What are the different payment types?
- Normal payment: This is a normal EFT. The time that it takes to reflect in your beneficiary’s account can vary from 24 to 48 hours, depending on their bank.
- Immediate Interbank Payment (IIP) – this is an immediate payment. If you are paying a beneficiary for the first time, it could take up to 90 minutes to reflect. IIP’s cost an additional fee.
- PayShap – these are instant payments. They will reflect in your beneficiary’s account immediately. PayShap payments cost an additional fee and will only be available for amounts up to R3000,00.
- Future-dated payment – this is a payment that will only be made on the date that you select and will reflect as normal payments. Future-dated payments cannot be IIP’s or PayShap payments.
- Please note: If you are using your credit card account to make this payment, your payment type will default to a normal payment.
