Payments Methods Available On bidorbuy
Payment options are used to indicate to potential Buyers the various forms of payment you as a Seller will accept. You set up your payment options once and then these options will automatically apply to all your listings. It is recommended (but not required) that you offer the online payment options provided by bidorbuy (called bobPay) as these are tightly integrated with the other sales tools provided thereby making management of your sales much easier. Basic Sellers are however restricted to receiving payments by bobPay EFT only. If you would like to accept other payment options such as direct EFT into your own bank account you will need to become an Advanced Seller.
When you navigate to view and edit your existing Payment Options, you will be provided with several default payment options. Check the box next to the ones you would like to offer to your Buyers. The checked payment options will appear in your item listings, under the 'Payment' section. For each payment option there are two informational text boxes provided. The first box is for you to include additional public information to potential Buyers which is displayed to all browsers on item pages before a purchase is made. This could include information such as "cheque payments require a 7 day clearance period" (do not include contact details or bank account details in this field). The second information box is for additional information to Buyers once they have completed a purchase from you. For example for "Other Payment Options" where you want to offer EFT payments directly into your own bank account you can (but are not required to) include your bank details in this box. This information will only be displayed to Buyers once they have completed a purchase from you and will save you from having to communicate these details with the Buyer.
It is advisable to offer several payment options. You as a Seller are entitled to set some rules – but do offer some choices to the Buyers too bearing in mind that some of them may not have a credit card or internet banking facilities.
The most popular method of payment on bidorbuy is EFT (Electronic Funds Transfer or Internet banking, but also includes direct and cash deposits).
bobPay - EFT goes a long way to address many of the existing shortfalls of receiving payments for sales on bidorbuy via EFT. bobPay – EFT is available to all Sellers provided they can receive pay out requests into a South African bank account. bidorbuy has opened bank accounts with each of the major South African banks (Absa, FNB, Standard Bank and Nedbank) thereby allowing payers to select the bank they would like to make payments into, thus eliminating the usual delay for payments made between different banks. In order to further streamline the process payers are provided with payment instructions customised to the bank they are paying from. bidorbuy has also implemented a system to reconcile the payments received and in most cases both the Buyer and Seller are notified of receipt of the payment within half an hour of the payment being made.
Upon completing an order through the bidorbuy system, if a Buyer indicates they intend to pay using bobPay – EFT, the status of the payment on the order is set to “Awaiting EFT Payment”. Once payment has been received the Buyer and the Seller are notified and the status is set to “Payment Completed”. Sellers are advised not to ship goods until payment has been completed; “Awaiting EFT Payment” is not a guarantee that the payment has been received. Once payment has been received the amount received is credited to the Seller’s bidorbuy account and the Seller can request a pay out (login required) of the credit balance to their South African bank account of choice at any time.
The advantages of using bobPay - EFT for Sellers and Buyers include:
Please take note of the following:
In summary bidorbuy recommends that Sellers set their payment options as follows:
View the bobpay User Agreement terms and conditions for using bobPay – EFT.
Sellers who want to accept credit card payments (Visa, MasterCard, Diners and American Express credit cards) from Buyers through the bidorbuy system have to be approved asbidorbuy Verified Users and can then activate the bobPay - Credit Card payment option in their payment options in My bidorbuy. Sellers have the option to accept or reject each credit card payment. Once accepted, these funds are credited to the Seller’s bidorbuy account. Sellers can request a pay out of the credit balance in their bidorbuy account at any time. This credit will be transferred to their South African bank account.
The advantages of using bobPay – Credit Card for Buyers and Sellers include:
Sellers offering bobPay Credit Card should be aware of the following:
View the terms for accepting payment using bobPay - Credit Card - bobpay User Agreement.
bobBucks are bidorbuy vouchers. Buyers are able to purchase items using bobBucks from sellers who offer bobPay EFT. As a Seller, the bobBucks voucher credit will be treated in the same way as a bobPay EFT. It will be credited to their bidorbuy account whereafter they may request a payout. bobBucks will automatically be offered alongside bobPay EFT as a payment option.
If a buyer receives a bobBucks voucher they will need to redeem it so that it reflects in their bobBucks account. If the buyer purchases items valued at more than the bobBucks voucher, they will need to pay up a top-up payment using other payment methods. If they purchase items valued at less than the bobBucks voucher, the 'change' will remain in their bobBucks account for them to use the next time they choose to. For further details, click here.
Discovery Miles is a payment option open to selected Sellers with a good track record on bidorbuy. Buyers with Discovery Miles (which they earn with the Discovery Credit Card) can shop on bidorbuy and pay for items from Sellers that accept Discovery Miles. Find out more about using Discovery Miles as a buyer and activating Discovery Miles as a seller.
PayLater is a payment offering that allows buyers to finance their shopping on bidorbuy. PayLater is a bidorbuy initiative that facilitates loans up to R8000 through a third party registered credit provider. PayLater is only available to selected Sellers with a good track record on bidorbuy. As soon as the buyer's loan is approved (from 10 minutes up to 48 hours), the funds will be matched to the relevant order in the Seller's bidorbuy account.
bidorbuy is integrated with PayPal. This means, if you offer PayPal as a payment option, once you have added your PayPal Account ID to the bidorbuy system and a Buyer opts to pay using PayPal, bidorbuy will guide your Buyer through the payment process on PayPal and attempt to record completed PayPal payments against the order on the bidorbuy system. Note however that PayPal does not offer South African rands as a currency. As a Seller you will need to select one of the foreign PayPal currencies in which to receive payment. At the time of payment bidorbuy will convert the total payment amount from rands to your chosen currency using the latest exchange rate from www.xe.com.
Currently, if you reside in South Africa and want to receive funds via PayPal, you need to open a First National Bank (FNB) online banking account, which you can then link with your bank’s account. The money you receive as PayPal payment will be converted into South African Rands (ZAR) and deposited into your bank account. PayPal method of payment may be used only for international transactions, and not for local ones.
Unless you are a Seller from outside South Africa or expect to receive many payments from Buyers outside of South Africa, PayPal is not recommended as a payment option. In order to activate PayPal on your payment options you need to be an Advanced Seller. Please contact our Support team to activate it as a payment option.
You can set up any number of other custom payment options in this section. If however you select the bobPay - EFT payment option above, then to avoid confusing Buyers we recommend that you don't also offer EFT (Internet banking) directly into your own bank account as a payment option here.
Involves using a trusted agent who keeps the money until the Buyer signals that the payment may be released to the Seller. Should there be any dispute, then the escrow company intervenes retuning the money to the Buyer after the goods have been returned to the Seller, if applicable. This method is rather costly for Sellers and is occasionally used for high value transactions.