By Charles Pittaway, MD of Netcash

Now that the dust has settled after the pandemic, one of its most enduring legacies is the wider usage of mobile and contactless payments around the world. Global research from Accenture shows that more than half (56%) of consumers surveyed are using digital wallets. Although card and cash usage remains high across the globe, mobile payments are becoming the preferred option for many consumers.

Adoption has soared in South Africa, too, with consumers and businesses across the board looking for more streamlined, convenient and secure ways to transact. This has been spurred on by trends such as the rapid growth in card-not-present transactions, online shopping and omnichannel options like buy online, pick up instore.

With customers embracing a digital lifestyle, they increasingly expect companies of all sizes to offer them a choice of easy payment options. Mobile wallets are becoming popular with a customer who wants transactions to be quick and hassle-free. Mobile payments makes life more convenient because the customer doesn’t need to carry cash around or capture card details across multiple sites and apps.

To keep up with consumer expectations, companies of all sizes need to be able to support their preferred payment options. While mobile payment options such as scan-to-pay solutions are on the rise, some people still prefer to pay with cards or cash. Others may want to pay using instant or bank EFT, and some want to pay at a convenient venue like their local retailer.

Meeting the expectation of anywhere, anyhow and anytime payments used to be complex and expensive. In the past, the mobile payments landscape was highly fragmented. Businesses couldn’t easily support the numerous QR code and contactless payment options in the market, creating friction for merchants and consumers alike.

But the payments sector has since taken great strides towards standardisation and ensuring wallet interoperability. It has also become a lot simpler to accept QR code payments, without the need for special payment terminals, complicated integrations with accounting and point of sale systems, or steep monthly fees and transaction costs.

That has cleared the way for even the smallest businesses to accept mobile payments. The benefits are significant. The technology can speed up the checkout process and reduce the need to handle cash, which can save time and reduce errors. Customers can simply scan to pay for goods and services, making the process faster and more efficient.

Transacting via QR code is also more secure than using physical cards. Consumers are still effectively paying by card, even if they don’t need to present the plastic. As such, they benefit from the protections the card companies and banks offer consumers and merchants. Removing the physical card from the transaction reduces the consumer’s exposure to risks such as card skimming.

Mobile payments also help businesses to increase sales. A seamless checkout experience encourages customers to complete their transactions. Additionally, mobile payments can help businesses reach new customers who prefer to pay with their mobile devices. By accepting mobile payments, businesses can tap into a growing market of tech-savvy customers who value convenience and efficiency.

We’re just at the start of the digital and mobile payments revolution. Merchants that can support the customer’s expectation for a seamless and convenient payment experience across every channel will thrive into the future. Businesses will thus increasingly look for solutions that make seamless payments and acceptance a reality.

Payments are a key part of the customer journey and can help companies to attract and retain customers. Today’s fintech solutions enable merchants to simplify the movement of money in their business, from presenting bills and processing the payroll, through to accepting payments across nearly any channel or instrument—giving them an edge at a time digital payments are a way of life.

Mobile payments have come a long way and will continue to evolve towards anywhere, anyhow, and anytime convenience. Businesses of all sizes need to support their customers’ preferred payment options, including mobile wallets, to keep up with customer expectations. By doing so, they can increase sales, attract and retain customers, and simplify the movement of money in their business.

Established in 2003, Netcash is a payment solutions provider delivering debit order, salary and creditor payment services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za

Liana Clarke: Liana.Clarke@Netcash.co.za

An advanced debit order service is now available to Netcash customers – DebiCheck Debit orders, a system that protects both parties involved in the transaction.

DebiCheck is a secure debit order system requiring the bank account holder to give specific electronic permission (via their bank) once-off at the start of a new contract, prior to any debit order being processed. DebiCheck replaces both AEDO (Authenticated Early Debit Order) and NAEDO (Non-Authenticated Early Debit Order) transactions.

You can debit a bank account confidently as specific consent is received via the account holders bank and the likelihood of transactions being disputed is drastically reduced. Bank account holders have the comfort of knowing that the debit order can only be processed within the terms as agreed by them.

DebiCheck does not replace Same-day and Dated debit orders but can be used as an alternative.

With DebiCheck debit orders, bank account holders will need to confirm debit orders electronically and on a once-off basis. The intention is for customers to confirm the details of the debit order with their bank before it is processed to their account. |Standard debit orders do not require electronic confirmation and rely solely on a signed or voice recorded mandate.

Reduced dispute rate

Significantly reduce debit order disputes with DebiCheck’s initial authentication of mandates, making unauthorised disputes much less likely.

Eliminate consumer abuse

Clients returning debit orders to boost their cashflow will be drastically reduced.

Tracking

Should funds not be available when the debit order is presented, banks will keep checking the account for available funds for the tracking period specified which will improve your collection rate.

Netcash clients have 3 options for submitting authentications:

• Capture/ upload Electronic Mandates that include requests for authentication or
• Capture DebiCheck authentication details manually in your Netcash account or
• Upload DebiCheck authentication requests

Netcash

• Submits authentication requests to account holder’s bank
• Confirms authentication results
• Automatically updates Masterfile with debit order detail

Account holders’ bank

• Authenticates DebiCheck request by various electronic channels available to the account holder. Methods may include banking Apps, USSD, ATM or branch.
• Communicates results to Netcash

Account holder

• Receives authentication request
• Verifies amount, date, and terms of the debit order
• Accepts or declines the request

Settlement 

• Successful collections will be credited to your Netcash account once payment is received from the account holder’s bank
• Bank accounts can be tracked for up to 10 days
• After the tracking period has expired, unsuccessful transactions with zero values will be processed to the Netcash account for ease of reconciliation

Optimise your payment collections with DebiCheck’s electronic authentication process, ensuring higher success rates and minimal disputes. Get started with Netcash today!

Verifying the ownership of a bank account before making payments or collections is crucial to ensure security and accuracy in your financial transactions. Netcash utilises advanced Account Verification Services (AVS) through our Risk report service, designed to confirm the accuracy of banking details swiftly and securely.
Ensure every transaction is secure with our AVS, which confirms you are dealing with verified recipients, providing peace of mind that all payments or collections are accurately processed.

To verify the owner of the account all you need is the account number, branch code, name and ID number of the customer you are verifying. When dealing with business bank account, the company registration number is used instead of the ID number.

The following information is returned when running AVS checks on Netcash:

Branch code:

Account number:

Identity number/Company reg. number:

Enquiry name:

Date enquiry was made:

Date enquiry was returned from bank:

Account number exists : Yes / No

Identity number/Company reg. number match: Yes / No

Last name match: Yes / No

Account active: Yes / No

Status: Successful / Unsuccessful

Mobile number:

Mobile match: Yes / No

Email address:

Email match: Yes / No

Account open more than 3 months: Yes / No

Accept credits: Yes / No

Accept debits: Yes / No

Here’s how you can verify account owner details:

1. Got to Services and click on Risk Reports

2. Click on Risk Reports on the left-hand menu and click on Consumer or Commercial depending on the type of entity being verified

3. Select Bank account verification and the insert the required information.

You also have the ability to import bulk verifications using an excel spreadsheets or you can speak to your Netcash consultant about fully integrating Risk reports and AVS with your software

Explore cost-effective solutions for our Bank Account Verification Services by referring to our pricing brochure or contacting a Netcash consultant today.

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and Risk Report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

netcash.co.za

An Electronic Mandate is a fully customisable debit order authorisation that is required to allow you to process a particular transaction. They can be electronically signed by your customers on any web-enabled device.

Electronic authorities to debit accounts have fast become the most popular method replacing physical mandates and voice recorded consents. The Netcash process is designed to assist in providing a secure and compliant environment in which clients can enter their account details.

Validation
Bank account numbers are validated when entered by the account holder, this means that the debit order will be accepted when processed to the bank account.

Cross-platform facility
Your Netcash Electronic Mandates work on any web-enabled device meaning your customers can authorise from any device that is convenient for them be it a PC, tablet or smartphone. Both the bank account holder and the Netcash account holder receive copies of the signed mandate.

Easily customisable
Electronic Mandates can be customised according to your business needs while ensuring they are remain an acceptable authority to debit.

Legally compliant
Our Electronic Mandates comply with the requirements set out by the Payments Association of South Africa ( PASA). Credit card debit orders are tokenised in a secure PCI-compliant environment.

Using Electronic Mandates is an easy way for companies to effectively manage authority to debit accounts for recurring payments including monthly premiums and subscriptions.

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and Risk Report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

netcash.co.za

Electronic Mandates fit right in with modern distributed workforce procedures

The COVID-19 pandemic set in motion a massive and global move away from traditional office environments and towards a more flexible, digital workplace. Even though distributed workforces were a growing trend, 42% of organisations in South Africa now have employees working from home full-time. 67% of those businesses have the intention to continue doing so for the next two years, and it’s unlikely that this is going to change in the years to come. 

Having your workforce operating from home is beneficial for both the business and its employees in many ways, but that doesn’t mean there aren’t going to be some operational obstacles. Not everyone has a fully-equipped home office at their disposal, which means a lot of your employees and customers won’t have easy access to a printer and scanner, making certain traditional admin almost impossible. 

Businesses had to evolve overnight. Manual processes such as signing contracts or mandates needed to change. The filing of documents needed to be digital, to make them more accessible and everything they altered needed to be as compliant and secure as before, if not more so. This is why we encourage the use of our Electronic Mandates, as a feature of our existing debit order service. 

Electronic mandates are the future of debit order authorisation

Electronic mandates are a way for you to easily add and manage new debit order mandates for customers to sign digitally. Not only can they easily update their masterfile for debiting, but every digital mandate is automatically stored in their Netcash account where it is conveniently accessible. Your customers can even download their signed Electronic Mandate in PDF format for their own records.

Furthermore, Netcash users can add their own branding to Electronic Mandates and customise the standard mandate with their own clauses. Digital mandates are far more secure than paper or voice mandates and completely compliant, as they are authenticated by IP address, email and cellphone number verification, bank account verification, as well as date and timestamped. 

An Electronic Mandate has a much quicker turnaround time, as it doesn’t require customers to print, physically sign, or scan. Your customer is automatically notified  when you have created an Electronic Mandate in the Netcash system.

Not all Electronic Mandates are created equal; here’s why Netcash’s stands out:

• Adding a new mandate is fast and simple
• Easily manage existing Electronic Mandates 
• Customers can conveniently sign mandates digitally
• Electronic Mandate authorisation process for customers is mobile-friendly
• Faster turnaround time for signed mandates
• Easily update your masterfile for debiting
• 100% compliant
• Safer than paper and voice mandates
• Mandates automatically stored and easily looked up
• Customers can download a PDF of their signed mandate

More to come

WIthout giving too much away, the Netcash team are currently working on some exciting advancements to the Electronic Mandates functionality for those users who have large databases of mandates. Watch this space for this release in the near future! 

About Netcash

Established in 2003, Netcash is a payment solutions provider delivering debit orders, salary and creditor payments, Pay Now, eCommerce, and risk report services to South African businesses and organisations. The company provides multiple innovative and integrated online payment solutions that are efficient, simple, and cost efficient. Netcash is registered with the FSCA, PASA and is PCI DSS Level 1 compliant.

www.netcash.co.za