Is my PayFast account a bank account?
No, your PayFast account is not a bank account. It is electronic money stored in an online stored-value account.
Any funds in your account can be moved to your bank account by clicking the Payout button on your dashboard.
If you have a high volume of transactions, you can set up automated monthly payouts.
Learn how to setup a Payout here.
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Why is there a withdraw delay on funds in my PayFast account?
The idea behind PayFast is to speed up ecommerce fulfilment through positive acknowledgment of funds received. There is also a reduction in admin overhead for the seller in terms of not requiring proof of payment, not doing manual reconciliation, ...
How do I upgrade my account?
If you have a PayFast account from which you can make payments from (but not receive payments), you can change to an Individual or Business account. If you have a PayFast account with which you can accept payments in your personal capacity ...
How do I enable a passphrase on my Payfast account?
The passphrase is an extra security feature that you can enable on your Payfast Dashboard to make your security signature (sent when a payment is made) more secure. You may set your passphrase as a combination of up to 32 characters of your choosing. ...
Can you pay out the funds in my account to a credit card?
No, unfortunately not. We will only payout the funds in your PayFast account to a bank account registered with a South African bank. We can payout to any bank account in South Africa; it need not be with one of the big four banks and can be with the ...
Is there any interest paid on funds left in my account?
No interest is paid on funds in your PayFast account. Scheduled payouts can, however, be set up to pay funds out to your bank account on a scheduled basis.