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2023-03-15 12:23 PM

PayFlex buy now, pay later review 2023

By William Dube

PayFlex is a South African buy now, pay later credit provider based in Gauteng. The credit provider has established itself as one of the major checkout options in South Africa.

PayFlex is accessible to both merchants and customers. Customers can borrow money at the checkout using PayFlex, and merchants can use PayFlex services as one of their payment methods.

The Buy Now, Pay Later concept is still relatively new, and it is mostly offered by online banks and NEOBanks. Let’s first discuss what PayFlex is before delving into how it works for both customers and merchants.

PayFlex Summary

PayFlex is a platform that allows customers to buy now and pay later at any store that accepts PayFlex payments. Since the credit issued to shoppers does not include any interest, a 0% interest rate applies. Late payments, on the other hand, incur a fee starting at R60.00.

PayFlex’s services are also available to merchants. PayFlex is available to any merchant in South Africa, but only after an application is submitted and accepted. PayFlex merchants usually have online stores also where PayFlex account holders can check out remotely.

The PayFlex app includes a QR scanner option that shoppers can use to check out. To complete a transaction, a shopper can simply scan a QR code at a merchant’s location to complete an order. This can be done at most merchants supported by PayFlex. 

How PayFlex Works

PayFlex functions differently for customers and merchants. This is due to the fact that each user requires it for a different reason, one is to pay when shopping and the other to allow shoppers to pay with PayFlex. We’ll look at how PayFlex services are used by both customers and merchants in the sections below.

How shoppers use PayFlex services

PayFlex is required by customers to complete their purchases when shopping online or in PayFlex payment accepting stores. A shopper can apply for PayFlex credit directly on the PayFlex website or during the checkout process. The application process only takes a few minutes, and credit is granted right away.

Shoppers can use the credit allotted at checkout to complete a transaction. Depending on the level of trust, that is the time spent using PayFlex services, a percentage of the transaction value has to be paid. At least a checkout fee of 25% is required to complete a purchase.

The amount needed to complete a purchase can reach up to 50% of the transaction value. This is due to the fact that PayFlex does not give 100% credit when checking out, instead it limits the payout value to 75%.

The amount of credit borrowed must be repaid in 6 weeks, and it must be between 50% and 75% of the transaction value. The shopper must make four installment payments, the first of which occurs at checkout and amounts to 25% – 50% of the transaction value.

The remaining balance will be paid in equal installments over the next six weeks (weeks two, four, and six). After making payments to PayFlex, repaid credit can be used at checkout again and again since it is a revolving credit. 

How merchants use PayFlex services

PayFlex assists merchants in converting customers who buy online. PayFlex provides credit to shoppers when they check out at any merchant that accepts PayFlex. This means that there will be more visitors who convert, resulting in an increase in sales.

PayFlex functions as an e-commerce payment gateway that can be integrated into a merchant’s website. Merchants can then use the payment gateway in conjunction with other payment gateways during checkout to allow for a variety of checkout methods.

PayFlex does not charge merchants a set-up fee, but there are fees associated with each transaction. PayFlex also handles checkout transactions with its sophisticated technology.

According to PayFlex merchants who have integrated the PayFlex platform, on average, they have been able to archive the following:

  • More than 70% order value,
  • Up to 30% increase in sales, and
  • Up to 80% repurchase rate.

Pro and Cons of PayFlex

Pros for Shoppers

  • Shoppers can purchase gaming gadgets, home electronics, furniture, musical instruments and more goods.
  • The payment method can be used at numerous locations and at most web stores in South Africa.
  • Credit is always available after making the first repayment.
  • Shoppers get to pay only 25% of the checkout value of goods.
  • Checkout can be done in-store and online.
  • There is no interest payable on the credit used.
  • Repayments are spread out for a 6 weeks period.
  • Application is paperless and acceptance is instant.

Cons for Shoppers

  • Late payments incur fees that accumulate on a weekly basis.
  • The first installment can go as high as 50% of the transaction value.
  • Not as many stores accept PayFlex as a payment method.

Pros for merchants

  • An additional payment method that is likely to increase sales.
  • Shoppers coming back to purchase more because of the inclusion of a payment method that they prefer.
  • No setup fee is required.
  • Easy to integrate on the website.
  • Can be used on multiple e-commerce websites.

Cons for merchants

  • There are fees that the merchant has to pay for every transaction.

Requirement for PayFlex Buy Now, Pay Later

For shoppers

  • Must have a valid South African ID number.
  • Send a picture of yourself holding your ID.

For merchants

  • Must have the company registration documents.
  • Have a link to your online store.


PayFlex is paving the way for future payment methods. With their no credit check lending, the company is able to attract a large number of customers, including some with poor credit. You can use PayFlex services while shopping; however, make sure that the store where you want to buy accepts PayFlex payments.

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William Dube

William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends. You can contact him on william@rateweb.co.za

Tags: Playflex