Why is there a withdraw delay on funds in my PayFast account?

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, etc.

The intention too, is that PayFast collects multiple payments on behalf of a receiver and then pays the receiver in bulk at the receiver's request.

Funds received are accumulated to your PayFast account from where you request a Payout on a regular basis (eg. weekly) to have the funds transferred to your bank account.

For fraud prevention and security purposes, each payment is subject to a withdraw delay (shown on your PayFast dashboard) so your received payment will only be available after the indicated duration has passed (48 hours).

You can continue with the fulfilment of the order safe in the knowledge that the funds have been received and credited to your PayFast account and will shortly be available to be transferred to your bank account.

    • Related Articles

    • How do I request a Payout?

      In order to payout the funds in your PayFast account you will have to enter your banking details for your account on the Account page and then request a Payout. We will then process a payout to your account. Please note that there is a fee for ...

    • 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 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 ...

    • 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.

    • 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 ...