PAYFAST ID Verification - An organisation with poor systems

I've been a Payfast merchant since 2021. On the 17th of July, I discovered that my name was missing a letter on the Payfast system. I corrected it and uploaded my SA Barcoded ID copy for verification. A notice appeared on the Payfast system showing "Pending Verification."

Since then, I have interacted with Payfast support staff multiple times, informing them of the damage the delayed verification process was doing to my business, as all our online ticket sales are processed through Payfast. I was initially informed by a support consultant that verification would take 3 to 5 days. However, it has now been TWO WEEKS!

In this digital age, where we can open bank accounts with major financial institutions within minutes online, it is unacceptable that Payfast, a fintech company, is unable to verify an ID document in two weeks. This delay is compromising the businesses of their customers. While a 24-hour verification period is acceptable, five days is incompetence, and 14 days is simply a case of dereliction, ineptitude, and a sign of failing systems within the organization.

I believe regulatory authorities should investigate Payfast’s business practices to determine whether it is fit to serve customers in the financial services industry.