What is a merchant account?

A merchant account is a type of bank facility that allows any qualifying business to accept payments, from customers, via their debit or credit cards.

It is a processing facility offered by an acquiring bank, governed by an agreement between the business (or merchant), a merchant bank and payment processor for the settlement of credit card and/or debit card transactions.

Peach payments works with various acquirers to be able to offer online businesses, merchant accounts for card processing, settlement and reconciliation. Ultimately an acquiring bank, will decide which payment gateways they want to work with. We have open projects with the major acquiring banks in the countries we operate in, to offer merchant accounts to enable you accept payments. Each acquirer also has its requirements, capabilities and processes, that you would need to be aware of, to get set up. We'll always set you up with the best option, based on what is best for your business, once we've understood what you need.

Remember you can receive funds into a business current bank account at whichever bank you decide. A merchant account is only an agreement to accept card payments. You do not need to have a merchant account at the same bank that you have your business account (country dependent). Eg. you can still have a Standard Bank business account, but process your payments through a Nedbank merchant account.

Available Merchant Account options with Peach in South Africa

• ABSA merchant account
• Nedbank merchant account
• Standard Bank merchant account
• FNB merchant account
• Peach Aggregation account
• Multi-currency ABSA merchant account (Planet Payments)

Differences between Merchant Accounts in South Africa

Option 1 - is through our aggregation model where everything flows through Peach and there is no need for your own merchant account with a bank directly. Quick and easy to setup. Most merchants prefer this as as a startup solution. Settlement occurs daily.

Option 2 – is through your own merchant account with an acquiring bank we support. We will be able to manage the application process on your behalf (ABSA and Nedbank) so that you do not have to deal with the bank directly. Standard Bank and FNB we facilitate a referral process. Settlement generally occurs daily however this is acquiring bank dependent.

Standard Pricing in South Africa

Useful Terms:

Processing Fees: (i.e. Debits) per transaction costs will drop with more transactions that you do with us.
Blended Fees: Means one rate that applies regardless of volume or card type (debit or credit card).

Split Fees: Variable rates taking into account volumes and card type (debit or credit card).

Special Transactions: Card Storage, per card stored, once off, for the lifetime use of that card.

Tokenisation: You will need this, should you wish to make use of Card Storage (for future purchases) or for 1-Click Checkout, Subscription or Recurring Billing within your payment model *(i.e. Card Storage)– Once off charge, per card stored - for the lifetime value of that cards use

Multi-Currency Card Acceptance: For more information on how to apply for a Multi-Currency account, click here

Available Merchant Account options with Peach in Mauritius

• Mauritius Commercial Bank merchant account
• ABSA merchant account

Available Merchant Account options with Peach in Kenya

• Kenya Commercial Bank merchant account
• I&M merchant account

*For Standard Pricing in Mauritius and Kenya, please reach out to support@peachpayments.com and we will have one of our sales representatives reach out to you.