How do I reconcile payments?
The way to look at this is to consider the PayFast account as a second business bank account and payouts are just a transfer of funds from one account (the PayFast one) to another account (your bank one). This means that all you need to recon is to ensure that the payouts requested from the PayFast account match the payments received to the bank account.
To recon each individual transaction, match your shopping system to each order that was processed.
Together, these two steps ensure that all funds are accounted for and reconciled.
The running balance on the PayFast account provides additional confirmation that all funds are accounted for.
We do not directly match individual transactions on our side to each payout so it is not likely to match very often. There are more considerations than just the timing and retained balance amounts and we allow payouts for any chosen amount so there is no direct link from transaction to payout.
Update: On request, merchants can implement a Settlement Recon feature to simplify the recon process. This feature adds two new columns to the payments dashboard: Batch ID and Retained. The Batch ID displays the transactions history and Retained displays the current balance. This enables merchants to know exactly which payments are included in the payout.
The information displayed in these two columns allows you to ensure that the payouts you requested from your PayFast account match the payments received in your bank account. Therefore, your payout and your retained balance should equal all transactions received with that Batch ID.
The Settlement Recon feature only works on the condition of the full available balance being paid out with each payout.
If you would like to enable the Settlement Recon feature, contact email@example.com.
How does PayFast handle international payments?
You can receive international payments via Visa and Mastercard credit cards. A buyer can use a card that has been issued in any country. The amount will be in ZAR and the credit card provider will conduct the exchange, paying out ZAR to your PayFast ...
Why am I getting a 'Merchant is unable to receive payments from the same account' error?
This error is occurring because you are checking out using the same email address that is associated with your PayFast account. This is due to the fact that the payment engine will not allow you to make payments to yourself. To resolve this error, ...
Can I split a payment?
Yes, PayFast does support splitting a payment with a third party account with a custom integration. Split Payments is suitable for business models that need to, for example, split out commission, membership, listing or revenue sharing. When a ...
Can I receive recurring payments?
Payfast supports recurring billing by enabling merchants to offer either subscriptions or ad-hoc payments through tokenization. The subscription model supports membership or retainer style business models that provide stable and predictable income. ...
Can I receive credit card payments?
Yes, as an Individual, Business or Cause account holder you can receive payments funded by credit card (both local and international). You will need to verify your account to receive payments funded by credit card. See the credit cards page for more ...