Fassernate has 2 basic pricing structures. You can set your business up as CASH ONLY or electronic payments only.
Important information on electronic payments
All businesses setting up for electronic payments will need to be verified. You will have to email all relevant FICA documents to firstname.lastname@example.org. We will verify your business and mark as a trustworthy business. The mark of approval will always be under review, failure to live up to standards, failure to deliver to customers either on time or not at all, it might b revoked. We collect all payments going through the PayFast gateway. Pay outs to your designated bank account will be made twice a week, to all verified businesses. In the event we cannot verify your business, no mark of approval will be awarded, up and until such time it can be verified, payments will only be made to designated bank account once the customer has received goods and or services. This is a security feature to protect both you and your customers.
Charge on R100 transaction would be:
(100 * 5%) *15% Vat = (5.5 + 0.83 Vat) = 6.33
Total charge on R100 transaction = R6.33.
Your pay out would be R93.67 on a R100 transaction.
Important Information Regarding Cash Businesses
We have taken measures to ensure that businesses who sign up and create a business on Fassernate does this with ease and as little paperwork and limitations as far possible. We encourage entrepreneurship, and we help businesses start up. This means that anyone regardless of financial situation, knowledge or education can create a business on Fassernate. This however does not mean you can open up a business to try and exploit customers in any form. You are required to adhere to the same high standards. Cash businesses that performs well, have high customer ratings may apply for a mark of approval. This is also in our user agreements, however should you fail to deliver, take customers money without supplying them with goods, try and rob, or scam customers, you will be banned from the platform. We will apply the full extend of the law, as well as taking personal measures to ensure no one will ever do business with you ever again. This might seem harsh and unreasonable, but we will protect our platform, our businesses and our customers at all cost.