Payments Methods Available on bidorbuy
Posted by bidorbuy Admin, Last modified by bidorbuy Marketing on 26 May 2016 08:59 AM
Payment options are used to indicate to potential Buyers which forms of payment Sellers accept.
Sellers set up their payment options once, and these options automatically apply to all their listings.
As of end 2013, all newly registered Sellers must accept bobPay-EFT as one of their payment methods. Basic Sellers are restricted to receiving payments by bobPay-EFT only. If you are a Seller and would like to accept other payment options, such as credit card, you need to become an Advanced Seller.
We recommended to Sellers who registered prior to end-2013 to accept bobPay-EFT because this method is integrated with other sales tools provided, making management of sales much easier.
Sellers may view and edit existing Payment Options by checking the box next to the default options they would like to offer. The checked payment options will appear in item listings, under the 'Payment' section.
Some payment options have two informational text boxes.
The first box: Sellers, include here any additional information to be made public. The information will display on item pages before a purchase is made. Include here information such as "cheque payments require a 7 day clearance period". Do not include contact details or bank account details in the first box.
The second box: Sellers, include here any additional information the buyers need to know after they have completed a purchase from you. For example: if, under "Other Payment Options", you want to offer EFT payments directly into your own bank account, you may include your bank details in the second 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 should bear in mind that some Buyers 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; also includes direct and cash deposits).
Normal EFT can take up to two day waiting period for funds to be cleared when the payer and receiver bank with different banks. EFT also requires manual reconciliation; sometimes, payers use references that make their payment impossible to match with their purchase (a problem compounded by the different terminology presented by each bank to payers when making EFT payments).
bobPay-EFT goes a long way to address the shortfalls of receiving payments for sales on bidorbuy via EFT. bobPay–EFT is available to all Sellers provided they can receive payout requests into a South African bank account. bobPay-EFT is mandatory for all newly registered sellers.
bidorbuy has opened bank accounts with each of the major South African banks (Absa, FNB, Standard Bank and Nedbank). Payers select the bank they would like to make payments into, eliminating the usual delay for payments made between different banks. Payers are also provided with payment instructions customised to the bank they are paying from. In addition, bidorbuy has implemented a system to reconcile the payments received; in most cases, both the Buyer and Seller are notified of receipt of the payment within half an hour of the payment being made.
When Buyers opt to pay using bobPay-EFT upon completing orders through the bidorbuy system, the status of the payment on the orders 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 payout (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:
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 as bidorbuy Verified Users. 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 payout 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 in the bobPay User Agreement.
bobBucks are bidorbuy vouchers. Buyers are able to purchase items using bobBucks from sellers who offer bobPay EFT. As far as Sellers are concerned, the bobBucks voucher credit will be treated in the same way as a bobPay-EFT. The funds are credited to Sellers' bidorbuy account and they may request a payout. bobBucks will automatically be offered alongside bobPay EFT as a payment option.
Buyers who receive a bobBucks voucher as a gift need to redeem it so that it reflects in their bobBucks account. If Buyers purchase 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.
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.
Buyers can pay with bitcoins for products that have bitcoins listed as a payment option in the “Shipment & Payment” tab. Sellers can accept bitcoins by activating this payment option. Please read more in this article: Activating and Using Bitcoin as a Payment Option.
Mobicred is a simple and convenient online credit payment facility that allows buyers to shop on bidorbuy and repay the amount over 12 months. Advanced sellers can activate mobicred as a payment option. Please read more in this article: Shop on Credit: mobicred Payment Option.
bidorbuy has no control over PayPal and is completely independent of PayPal. However, Buyers and Sellers on bidorbuy can transact using PayPal payment method.
If Sellers want to offer PayPal as a payment option, they need to enter add their PayPal Account ID into the bidorbuy system. When Buyers opt to pay using PayPal, bidorbuy will guide them through the payment process on PayPal and attempt to record completed PayPal payments against the order on the bidorbuy system.
Sellers can set up any number of other custom payment options in this section. However, Sellers who select bobPay-EFT should not also offer EFT (internet banking) directly into thier own bank account as a payment option (this could confuse Buyer).
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.
In summary bidorbuy, recommends that Sellers set their payment options as follows: