How much will it cost me?
See some live numbers for yourself.
|Total Cost||Cost Breakdown|
How is the cost actually calculated?
The base fee for all transactions is R 4.99
|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
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.
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.