Stupid FNB Business Banking...

[House]

Well, so I started a new online venture a month ago, which took off quite nicely. I basically started off with only Paypal as payment method and the site generated about $4000-5000 per week. Many people asked for local payment options, so I decided to open an FNB business banking account.

Went through the processes, sent all documents required and one day the business account appeared in my profile. Two days later the card was delivered and a day later activated. Two days later I started the process of integrating local card payments as well as EFT payments.

Suddenly I got about 70 complaints in one day from clients saying they are unable to pay by EFT. Others complained that they went to FNB and still could not deposit as no such account existed.

Naturally phoned FNB and they informed me that the account was not activated as yet, why they did not know. They would have called me back in 4 hours. Three days came and went by and no calls and my complaints rose to about 600 people who were unable to pay.

Well, I immediately contacted the banks' CEO and informed him to have the business account closed and ensure that I endure no expenses. Any fees will ensure that I will transfer all my money abroad to SA and I will institute civil proceedings and also end up with the banking ombudsman, as FNB did not abide by their agreement.

Luckily, the same day the account was closed. Lessons learned.

I am now sticking with Paypal and only accept US dollars as means of payment. Sorry for those who do not adopt by modern technology. Luckily for me most of my clients are from abroad. Will rather look at opening an HSBC account and transfer my income from Paypal there and live on a credit card here in SA.

Why does having a business have to be so difficult here in SA?

 

[JStrike]

Sorry to hear about your troubles.
Found it quite funny to hear you referring to PayPal as modern though

 

[House]

Sorry to hear about your troubles.
Found it quite funny to hear you referring to PayPal as modern though

Lol, yeah, unfortunately my biggest source of income is from abroad and they prefer Paypal above all other payment methods. Currently, Paypal brings in 100% of all my payments, about 40-70 and some days more than a 100 payments per day, which also include some South Africans. There were, however, a number of South Africans who wanted to pay locally, not through Paypal as many of them don't know it.

Well, I tried to cater for them as well. If they really need to access my services, Paypal is their only option and something they should probably now get used to - paying for goods in South Africa in US Dollar. Pitty, but unfortunately a reality for South Africans who need the services.

 

[crackersa]

Well, so I started a new online venture a month ago, which took off quite nicely. I basically started off with only Paypal as payment method and the site generated about $4000-5000 per week. Many people asked for local payment options, so I decided to open an FNB business banking account.

Went through the processes, sent all documents required and one day the business account appeared in my profile. Two days later the card was delivered and a day later activated. Two days later I started the process of integrating local card payments as well as EFT payments.

Suddenly I got about 70 complaints in one day from clients saying they are unable to pay by EFT. Others complained that they went to FNB and still could not deposit as no such account existed.

Naturally phoned FNB and they informed me that the account was not activated as yet, why they did not know. They would have called me back in 4 hours. Three days came and went by and no calls and my complaints rose to about 600 people who were unable to pay.

Well, I immediately contacted the banks' CEO and informed him to have the business account closed and ensure that I endure no expenses. Any fees will ensure that I will transfer all my money abroad to SA and I will institute civil proceedings and also end up with the banking ombudsman, as FNB did not abide by their agreement.

Luckily, the same day the account was closed. Lessons learned.

I am now sticking with Paypal and only accept US dollars as means of payment. Sorry for those who do not adopt by modern technology. Luckily for me most of my clients are from abroad. Will rather look at opening an HSBC account and transfer my income from Paypal there and live on a credit card here in SA.

Why does having a business have to be so difficult here in SA?

sure you spoke to the CEO of FNB. not like he had anything else to do except wait for your phone call.

 

[House]

sure you spoke to the CEO of FNB. not like he had anything else to do except wait for your phone call.

Yep I am sure, I know who Sizwe Nxasana is, hell, I worked for him before

 

[Fulcrum29]

Yep I am sure, I know who Sizwe Nxasana is, hell, I worked for him before

You called the group CEO at First Rand Limited... FNB (SA) is under Jacques. Anyway, FNB... Took me two years to get my business banking and personal banking on two separate online instances and even "much" longer to get my residency address updated on their system which caused me numerous hassles.

 

[Rubberpigg]

Well, so I started a new online venture a month ago, which took off quite nicely. I basically started off with only Paypal as payment method and the site generated about $4000-5000 per week.

After one month you are pulling in $4000-5000 per week?
Wow! Nice!!

Link?

 

[House]

You called the group CEO at First Rand Limited... FNB (SA) is under Jacques. Anyway, FNB... Took me two years to get my business banking and personal banking on two separate online instances and even "much" longer to get my residency address updated on their system which caused me numerous hassles.

If there is one thing I have learnt in this business, is that you need to know who to speak to to get things done. The amount of **** that comes from above - through the channels - to those below often brings faster and better results than just contacting them.

 

[JStrike]

Lol, yeah, unfortunately my biggest source of income is from abroad and they prefer Paypal above all other payment methods. Currently, Paypal brings in 100% of all my payments, about 40-70 and some days more than a 100 payments per day, which also include some South Africans. There were, however, a number of South Africans who wanted to pay locally, not through Paypal as many of them don't know it.

Well, I tried to cater for them as well. If they really need to access my services, Paypal is their only option and something they should probably now get used to - paying for goods in South Africa in US Dollar. Pitty, but unfortunately a reality for South Africans who need the services.

Rather just accept SA credit cards (And you can charge in Rands). EFT payments are a crazy reach around a simple problem

 

[House]

Rather just accept SA credit cards (And you can charge in Rands). EFT payments are a crazy reach around a simple problem

I have a problem here.

I have registered a company here in SA, and is also a director of one abroad now. Because all my income currently goes to Paypal I need make a decision here. I can transfer my Paypal income to FNB and therefore decided to open a business banking account with them and then implement local payment processors. Then all income would come to FNB.

However, after what happened, typical South African business practices I think I currently prefer to stay abroad. In the process of starting my HSBC account application and will link my business to that account rather. So, as for local payments, that will only cause a headache for me at this stage with me taking this route.

 

[JStrike]

I have a problem here.

I have registered a company here in SA, and is also a director of one abroad now. Because all my income currently goes to Paypal I need make a decision here. I can transfer my Paypal income to FNB and therefore decided to open a business banking account with them and then implement local payment processors. Then all income would come to FNB.

However, after what happened, typical South African business practices I think I currently prefer to stay abroad. In the process of starting my HSBC account application and will link my business to that account rather. So, as for local payments, that will only cause a headache for me at this stage with me taking this route.

While I keep money offshore, I found keeping most of it there didn't work out well. Bring it in and invest it. You make better capital income over time

 

[Rubberpigg]

Well, so I started a new online venture a month ago, which took off quite nicely. I basically started off with only Paypal as payment method and the site generated about $4000-5000 per week. Many people asked for local payment options, so I decided to open an FNB business banking account.

Went through the processes, sent all documents required and one day the business account appeared in my profile. Two days later the card was delivered and a day later activated. Two days later I started the process of integrating local card payments as well as EFT payments.

Suddenly I got about 70 complaints in one day from clients saying they are unable to pay by EFT. Others complained that they went to FNB and still could not deposit as no such account existed.

I just don't understand something.
In order to receive Paypal payments you have to have a verified bank account linked to your Paypal account.
Why didn't you get your clients to do EFT's into that bank account?

And congrats on doing $20000 turnover in your first month.
What is your online venture?
Do you have a website?
Give your website a punt.
What is the URL?

 

[Fulcrum29]

I just don't understand something.
In order to receive Paypal payments you have to have a verified bank account linked to your Paypal account.
Why didn't you get your clients to do EFT's into that bank account?

You can receive with a Paypal account, the concern is when you need to withdraw to your bank account.

 

[Rubberpigg]

I see now.
House doesn't have a bank account for his business..
So, he is sitting with all those dollars in his Paypal account and now needs a bank account to link to his Paypal so that he can withdraw it and turn it into Rands.

 

[Freaksta]

Wow one month and pulling R200k pm. Link so I can support you?

 

[froot]

Wow one month and pulling R200k pm. Link so I can support you?

It's House.
I'm pretty sure he was running some Nigerian scam.