Accept EFTs from any bank with Netcash

Bank EFT (Electronic Funds Transfer) is a familiar, yet manual, online payment method. Customers can make secure payments directly from their bank account online or offline to your Netcash account, providing an essential B2C and B2B payment option for your business. Your Netcash account is bank agnostic, so payments are cleared, paid, and reconciled into your account at the same fee and timing, regardless of which bank they originate from.

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How does it work

With Netcash, you can accept EFTs from all major banks, reconciled into one account, on one statement. 

At checkout, customers select the Bank EFT option as their preferred payment method.

They will be shown your Netcash account’s EFT details and a payment reference number to use.

Customers will login to their online banking app, or if preferred, take these details to a branch to make payment offline.

The customer will then make payment using the details provided, and once successfully processed, you will be notified via SMS or Email that payment has been received.

Note that Bank EFT payments may take more than 24 hours to be made and settled, depending on how soon the customer makes payment.

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Benefits of Instant EFT

  • Supports a wide range of banking providers.
  • Only a single activation is required and all bank options become available.
  • Familiar and preferred payment method for businesses, especially in B2B environments.
  • Payments made from any banking provider are received into your Netcash account for simple reconciliation.
  • Streamlines operations by receiving payments into a single account.
  • A set transaction fee is charged per EFT payment, regardless of which bank it is from.

FAQs

What are the transaction fees for Bank EFT?
Bank EFT transactions attract a fixed, all-in-one fee per payment, regardless of which South African bank your customer uses. There are no hidden costs or setup fees. < ahref="https://netcash.co.za/let-us-contact-you/">Contact Netcash for the latest rates or to request a custom quotation based on your transaction volume.
Which banks are supported for Bank EFT payments?
Bank EFT payments can be made from any South African bank, including FNB, ABSA, Standard Bank, Nedbank, Capitec, TymeBank, Discovery, and Investec. Because your Netcash account is bank-agnostic, all transfers are received, cleared, and reconciled into one account, regardless of the sender’s bank.
How do I know if a Bank EFT payment has been successful?
You’ll receive instant SMS and email alerts when a payment reflects in your Netcash account. In addition, your Netcash dashboard provides full visibility of payment confirmations, reports, and statements — making reconciliation fast and reliable.
Is it safe to accept Bank EFT payments online?
Yes. Bank EFTs are one of the most secure payment methods available, since customers authorise the payment directly from their own online or mobile banking platform. The Netcash Payment Gateway operates in a PCI DSS Level 1-compliant environment with encryption and fraud protection, ensuring that funds are transferred securely.
How long does it take to receive a Bank EFT payment?
Bank EFTs can take up to 24–48 hours to reflect, depending on the payer’s bank and how quickly they complete the transfer. Some banks may process within the same business day, but EFTs are generally slower than Instant EFT. You’ll be notified as soon as payment is received in your Netcash account.
What’s the difference between Bank EFT and Instant EFT?
Instant EFT payments (via Ozow) clear immediately and notify both parties in real time, while Bank EFTs rely on the customer manually initiating a transfer, which may delay settlement by one or two business days. Bank EFT is ideal for B2B payments or clients preferring traditional banking processes.
Can I use Bank EFT for recurring or bulk business payments?
Yes. Bank EFT is commonly used for B2B transactions and larger once-off payments. You can also reconcile multiple EFT payments into one Netcash statement, simplifying your accounts receivable and reporting processes.

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