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PaySum1 – A cost effective way to accept bank transfer payments from overseas client


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Many business owners in South Africa wanting to trade internationally require their clients to make bank transfer payments for goods or services to their accounts in South Africa. These international bank transfers often take many days to clear and incur high bank transfer fees due to currency conversion and international clearing. When making these payments both the client and the merchant often do not receive the best exchange rates available.

In order to make accepting international bank transfer payments easy, quick and inexpensive PayGate has launched PaySum1 – a revolutionary new payment method that enables businesses in South Africa to quote their clients the Rand amount they would like to be paid and have their client make the payment into a bank account in their own country in their own currency. Once the client’s payment has cleared into the local account, the payment is then transferred to South Africa via a currency trading system and is paid out in Rand to the merchant from a South African account. Using this service both the merchant and client receive the best exchange rates available as well as avoid expensive bank transfer fees.

Unlike credit card payment processing, PaySum1 does not require an internet merchant account in order to receive payments. PaySum1’s processing fees are also very low, and fees are not based on a percentage of the transaction value. We have also made the signup process for PaySum1 as quick and easy as possible, so a merchant will not need to wait weeks to have the payment method activated. The PaySum1 service is compatible with our PayXML, PayWeb and PayBill payment services. PayWeb and PayXML are recommended for merchants wanting to accept PaySum1 bank transfer payments via their website. PayBill is suitable for merchants who want to be able to send a ‘bill’ email to their clients for the amount they would like to be paid and have their clients pay them via an online payment gateway. For more information on this service please see

Date Posted: 2010-09-07
Posted By: PayGate Payment Gateway
Listed under these Business Listing Categories: Financial services, IT Services & Products,

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