a SA ID document or smart ID, passport and work permit, or an asylum permit. With it, one can:

• Draw cash at any ATM, or all major retailers (with any small card purchase)
• Offers point-of-sale transacting at all major retailers
• International transactions are allowed
• View the balance, a mini statement, buy airtime, change the pin, and stop card via USSD
• Cash deposits into the card may be made by the cardholder at ATMs, all approved retailers, and the ABSA branch network
• Funds may be transferred to the card via the PaySoft system, or any banking/system operator system
• No debit orders may be processed against the account
• No interest accrues on the account balance
• Ready for a full banking solution? Consider PaySoft Plus

A PaySoft Plus account is like a full bank account and can only be opened with full FICA requirements: SA ID document / smart ID or passport and work permit, and proof of address.

SAFETY OF PAYSOFT

PaySoft is registered with the Payments Association of South Africa as a System Operator (SO001083) and Third-Party Payment Provider.

PaySoft is a level 2 BBBEE contributor.

As a transaction systems integrator, PaySoft relies on connection to processing partners in the form of banks or credit bureaux and distribution partners.

PaySoft offers several resale and integration options.

CUSTOMER SUPPORT

Users can contact PaySoft by email or by phone.

SUMMARY

PaySoft provides users with a secure and affordable collection system whereby they can sign on and upload debtor account files through unique access-controlled authorization levels.

The PaySoft CDV (check-digit verification) system pre-validates bank accounts to determine whether account numbers are consistent with bank and branch validations, a useful feature for businesses because users can add and process debit orders against South African bank accounts.

Returned debit order files are analyzed by PaySoft’s expert credit consultants who then assist clients to deal with each different returned debtor category. Batch reports can be used to manage and measure success.

PaySoft has a simple setup process and professional customer support to guide new clients through the processes.

PaySoft provides a secure platform for keeping debtor details, and beneficiaries can be added with an easy file upload.

FAQ

What features must be considered when evaluating a payment gateway for your needs?

• Security
• Easy integration
• Detailed reporting
• Good invoicing options
• Multiple payment options
• Fast processing speed

What is a payment service provider?

Payment service providers connect merchants, consumers, card brand networks, and financial institutions to deliver a simple payment experience for merchants and their customers by processing payments quickly and efficiently.

What is PaySoft

PaySoft is a service provider that offers users a secure and affordable collection system whereby they can sign on and upload debtor account files through unique access-controlled authorization levels.

Is PaySoft secure?

PaySoft is registered with the Payments Association of South Africa as a System Operator (SO001083) and Third-Party Payment Provider.

Can PaySoft Process Mobile Transactions?

Yes, the product is ideally suited to mobile app payments.

Can I use PaySoft to process recurring transactions?

Yes, you can use PaySoft to process recurring transactions.