Get paid faster with Instant EFT payments.
Let your customers make payment immediately, with Instant EFT by Ozow - the second most popular payment method in South Africa. Available through online banking and mobile apps, Instant EFT (Electronic Funds Transfer) is supported by all major banking providers as a secure, cashless and card-less way to pay and get paid. Receive funds into your Netcash account immediately, helping you to speed up service delivery and increase customer satisfaction.
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How does Instant EFT work with Netcash
Step 1
Customers select Ozow as their payment option at checkout
Step 2
Customers choose their bank from the list. Ozow has all 10 of South Africa's major banks available.
Step 3
Customers sign in to their online banking to proceed with payment.
Step 4
A 2-Factor Authentication message will be sent for the customers' approval. Once completed, payment is successful and will be settled into your Netcash account.
Take your business online with Instant EFT
Chat to us about your needs or apply for your account today.
Benefits of Instant EFT
- Supports a wide range of banking providers.
- No registration process - clients can simply login using their internet banking details.
- Simple activation - your business only needs to activate Ozow Instant EFT with Netcash to make all banking providers available for clients to use.
- Payments clear immediately and are received into your Netcash account.
- Irreversible payments - When transactions are processed, the payment is irreversible with no chargebacks.
- No credit card necessary - payments are processed directly from the customer’s bank account (cheque, savings, or other).
FAQs
What are the transaction fees for Instant EFT?
Instant EFT payments attract a small, all-in-one transaction fee per payment, with no monthly minimums or setup costs. Fees depend on your business’s transaction volume and average payment value. Contact Netcash for the latest rates or a custom quote tailored to your business.
What banks are supported for Instant EFT payments?
Netcash Instant EFT, powered by Ozow, supports all major South African banks, including FNB, ABSA, Standard Bank, Nedbank, RMB, TymeBank, Investec, Discovery Bank, African Bank, and Capitec Pay. This ensures full coverage across South Africa’s top consumer banking platforms for maximum payment reach.
Can I accept payments in foreign currency?
No. Instant EFT is only available for South African bank accounts. While customers using international cards can still pay via card options, EFT transactions are processed domestically in South African Rands (ZAR) through local banks only.
How do I know if an Instant EFT payment has been successful?
You’ll receive instant SMS and email notifications from Netcash once a payment clears. All successful transactions appear immediately in your Netcash dashboard, where you can view payment confirmations, batch reports, and full reconciliation details in real time.
Is it safe to accept Instant EFT payments online?
Yes. Instant EFT payments through Ozow are extremely secure. Every transaction uses two-factor authentication (2FA) and bank-level encryption to protect both you and your customer. Payments are irreversible, meaning no chargebacks, and all processing occurs in a PCI DSS Level 1-compliant environment, providing the highest level of eCommerce security.
How long does Instant EFT take to reflect in my Netcash account?
Payments clear instantly once approved by the customer’s bank and are immediately reflected in your Netcash account. You’ll have access to funds right away, allowing you to release goods or services faster and improve cash flow.
Can customers pay from their mobile phones using Instant EFT?
Absolutely. Customers can complete Instant EFT transactions directly through their mobile banking apps or Ozow’s mobile-friendly interface. The process is secure, quick, and requires no registration, making it convenient for users on the go.
Why choose Instant EFT over traditional EFT payments?
Unlike traditional EFTs that can take one to three business days to clear, Instant EFT payments are verified in seconds and settled instantly. There’s no need for proof of payment, and irreversible transactions reduce fraud risk and administrative follow-up.
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