Peach Payouts is a great way to streamline your bulk EFT payments to suppliers and any other 3rd parties that you need to payout, after collection payments from an end user.
Below is a summary example, that gives a view of the flow and different parties involved, to help you apply this easier, to your context.
Here are the different parties involved and their actions:
- Admin - sets up account with Peach
- Supplier - uploads their products/services onto platform
- User - buys/rents product/service
In terms of payments:
Admin
- collects all payments
- takes commission once order completed
- makes total payment (less commission) to Peach payout account (float / wallet)
Supplier
- receives payout to bank account
User
-Pays via any payment method provided by Peach (and may get refunds)
How payouts work with a scenario:
- Admin has 2 suppliers
- Today, 2 suppliers have made 1 sale of R50.00 each
- Total commission due admin is R20 (R10 on each sale)
- Admin receives R100 (users pay via card or EFT)
- Admin makes R80 payment to Peach payout account (or maintains float to cover R80 with Peach to be debited)
- Admin system sends request with 2 suppliers' bank details, amounts and references
- Peach settles suppliers R40 each
On any day, for payouts to be done, the funds and instructions need to reach Peach before 12 noon, so that the merchant can receive their funds that same day.
Payouts cost R3.20 EX VAT, per EFT payout made. We do not charge an additional monthly fee for this service.
Reach out to us at sales@peachpayments.com to get started with payouts