Stitch clients can offer customers the ability to use Capitec Pay to make easy payments directly from their bank account without requiring a card.
Stitch clients will now be able to offer their customers the option to pay via Capitec Pay at checkout, alongside existing Stitch payment methods.
Capitec recently launched Capitec Pay as part of an initial push in South Africa towards open banking. With Capitec Pay, Capitec users can make payments using their mobile number or ID number. Through Stitch, Capitec users can choose Capitec Pay as a payment method at checkout, and approve payment in their Capitec app.
Funds are transferred directly from the customer’s Capitec bank account, and the merchant is notified to release the goods or services, or credit the user’s account, as soon as the authentication of a transaction is complete. For merchants, some of the benefits associated with Capitec Pay include reduced operational costs and processing times, as well as reduced risk of fraudulent payments relative to cards.
For customers, Capitec Pay means the ability to pay for products and services quickly and easily without the need to enter bank details. They simply:
For existing Stitch clients, no additional deep development work will be necessary, and businesses won’t need to develop a direct bank integration. For new Stitch customers, Capitec Pay can easily be combined with other payment methods such as Instant EFT, Direct Deposit and CashPay via a single integration, with seamless reconciliation across methods.