One of the many benefits of using PayFast as your online payment gateway is that we offer a variety of payment methods to suit your customers’ preferences. While credit cards are currently still the most popular payment method for shopping online, Instant EFT is our fastest growing payment method, and with good reason.
The increasing popularity of Instant EFT can be attributed to a number of things, including its ease of use and the convenience of how fast it is to pay and receive payments online.
What is an Instant EFT?
Instant EFT is a quick and convenient way for online shoppers to checkout online using funds from their cheque, credit or savings accounts. Money is transferred from the customer’s bank account and cleared instantly, enabling online shopping without the need for a credit card. The entire process is seamless. All customers need to do is log in with their online banking credentials and confirm the payment with their bank. Once approved, the ecommerce website is notified of the successful payment and the order can be processed.
How does an Instant EFT payment work?
Instant EFT by PayFast supports 9 different South African banks, so if your customers bank with FNB, Absa, Standard Bank, Nedbank, Capitec, Investec, TymeBank, African Bank or Bidvest then they can use Instant EFT to pay you online. PayFast interfaces with these banks’ online payment facilities to process EFT payments, thereby allowing online shoppers with access to internet banking to make an EFT that gets instantly verified.
The process of how an Instant EFT payment works is as follows:
- When an online shopper is ready to complete the purchase on your online store they will go to the checkout page where they add all their delivery details and select to make a payment.
- They’ll be redirected to the secure PayFast payment page where they can select Instant EFT as their preferred payment method.
- They then select their bank and log in using their online banking credentials.
- Next they choose from which account they will be making the payment from.
- They will then be promoted to verify the payment with their bank on their mobile device.
- PayFast instantly processes the payment and notifies both you and your customer that it has been completed successfully, allowing you to process their order.
The video below demonstrates how easy it is for online shoppers to pay online with Instant EFT by PayFast:
How long does an Instant EFT payment take?
As the name suggests, any payments made via Instant EFT are instant, with immediate verification and notification of payments. This means there’s no need for your customers to send a proof of payment to confirm their payment, which is generally required with traditional EFT payments. Once the payment is successfully processed, both you and your customer will be notified and the payment will reflect in your PayFast account, which you can then payout into your linked bank account.
Is Instant EFT safe?
Instant EFT by PayFast is one of our most popular online payment methods because it’s quick and easy to use and completely safe to send and receive payments with. As with all of our supported payments methods, you can be rest assured that it’s completely safe for your customers to pay you via Instant EFT with PayFast for the following reasons:
- PayFast is a PCI-DSS Level 1 compliant service provider.
- PayFast will never store, log or otherwise misuse your customers’ banking credentials or personal information.
- Instant EFT uses secure SSL encryption to keep all of your customers’ banking information secure.
- All banks that PayFast interface with for Instant EFT payments require Two Factor Authentication (2FA) to be completed to authorise the payment. This can be either an OTP via email/sms; or via push notification to a banking app. Therefore, no Instant EFT payment can ever be completed without the account holder’s approval.
Find out in which other ways PayFast is secure here.
How much does Instant EFT cost?
As with all of our payment methods it’s completely free for your customers to make a payment with Instant EFT by PayFast. For every successful Instant EFT payment that your online store receives, you’ll be charged an all-in-one fee of 2.0% (excluding VAT) per transaction. Find out more about our fees here.
Remember that PayFast offers lower fees based on your monthly transaction volumes, so get in touch with our Customer Services team if you would like to find out more about renegotiating your fees.