South Africa was the 190th country to get its own PayPal account. This has huge implications for entrepreneurs, charities and large corporations because it allows South Africans to sell to the global database of customer’s that belong to PayPal. This customer base comprises over 81 million active accounts in the various markets situated all over the world. This, in turn, means that small business owners can set their own online stores up and start selling to global clients instantly. This is all done on a secure platform.
So, in short, PayPal allows anyone to send and receive money quickly and safely from the comfort of their own home or office. This is all done without ever having to share private financial information, making it safe and reliable. A credit card is required and PayPal accepts American Express, MasterCard or Visa cards. Uses for a PayPal account include donating to a charity, setting up an online shop and trading via that, being able to accept credit cards on your own website, earning rewards by using your credit card(s) and shopping online via hundreds of online stores in almost 200 countries.
As the Host Country for the 2010 FIFA World Cup™, South Africa has entered the online world of commerce in a very big way. Launching PayPal just before this mammoth event means that South Africa is even more open to the global marketplace and equipped to handle its ever-increasing demands than before. International contacts can trade with South Africa with more flexibility and confidence than at any other time in our financial or commercial history.
PayPal has partnered with First National Bank (FNB) for this initiative because, as PayPal representatives stated, they have the same focus on innovation as FNB. So, FNB customers can open a PayPal account, link it to their FNB account and begin trading with businesses and individuals around the world. Their PayPal account will receive payment in 21 different currencies, which will automatically be converted into South African Rands when the money is transferred to their bank accounts.
To calculate whether the client is eligible for Merchant Rates, PayPal will assess their sales volume from the previous calendar month.
The price per transaction is determined by the monthly sales bracket. That is:
|Monthly Sales||Price per Transaction|
|$0.00 – $3,000.00||3.9% + $0.30|
|$3,000.01 USD – $10,000.00(Merchant Rate qualification required)||3.4% + $0.30|
|$10,000.01 USD – $100,000.00 (Merchant Rate qualification required)||3.2% + $0.30|
|> $100,000.00 (Merchant Rate qualification required)||2.9% + $0.30|
A fee will be charged on receiving eCheck payments. However, this fee will never exceed $5.00 per transaction.
With the South African economy and online commercial world developing at such impressive paces, local and international traders can be assured of efficient, world-class services and products.