Fresh off the press, PayFast has increase the limits on the system, that is.. send and receive limits – Naturally the reason for the low limits was for safety and testing, which has clearly been done and is in great working order.
The send limit is now R 50,000 for all accounts and the receive limit for Premier and Merchant accounts has been increased to R 100,000.
Secondly, a minimum fee has been introduced. This minimum fee per transaction will exist only if the commission based fee is less than this minimum (R2.00) and will be effective on 27th October 2008.
It will make no difference to most Premier and Merchant account holders whose average transactions are greater than R100, and is just there to account for lower value transactions.
Don’t forget to keep an eye on what’s happening with PayPal in South Africa..
I’ve looked at Payfast, even registered with them but I see little benefit to using them at the moment. If I sold things on bidorbuy, then they would offer something I would use.
If you’re not trading on bidorbuy then really all they offer is a way to receive EFT payments indirectly via them, which means I have to share some of my payment with them, including a R10 withdrawal fee which is more than AlertPay charges.
Payfast says you will receive payments immediately, circumventing the EFT delay that banks currently impose, however, there is still a 2 day wait to withdraw funds from Payfast into my bank account.
If Payfast introduced a mastercard debit card that I could use to immediately access my funds, that would benefit me by removing the EFT delay completely.
They would also appeal more to me if Payfast allowed me to receive payments from credit cards but they haven’t implemented that yet.