What is EFTsecure?
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff.
EFTsecure is a streamlined version of a traditional EFT. It makes payment of a bank transfer a lot faster and easier by eliminating certain steps such as creating a beneficiary, enter reference number and amount or provide a proof of payment. EFTsecure only requires a buyer to login to their bank account and authenticate the payment through the banks one time pin.
How does EFTsecure work?
- Select EFTsecure as your payment option during checkout
- Select your bank from the list presented
- Login to the EFTsecure portal using your internet banking credentials
- Select your account to pay from
- The automated process will navigate and populate the relevant fields on your behalf in the background
- Your bank will require you to authorize the payment by means of SMS, USSD Push or In-App approval
- Once you have successfully authorised the transaction to your bank, the payment will be done to the Seller
- EFTsecure sends an instant notification to the seller on the outcome of the transaction and in turn, the seller will process your order immediately. There is no need to send through a proof of payment and no need to wait for the funds to reflect in the seller’s bank account.
What is the cost of using EFTsecure?
As A Merchant:
EFTsecure charges a small fee on every successful payment processed through our Gateway. This is dependent on your monthly Total Processing Volume (TPV).
As A Consumer:
With EFTsecure you can make payments easily and securely without paying a cent. All you need is to be registered for internet banking with your bank. Just use your internet banking details to logon through our EFTsecure Platform. In certain cases, there can be a cost based on your banking package. EG: Transacting from a savings accounts usually have a “withdrawal/transaction” fee
Who can use EFTsecure?
As A Merchant:
Any business that needs to receive payments from customers quick and securely. Just integrate EFTsecure into your online store as one of the payment options. Your customers will be able to pay using their cheque, savings or credit card accounts.
As A Consumer:
Anyone that buys from any of the online stores that use EFTsecure as payment option.
What banks are supported by EFTsecure?
We support all the major banks in South Africa. Currently we can process Instant EFT when shoppers have accounts with South Africa’s six major banks: ABSA, FNB, Nedbank, Standard Bank, Capitec and Investec.
What advantages do I have from paying with EFTsecure?
You have a lot of advantages. In particular, you can expect:
- faster delivery of the goods you order online, because the merchant receives instant confirmation of the transaction immediately after you set up the transfer order, so he can dispatch merchandise very quickly.
- with EFTsecure you don’t need to register.
- you don’t require a credit card,
- learn new passwords, or go to the effort of keeping a virtual bank account, such as a wallet.
- thanks to the two-factor authentication procedure (with confidential login details and confirmation code) using EFTsecure is more secure than paying with a credit card or eWallet.
- no need to type in information a second time, which is potentially a source of error.
- No need to provide proof of payment.
- all payment information that the bank requires for the transfer is already there (populated for you). That’s what makes this payment method so convenient.
How my bank details are kept safe?
When making use of the EFTsecure service, the communication between you and your bank occurs as it normally would therefore the security of your bank’s internet banking is inherited.
- EFTsecure guarantees the highest levels of security when paying online
- EFTsecure has a Comodo SSL encryption certificate which gives our payment processing service an extremely high level of security
- This ensures that all messages travelling between your browser and EFTsecure are encrypted
- EFTsecure acts as a proxy between the buyer and the bank to facilitate a faster, safer and easier payment process for both the buyer and the seller
- Your online banking login details are NOT stored by EFTsecure
- EFTsecure is a Level 1 PCI-DSS v3.2 compliant solutions and independently audited.
As a consumer do I need to register to use EFTsecure?
No. With EFTsecure you can make payments easily and securely without registering. All you need is an online banking account with confidential login details and confirmation code procedure.
(be registered for internet banking with your bank. Just use your internet banking details to logon through our EFTsecure Platform)
Am I protected against identity theft?
Through our secure online payments service, Buyers are able to keep all personal and financial information and data private, both from EFTsecure and the Merchant, thereby significantly lowering the opportunity for Identity theft and fraud to occur online.
Is my personal data safe?
EFTsecure or the Merchant do not access the sensitive and confidential information of Buyers, their personal data remains entirely safe and private. Consumer Protection Program. Our free protection programme for Buyers, guarantees that unauthorised real-time payments from the Consumer’s account of up to R100 000.00 made through the EFTsecure payment gateway, will be reimbursed.
Can I use EFTsecure to make payment using my mobile, tablet and computer?
Yes. You can use EFTsecure to pay on all three channels.
EFTsecure’s instant EFT payment solutions provides a multitude of benefits for both the Buyer and Merchant. EFTsecure is accessible through all web enabled devices, be it desktop or mobile. Payments can be made via Mobile, eCommerce, or eBilling.
Why choose EFTsecure?
- Instant payment notifications across 6 major South African bank’s
- Real-time payment notifications
- Customers can pay online using their cheque, savings or credit cards accounts.
- Low transaction fee
- No Credit Card chargebacks, Reverse Transactions or Fraud
- Increased revenue
- Full refund capabilities
- Real time, daily or weekly batched settlement options
- Reduction of shopping cart abandonment
- Payments transacted over multiple web enabled devices
- Free Business Protection Programme
- Monthly report’s extractable from dashboard for monthly reconciliation’s
- Removal of human error
- Faster and easier bank reconciliation
- A swift, simple, secure 3-step payment process
- Payments can be made from any bank account linked to your internet banking profile. This includes your credit account facility. It’s like using your credit card, but you do not need to enter the card number expiry date and cvv.
- No registration required when making a payment via EFTsecure
- No application download required
- All personal data remains private and is not stored
- Comodo SLL Certificate Security Standards
- Consumer Protection Programme up to R100 000.00
- Real-time payment notifications and OTP requests
- There is no need to send a Proof Of Payment(POP) after a payment is done
- There is no need to memorise the payee’s account number, branch code and reference number
Can EFTsecure with my credit card?
You can pay using you credit account. Your credit card is a physical representation/key that links to your credit account. Because EFTsecure access all your accounts available on your internet banking profile, we bypass the need for a physical card and access you credit account directly.