How does Peach Payouts work?

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Peach payments enables businesses to make bulk EFT payments, Example usage could be to pay out, suppliers, partners, employees or customers who paid for goods and services via EFT, and need to be refunded
 
We can do same day settlements into all banks in South Africa (EFT to bank account).
 
 

How to use PayOuts?

To process a PayOuts batch a few steps are required, which are described below. To get access to the PayOuts portal and your API credentials, please send an email to support@peachpayments.com

1. Upload a PayOuts batch

You can upload a batch with the items to be paid out via API or via a CSV upload

  • for the API the documentation can be found here
  • for the CSV file upload – you can upload a batch file to peachpay.co.za for the PayOuts. You can find a sample .CSV here

You can specify one of the two Service Types in your upload:

  • SDV means that the batch is processed the same day
  • 2Day means that the batch will be processed in 2 days (if uploaded Monday the batch will be paid out on Wednesday)

After a batch is uploaded a Check Digit Verification (CDV) will be performed to check on account validity of every payout. Passing this test does not necessarily mean that the bank account is valid and open. However, failing it does mean there is no such an account (click here for more info about the CDV)

It is strongly recommended to do a Bank Account Verification on the first PayOut to an account. This to avoid the risk of paying out the incorrect bank account, as executed PayOuts can not be reversed (click here for more info about the Bank Account Verification).

Other Frequently asked questions about uploading a batch

2. Transfer the funds to be distributed

Transfer the sum of your PayOuts batch to our Nedbank Payout Account (this needs to be in our bank account before the platform can release the funds, so please factor in some time for interbank clearing).

You can do this in two ways:

  • Transfer the exact amount per batch
  • Use a float to pay out from (see more info here)

3. Handle the Unpaids

Unpaids are the payments returned by banks for reasons such as Account Frozen / No Account exists etc.

  • If you submit via API – you will receive callback via API for unpaids
  • You can also view the unpaids in our console

We will refund the funds to you on a weekly basis (every Friday currently).

The banks say that unpaids will arrive within five working days. For payments, they are usually all in by the end of day two but there are some fringe cases where this can take longer (eg. payment made to a closed account).

Other Frequently asked questions about handling Unpaids

 

4. Funds reflecting in the beneficiaries account

If the funds reflect into our account and you have uploaded the batch with an SDV Service Type by 12.30 PM then:

  • 3 pm we execute the batch
  • 8 pm onwards your beneficiaries will see funds in their accounts

Note that we can't release the funds, before the funds reflect into our account

 
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