We’re here to help you revolutionise the way you handle your business finances, providing you with the speed and efficiency you need to stay ahead in today’s fast-paced market. That’s why we’re pleased to introduce Immediate Payout, a new feature from Payfast by Network that will help your business access your funds quicker than ever before.
What is an Immediate Payout?
When you make a sale through Payfast by Network, whether it be via your online store or our new Network Point-of-Sale POS device, the funds are deposited directly into your Payfast by Network account, which you can then payout into your linked bank account. Up until now, each payout took 48 hours to be processed. With our new Immediate Payout feature, it can take mere minutes.
What are the benefits of an Immediate Payout?
Some of the benefits of an Immediate Payout are as follows:
- Enable on-demand access to funds: Access your funds whenever you need it, 24/7.
- Increase options for revenue streams: With quicker access to funds, your business can explore new revenue opportunities.
- Increased cash flow: Immediate access to funds helps maintain a healthy cash flow.
- Lowest fees in comparison to direct competitors: You pay less in fee charges, putting more funds back into your business.
How do you action an Immediate Payout?
Choosing an Immediate Payout is just as easy as selecting a normal one. Simply do the following:
- Log into your Payfast by Network account.
- Navigate to the Payout tab on the left-hand side menu.
- Toggle on ‘Immediate Payout’.
- Enter the amount you want to be paid out.
- Click the ‘Request Payout’ button.
- Confirm your selections by clicking ‘Complete Payout’.
It’s important to note that an Immediate Payout is not the same as an immediate settlement. You can only request an Immediate Payout after the bank clearing time of 48 hours has elapsed. This waiting period is stipulated by the banks and used for all relevant fraud checks. Once completed, the payout can be requested.
What is the fee of an Immediate Payout compared to a normal one?
Our normal payout fee is only R8.70 (excluding VAT), regardless of the value of the payout. The new Immediate Payout fee, on the other hand, is determined by the requested amount. The Immediate Payout fee is 0.8% (excluding VAT) of the requested amount. A flat rate of R14.00 (excluding VAT) is applied where 0.8% (excluding VAT) is less than R14.00.
For any other questions you may have about the Immediate Payout feature, check out our Help Centre. We hope you find value in this new feature, and we look forward to bringing you more soon.