Frequently Asked Questions

We love answering questions at foongit. Here’s a couple of frequently asked questions, don’t see yours ? Pop us a mail at hello@foongit.com so we can attend to them :).

How much will it cost me?

See some live numbers for yourself.

Cost Calculator
Total Cost	Cost Breakdown
ZAR 0.00

How is the cost actually calculated?

The base fee for all transactions is R 4.99

Tier	Transaction Amount	Cost
Tier 1	less than R 3 500	base fee only
Tier 2	more than R 3 500 but less than R 100 000	base fee + 1% of amount
Tier 3	more than R 100 000 but less than R 500 000	base fee + 0.75% of amount
Tier 4	more than R 500 000 but less than R 750 000	base fee + 0.5% of amount
Tier 5	more than R 750 000	base fee + 0.25% of amount

What if I would like to reverse a payment?

1. The short version

At foongit we understand that sometimes as people we may not agree on the first few times so we have allowed a maximum of 3 opportunities to freeze a transaction.

What does foongit's freeze mean?

Well that would be when you are not happy with anything that pertains to the transaction or feel as though you are about to get scammed, you would then freeze to have the funds that you paid into the foongit vault reversed back into your bank account. As a service provider/supplier of goods you can also freeze a transaction if you are unhappy and or feel that you are being scammed.
Both parties will get 3 opportunities to respond to a frozen transaction, on the third time the response is that of a disagreement, then the transaction will go into a dispute state.

What does foongit's dispute mean?

Well it means you and the other party could not come to an agreement (common ground/compromise) and now the funds are locked in the foongit vault, no one is running away with the money, at least you do not have to stress about that.

Please that note as soon as the transaction is in dispute the following needs to take place before the funds can be released to whom they are due after the outcome of an arbitration/trial/law suit.

Kind note the various consumer complaint bodies available to either party before funds may be released.

SA Consumer Complaints

Consumer Goods and Services Ombud ("CGSO")

National Consumer Commission ("NCC")

Small Claims Court (Max of R20 000)

Magistrate court( Max of R200 000)

Regional (max of up to R400 000)

2. The longer version

Once a transaction has been frozen by either the sender or recipient of funds:

1. In the case of no action from the dispute receiver within an hour a notification will be sent to the dispute receiver informing them of the dispute and 48 hours to attend to the frozen transaction with the user who froze the transaction via the app.

If no action occurs from either party after 24 hours from the initial freeze, a reminder will be sent to the seller to resolve, the next two reminders will be sent out after 6 hours from each other.

48 hours and no action from either party the funds will then be reversed back into the senders account or wallet. ( to send via email and maybe contact telephonically on the 11th hour)

2. In the case of multiple freeze transactions that go back and forth.

There will be an allowance for each party to freeze the transaction 3 times each, thereafter the issue will require you to approach various consumer complaint bodies available to either party or the outcome of an arbitration/trial/ law suit will need to be provided.

If there is no action between both parties then step one falls into play.

Once a user freezes a transaction, the receiver will be given the option to either reject or accept the freeze.

In the case where the user accepts the freeze the funds will be then be reversed into the senders account or foongit wallet within 2 hours

In the case where the user rejects the freeze the following will take place. The rejection notification will be sent back to the user and the funds will remain in the foongit vault until further instruction from the sender is received.

How do I delete my account

At foongit, we value your data, and believe you should be able to have full agency over it

We only store what we need, and we safely do so to ensure your data is safe. If you would like to delete your account, we'd be happy to facilitate that, contact us at support@foongit.com