Rapid Instant EFT Terms


By using Rapid Instant EFT (the “Service”), you, as the Merchant, agree that you have read, understand and are bound by:

  • these Merchant Service Terms – Rapid Instant EFT ;
  • the Merchant Service Terms – General ;
  • the provisions of the relevant hardcopy or electronic application form relevant to the Service (“Application Form”); and
  • any notices which may be published under “Notices” on the Website from time to time.


Your use of the Service indicates your acceptance without modification of these Service Terms, as read with the General Terms and the Application Form, which will together constitute a legal agreement (“Agreement”) between you and Rapid Payments South Africa.


Unless the context clearly indicates the contrary, any term defined in the General Terms when used herein, shall bear the same meaning as defined in the General Terms. To the extent that there is any inconsistency between any provision of the General Terms and these Service Terms, then these Service Terms shall override the General Terms to the extent of the inconsistency.


The Agreement shall commence with effect from the date of activation of the Service by Rapid Payments which date shall not be earlier than the requested commencement date set out in your Application Form and shall endure until either of us terminates it in accordance with the General Terms.


1. General

The Service enables you, as a Merchant, to receive online payments from your customers or payment makers (“Payers”) via electronic funds transfer (“EFT”) and to receive instant payment notifications of those payments. Such EFT payments must be made through one of the South African banks supporting the Service, currently being Standard Bank, ABSA Bank, Nedbank, Capitec, First National Bank and Investec, Bidvest Bank, African Bank, Tyme Bank and Old Mutual Bank.

2. To make refunds or bulk payouts to your customers.

3. How the Payer Makes Payment

  • At the time of checkout, a Payer will be provided with an option a make a payment to you using the Service.
  • If the Service is selected, the Payer will be redirected to a page provided by Rapid Payments , or its authorised service provider, in order to select his or her bank (limited to the banks described in clause 3.1 above).
  • After the bank is selected, the Payer will be required to enter his/her online banking credentials in order to login and proceed with the transaction. The Payer will then be directed to an online ‘once off payment screen’ provided by Rapid Payments or its authorised service provider. The ‘once off payment screen’ will be pre-populated with, for (a) merchants who use Rapid Payments’s acquiring account, Rapid Payments bank account details, and (b) merchants who use their own acquiring account, your payment details (such as your merchant store name, your bank, branch code, merchant bank account number, transaction reference(s)) and the transaction amount.
  • Following the Payer confirming the details, the Payer’s bank will provide the Payer with a one-time PIN via SMS, email or USSD push notification or request the Payer to approve in-app. The Payer will be required to enter such one-time PIN or approve in-app authentication and confirm payment.
  • Once the Payer has confirmed payment, Rapid Payments will match the payment to your Payer’s transaction and send you an instant payment notification that payment from such Payer has been successful, expired or failed.

4. Receipt of Funds

  • If you use Rapid Payments’ acquiring account, funds will be paid into one of Rapid Payments own South African bank accounts, where the funds will be held for you until paid out to you in accordance with clause 3.4 below. Consequently, by registering for the Service you appoint Rapid Payments to process payments and to accept the proceeds of payment instructions from your Payers on your behalf in accordance with your instructions, subject to the terms and restrictions of your Agreement with Rapid Payments. Rapid Payments will at all times hold the funds it receives on your behalf, separate from our own funds, and will not use your funds for our own expenses or voluntarily make same available to our creditors. However (a) you acknowledge that the Service is a payment processing service, not a banking service and Rapid Payments is not acting as a bank, trustee, fiduciary or escrow in respect of your funds; and (b) your account balance represents an unsecured debt owed by Rapid Payments to you, which is at risk in the event of Rapid Payments’ insolvency and is not covered by any compensation scheme or any other public or private insurance scheme.
  • If you use your own acquiring account, a Payer will make payment to you into your merchant bank account as provided in your Application Form.

5. Payment of Proceeds

  • If you use Rapid Payments’ acquiring account, Rapid Payments will pay to you such amounts being held by us for you (i.e. the proceeds of EFT payments having been identified as being due to you), subject to the deduction of any applicable Service Fees. All acquiring accounts run from 00:00:01 on the Monday morning until 23:59:59 on the Sunday evening. These transactions are batched and paid into your nominated bank account. Payment to you will be made weekly in arrears on a Wednesday.
  • If you use your own acquiring account, the proceeds of the EFT payments by your Payers will be paid directly into your account and subject to normal bank settlement periods. You will be invoiced the Services Fees as set out in clause 5 below and in accordance with the terms set out in your Application Form.

6. Refunding your Payers and Bulk Payouts

  • The Service does not include the processing of any refunds or payouts to your Payers except agreed between Rapid Payments and yourself.
  • Our payout option is a third party service provided to you.


Rapid Payments or its authorised service provider impose the following guarantees and limits:


guarantee payments up to R10 000.00 per single payment from Investec or Capitec and R100 000.00 per single payment from all the other banks. This guarantee excludes any fraud due to a sim swop.


All Payments guaranteed by Rapid Payments Is strictly subject to your receiving account being in good standing with your bank. Rapid Payments guarantee that the client has made the payment successfully and will not be held responsible if rejected by your receiving bank for whatever reason.


impose an upper limit on the amount of a single transaction which will be accepted through the Service;


freeze or suspend your access to the Service for an indefinite period if there is suspicion of any illegal activity taking place or for any other reason whatsoever.



Unless otherwise agreed with you in writing, the specific Service Fees applicable to you are as set out in your Application Form or otherwise as set out on the Website.


The Service Fees are as follows:

  • a set-up fee (if applicable);
  • a fixed fee on each EFT payment successfully processed;
  • a variable fee expressed as a percentage of the value of each EFT transaction successfully processed; and
  • a fixed fee per pay-out of funds to you.


The Service Fees are due upon the processing of each relevant transaction or pay-out, as the case may be and are deducted from any funds we hold for you under this Agreement or invoiced monthly in arrears.


You are liable for the Service Fees levied on each EFT payment successfully processed irrespective of whether such payment is thereafter refunded to the Payer.  In the event that the funds held by Rapid Payments on your behalf are insufficient for the deduction of any applicable Service Fees, you remain liable for such Service Fees.


Rapid Payments will not be held responsible for incorrect banking details being provided by you which may lead to funds held by Rapid Payments on your behalf being transferred to the incorrect party.



In addition to and without limiting the disclaimer provisions set out in the General Terms, but subject to your legal rights, the Service is provided to you without any warranty or representations (including that the service be error free, accurate and/or complete) and not subject to any condition, except as may be expressly provided otherwise in the Agreement where direct financial loss occur due to system malfunction and/or human error.


You understand and acknowledge that the Service, as read with the General Terms, shall always be subject to the terms and regulations imposed by Rapid Payments payment processors and service providers and your bank.


If you use the Service in a manner that violates the Agreement, including but not limited any prohibited conduct described in the General Terms or any other applicable Service Terms, we may be entitled to suspend or terminate the provision of the Services, as stated in the relevant provisions of our General Terms