U.S.Justice Department Files Antitrust Lawsuit Against Google

The U.S. Justice Department filed an antitrust lawsuit Tuesday against Google, alleging the search giant is engaging in anticompetitive and exclusionary practices in the...

Latest Posts

Internet of Threats – Cybersecurity Measures In The IoT Landscape

By Kabelo Makwane Internet of Things (IoT) refers to any object or device that is connected to the internet. This rapidly expanding set of “things,”...

MTN South Africa Attracts More Customers As COVID-19 Bites

MTN South Africa attracted 1.9 million new customers to its Bozza network for the quarter ended 30 September 2020. The mobile phone company said this...

Naspers-Owned Prosus Announces R82 Billion Share BuyBack Plan

The Dutch arm of South African internet titan Naspers, Prosus announced on Friday plans to acquire up to $5 billion (R82 billion) in total of...

EasyEquities Wins Big At MTN App Awards

An app that takes away the notion that investing is hard and expensive has been adjudged the overall winner of the MTN Business App...

Why You Need To Include Instant EFT Payment To Do Well In SA’s Online Retail

When starting an online store, many business owners often leave payment options as the last thing to consider, not realising that this is where the real obstacles can lurk in, especially in South Africa were only a minority of the population use a credit card, which already reduces an online store’s pool of potential buyers.

While payment gateways like PayU offer card payments as a payment method, there is a large number of the population who don’t have a credit card. There is also a lack of trust with some consumers who may feel unsure about giving their credit card details when shopping online. It’s in this area where you need to build trust.

When setting up your eCommerce business, before you decide on your site’s design, preferred platform or delivery method, it’s important that you analyse your payment options. One of the important questions to ask yourself is whether your purchase system will be easy for your customers to use. And whether it will be the most ideal payment channel to your business.

For instance, when a customer makes use of a credit card as a means of payment, the costs to your business can be unappealingly high. Businesses have to pay transaction fees to their payment service provider, as well as extra fees to the bank which controls their internet merchant account.

Instant EFT payments accommodate everyone

Because many shoppers are not comfortable with giving away their personal details when shopping online, incorporating an instant EFT solution as a payment method can make a huge difference to both your eCommerce business and the online shopper’s experience, alleviating the challenge of trust.

stock-624712_1920

EFT is a well established payment method in South Africa. Customers are familiar with it and therefore trust it as a means of payment. It is therefore an important addition for eCommerce businesses to break the digital barrier in the region.

Furthermore, not only are the fees considerably lower compared to credit card charges, but there is immediate feedback when a transaction is made. This will also help as, should there be insufficient funds in the account, both the shopper and the merchant will know instantly, cutting down on charges resulting from returned transactions.

All that’s required from a customer is their regular username and password, and as a merchant, all you need is a valid bank account. EFT is a payment method which offers the lowest possible fees to the online retailer, so you don’t lose anything by offering this as a payment method. If you don’t want to lose out on a major share of SA shoppers, you can’t afford to leave out instant EFT, such as PayU’s EFT Pro.

  • Article created in collaboration with PayU and TechFinancials.co.za

 

Latest Posts

Internet of Threats – Cybersecurity Measures In The IoT Landscape

By Kabelo Makwane Internet of Things (IoT) refers to any object or device that is connected to the internet. This rapidly expanding set of “things,”...

MTN South Africa Attracts More Customers As COVID-19 Bites

MTN South Africa attracted 1.9 million new customers to its Bozza network for the quarter ended 30 September 2020. The mobile phone company said this...

Naspers-Owned Prosus Announces R82 Billion Share BuyBack Plan

The Dutch arm of South African internet titan Naspers, Prosus announced on Friday plans to acquire up to $5 billion (R82 billion) in total of...

EasyEquities Wins Big At MTN App Awards

An app that takes away the notion that investing is hard and expensive has been adjudged the overall winner of the MTN Business App...

Don't Miss

Low-Cost Internet Pilot Project in Soweto Empowers Young People

FibrePoynt, Thabure Towerco and Phuthanang Youth Trust have installed a pilot network in Central Western Jabavu, Soweto. The pilot network offers the high-density township,...

Telkom Unveils Its New FreeMe Share Plans Targeting Data Users

Telkom has launched FreeMe Share Plans, a shared data plan that allows multiple SIMs to share a single data plan. The company said in a...

Dlamini-Zuma Asked To Provide Reasons For Extending Lockdown – or see you in court.

DearSA attorneys Hurter Spies this week sent a letter  to Cooperative Governance and Traditional Affairs Minister Nkosazana Dlamini-Zuma asking her to provide reasons why she...

Paxful Highlights Security and User Education Can Boost Trust in Crypto

In acknowledging Cybersecurity Awareness Month during October this year, leading peer-to-peer (P2P) cryptocurrency marketplace, Paxful, is highlighting the importance of security awareness amongst users...

How To Win a R1,5m Entrepreneurial Package For Your FinTech Idea or Business

South Africa’s most prestigious fintech R10 million startup initiative, AlphaCode Incubate, shares how to improve chances of accessing its support and unpacks the trends...

Stay in touch

To be updated with all the latest news, offers and special announcements.

%d bloggers like this: