Thanks for everyone who made it to Digital Cowboys last night. The turnout was great!
Chris Savides from FNB ran us through the PayPal offering, and answered our questions fully. PayPal is here guys! This is very exciting & will be a huge boost to local business trying to compete internationally.
Here’s a quick summary of what was covered:
How it works
PayPal will not currently support mechants in receiving Rand based payments, but I don’t think any of us are after that. PayPal lets you receive payments as a merchant globally, in 17 international currencies. All your received payments accue to your account in US Dollars. In order to be Reserve Bank compliant, the merchat must convert their USD receipts into Rands within a 30 day period.
If you already have a South African account registered with PayPal that you have used for making payments in the past, you can go ahead & link this to an FNB account. Once you logon to FNB online banking you’ll see ‘PayPal Services’ in the left hand menu when you are in the Account option. Click on this & then link your PayPal profile to your FNB account.
The next Digital Cowboys event is scheduled for 28 April @4pm at Cafe’ Chic.