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 ...
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 ...
Does PayFast support Zapper payments?
Yes, PayFast does support Zapper payments. We have however temporarily disabled Zapper, but are working on getting it reactivated shortly.
Can I receive recurring payments?
Yes, PayFast does support recurring billing. PayFast recurring billing allows merchants to create two methods of recurring payments; one is a subscription model, the other is an ad hoc model. The subscription model supports membership or retainer ...
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 ...