Paypal

Paypal To Accept Payment in South African Rands.

Unfortunately we are still waiting for this to happen. At the time of the post there was definitely talk of this from paypal but due to some issues with the reserve bank

 

UPDATE: 

Unfortunately we are still waiting for this to happen. At the time of the post there was definitely talk of this from paypal but due to some issues with the reserve bank, it unfortunately looks like this isnt going to happen anytime soon. No word from paypal, so we will have to sit back and wait.

From the 20 February 2013, Paypal will accept payment in Rands. Since paypal was introduced in South Africa in March 2010, sellers have not been allowed to accept payment in Rands.

So this is exciting news for anyone wanting an e-commerce. This will definitely bring the price down for e-commerce sites, as it cuts back on the costs for lcoal Payment Gateways.

The transaction fees are as follows:

  • For transactions that originate within South Africa:
    • Receiving a payment (standard pricing) is 3.90% + R 2.25 ZAR
    • Receiving a payment (merchant pricing) is 2.90% to 3.90% + R 2.25 ZAR
    • Receiving a payment (both digital goods and non-digital goods micropricing) is 5.00% + R 0.40 ZAR
  • For transactions that originate outside of South Africa:
    • Receiving a payment (standard pricing) is 4.40% + R 2.25 ZAR
    • Receiving a payment (merchant pricing) is 3.40% to 4.40% + R 2.25 ZAR
    • Receiving a payment (digital goods micropricing) is 5.50% + R 0.40 ZAR
    • Receiving a payment (non-digital goods micropricing) is 6.00% + R 0.40 ZAR
  • For all transaction types:
    • Receiving a payment as an eCheque will incur an additional fee that will be no higher than R 40.00 ZAR.
    • If the transaction involves currency conversion, there will be an additional fee of 2.5% added to the transaction.
    • If a chargeback has been initiated for a transaction, a fee of R 75.00 ZAR will be charged.

So in Summary this is great news for anyone wanting to sell their products online. You are charged in some cases more per transaction, but at least you can do away with the set up fees and monthly charges that some payment gateways charge.

This will also be less of a headache for design professionals like myself when designing e-commerce websites for clients.

You can read about the Amendment to the PayPal User Agreement and PayPal Privacy Policy here

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