Instant EFT

Instant EFT by PayFast allows online shoppers with access to internet banking to make an Electronic Funds Transfer (EFT) that gets instantly verified.

Scale your business with PayFast’s fastest growing payment method

An EFT is the second most popular online payment method in South Africa after credit and cheque cards. Activate Instant EFT as a payment option in your PayFast account and give customers the choice to create an Instant EFT payment automatically on our system or to load the payment themselves through their preferred banking portal.

Watch this video to find out more about Instant EFT.

Instant EFT supports 6 South African banks:

ABSA, Capitec Bank, FNB, Investec, Nedbank, Standard Bank

Benefits of Instant EFT

  • Clears immediately; no two day wait
  • No proof of payment required
  • No delays during checkout
  • Only pay a small all-in-one transaction fee when you make a sale

To start accepting Instant EFT payments on your website, register for a free PayFast account.

Instant EFT

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FAQ

What is Instant EFT?

It is an electronic funds transfer (EFT), a transfer from a shopper’s bank account to ours, that instantly gets confirmed. The funds are paid to the seller’s bank account upon request of Payout.

What banks are supported?

Currently we can process Instant EFT when shoppers have accounts with South Africa’s six major banks: ABSA, Capitec Bank, FNB, Investec, Nedbank and Standard Bank.

Does the shopper need any special software?

No. Unlike other systems, the buyer doesn’t need to install any special software. Transactions can be made on PCs, Macs and most mobile devices (such as Blackberry, iPhone, iPad, Android etc.)

Does the shopper need to send proof of payment to verify the transfer?

No. Neither the shopper, nor the merchant would need to confirm the transfer. PayFast’s system confirms that the actual amount has been transferred, so there’s no need for calls, faxes or emails.