Change to bobPay payout request process

[qball]

Attention all Verified Users using bobPay - important announcement regarding bobPay payout requests:

In order to withdraw funds that bidorbuy is holding in custody for you, you are required to make a transfer request from the bobPay Transfer Request page in the My bidorbuy Selling area of the bidorbuy website. The funds will then be transferred electronically to your designated bank account (South African banks only). Users have 1 free payout in a calendar month for amounts below R3000. Thereafter a R5 bobPay transfer fee will be charged for any payout amount under R3000. For amounts over R3000 no bobPay transfer fee will be charged. If a user has used their 1 free request and requests another payout below R3000, the R5 bobPay transfer fee will be charged. If a user has R5 in their account, the system will not process the payment if a bobPay transfer fee is applicable. A user can also not request less than R5 as a payout.

Users will have a UI (user interface) where the banking details will be pre-populated with the last banking details entered. If not previously requested the banking details on file will be used, otherwise it will be left blank. The requester needs to make sure the banking details reflected are correct. bidorbuy will not be held responsible for incorrect banking details received for transfers.

The maximum payout amount allowed will be limited to the balance in a users account and the UI will not allow you to request more. Between the times the request is made and the actual payout, the system will take into consideration any fees charged to your account and decrease the payout amount accordingly (if necessary). Before the payout is affected, you can make changes to your initial payout request. If a new request is made, it will replace the previous unprocessed request. If a request is made after the payout, the system will limit it to the available balance again, taking into consideration the payout made already.

This is effective as of 1 April 2009.

Thank you
Cuan

[TradeRouteMall]

Hi Whats the procedure to open a BOB Pay account?

[admin]

Hi Trade Route Mall,

'bobPay' is a payment system which allows sellers who have been approved by 'bidorbuy' to accept credit card payments from any buyers. bidorbuy receives the payment, via a secure payment gateway, and the seller is then credited with this amount, minus the bank fees charged by bidorbuy (currently set at 5%).

You have to be verified to use bobPay.

[TradeRouteMall]

Thanks for your reply. I want to be a verified user. I am not a South African citizen. But living here for the last 3+ yrs. What are the documents needed?

[admin]

Please send an email to hello@bidorbuy.co.za and ask them for assistance in this matter.

[TradeRouteMall]

Sir, Already sent an email request. Hoping to get the reply at the soonest.

[GoldenOldie]

Hi Admin

If there is a credit balance in my account, do bob automatically deduct any fee's owing? Or will i still have to pay at month end.

[qball]

Hi there

The maximum payout amount allowed will be limited to the balance in a users account and the UI will not allow you to request more. Between the times the request is made and the actual payout, the system will take into consideration any fees charged to your account and decrease the payout amount accordingly (if necessary).

This means if you have a credit in your account, the fees owed will be deducted before any payout request is processed.

Kind regards
Cuan

[GoldenOldie]

Hi Cuan

Thanks for you prompt response

[Delicious]

Hi guys, If we are not with 1 of the big 4 banks, but are verified can we use bobpay/

[qball]

It doesn't matter who you bank with, bobPay EFT is primarily to make it easier for the buyer to pay directly from their bank to the same bank (for e.g. ABSA to ABSA) which bidorbuy has set up with the big 4 (Standard, ABSA, FNB and Nedbank). You would then request funds to be paid to your nominated bank account.

Kind regards
Cuan

[Delicious]

Brilliant.. so basically unless both buyer and seller are not with the 'big 4' it should be seamless... :D - Siiiiiiiiiiiign me up ;) (don't worry i'll follow the instructions above)

[CD123]

Can international sales be done with this (VISA / Master Card from US for example)?

[qball]

If you as t he seller have opted for bobPay credit card, you will be able to accept payment via credit card from pretty much anywhere, as long as the buyer has a valid Visa or MAstercard.

Kind regards
Cuan

[Sir Bob]

I am new to this. Please advise me of the timescales that I can expect between a payment request and actually receiving the net amount in my (Capitec) bank account. I cannot find this advice anywhere on the site.

Many thanks - Bob