Immediate Payouts

Immediate Payouts

What is Immediate Payouts?

Immediate Payouts allow Payfast by Network merchants to receive funds from their wallet directly into their registered bank account within minutes of the payout request. Unlike standard payouts, which take up to two days to reflect, Immediate Payouts settle on the same day they were requested.

Who is Eligible for Immediate Payouts?

Immediate Payouts are available only to certain merchants. You can access this feature if:
  1. You are a verified merchant.
  2. You have completed at least one standard payout.
  3. You have had transactions within the last three months.
  4. Your registered bank account participates in Real-Time Clearance (RTC).

Participating Banks:

Absa, African Bank, Capitec, Discovery, Finbond Net 1, FNB, Grindrod, Investec, Nedbank, Sasfin, Standard Bank, TymeBank, Unibank

Immediate Payout Fees:

A fee applies to each Immediate Payout request: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

How to Access the Immediate Payouts Feature:

As a verified merchant, log in to your Payfast by Network dashboard:
  1. Select either the Request a Payout button in the account balance section from the dashboard or Payout from the side navigation.
  2. On the payout page, find the Immediate Payout toggle below the “Available for Payout” line.
Important Things to Know for Immediate Payout Processing:

  1. You can request Immediate Payouts 24/7, including weekends and public holidays.
  2. Immediate Payouts are available from R50 up to a daily cap of R50,000.
  3. Each scheduled payout affects the total amount eligible for an Immediate Payout. If you have a scheduled payout of R10,000 for the day, for example, you may still request Immediate Payouts up to R40,000 for that day.

Alert

Note: If the daily cap of R50,000 is reached, the Immediate Payout option will be disabled for the rest of the day, although standard payouts remain available.

How to Request an Immediate Payout:

For eligible merchants, here’s how to make an Immediate Payout request:

  1. Enable Immediate Payout: On the payout page, toggle on the Immediate Payout option (default is off). The fee will display as “calculated on confirmation.
  2. Enter Payout Amount: Type in your desired payout amount within these guidelines:
    1. Minimum amount: R50.
    2. Cannot exceed the available balance.
  3. Confirm the Request: After entering the amount, select Request a Payout. Your request will be validated, and the exact fee calculated.

Possible Scenarios:

  1. Insufficient Funds After Fees: If the payout fee leaves less than R50 for available payout, an alert will prompt you to try again later.
  2. Partial Payment Option: If the available funds cover only a partial payout after fees, you’ll see options to either proceed with the adjusted amount or cancel the payout.
  3. Full Pay: If you have enough funds, the payout request will be processed successfully in full, and the requested amount will be sent to your account within minutes to two hours.

Upon successful processing, you’ll receive an “Immediate Payout Successful” confirmation. For delays, an “Immediate Payout Pending” status will display, with the funds reflecting in your bank account within two hours.

All Immediate Payouts appear in the Payout History section on your Payfast by Network Dashboard.


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