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?
BankEFTs attract a set fee per transaction. Chat to us about our latest rates and for a custom quote.
Which banks are supported?
Bank EFTs can be made from any South African bank to your Netcash account.
How do I know if a payment has been successful?
You can turn on notifications in your Netcash account to receive instant updates when payments are made via SMS and email. In addition, you can check the reports and statements in your Netcash account to confirm whether or not a payment has been successful, or funds received.
Is it safe to accept Bank EFT payments online?
Yes, your Netcash account and Payment Gateway are secured to the highest standard, providing a safe way for you and your customers to make and receive payments. Bank EFTs require customers to input and authorise payment details online or offline, making it a slower but secure way to make payments of all sizes.
How long does it take to receive a Bank EFT payment?
This will depend on how soon the customer makes payment, as sometimes this is not done immediately at the time of the transaction. You can expect that it will take longer than other payment methods for this reason, however by turning on notifications in your Netcash account, you can be notified immediately once payment is received.

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