Netcash integration with Sage 300cloud makes getting paid and making payments a breeze
September 21, 2020
Netcash Partnerships Geared to Streamline Payment Processes
October 7, 2020Bank EFT (electronic funds transfer) is a widely used and convenient way to get paid, but it has been the target of fraudsters for some time now. South Africa particularly, (recent Bank EFT fraud cases) has seen criminals intercepting emails from businesses and inserting their own banking details to receive payment. Once the money is transferred into the fraudulent account, it becomes very difficult to track. Despite FICA requirements enforced by banks, there is often very little chance of ever recovering the money.
This creates a great risk for businesses who prefer payment via Bank EFT, however there is a way to mitigate this risk. Bank details provided in emails shouldn’t be accepted at face value, but verified before making a transfer.
Earlier this year, Netcash revealed an enhancement in their Bank EFT payment service available to their account holders; every Netcash account is now linked to a dedicated Mercantile Bank account. This account number can now be verified online in order for payments to be made with confidence.
How do your customers verify your bank details?
To ensure that your customers have the correct banking information they need to verify the details they’ve been sent. The traditional way to verify bank details is to request a cancelled cheque or obtain a stamped account confirmation letter from the bank. Netcash has made this account verification process simpler and more convenient for their customers.
Netcash account holders are able to email bank account confirmation letters from their online account directly to their customers. The letter confirms the Mercantile Bank account details and directs the customer to the Tools page on the Netcash website for verification. By inserting the account number and reference number provided, Netcash will verify the bank account details.
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.
