Instant EFT Drives Confidence in E-Commerce
High-profile security breaches, such as the most recent one at Yahoo, have captured the headlines and given many pause for thought about just who stores and secures our online identity. But it’s more than just the big corporates who are at risk when security is compromised.
E-commerce merchants depend on the trust of their customers. Buyers need to trust that their transactions are secure and that they won’t fall victim to online fraudsters – or they simply won’t makes use of the service.
“E-commerce is growing by leaps and bounds, but each business, whether large or small depends not only on great products and good delivery, but also on the trust of their customers to use online payment methods so the transaction can actually take place. If this trust is not there, they may as well close shop,” says Kyle Rozendo, CTO at SID Instant EFT.
Using instant EFT offers merchants many advantages, but security is certainly one of the highest on the list.
Instant EFT allows customers to make payments to online merchants directly from their bank account via their existing internet banking facility.
This method transfers encrypted, once-off payment information into the banking page, where all security provided by the bank remains in place. The payment will only be completed once it is authorised, via normal banking authentication methods such as a One Time Pin.
“Instant EFT also pre-populates the value field, unlike a manual EFT, where user errors can creep in and which delays the purchasing process. Reference numbers from the merchant are also set which, when it comes to reconciliation, is really compelling. Human error can lead to inaccuracies and accounting nightmares,” Rozendo comments.
In terms of data protection, instant EFT allows customers additional peace of mind, since at no point is their information stored on third party servers.
“SID uses advanced encryption to ensure complete data protection, and although SID invokes your internet banking service, it does not store your bank account login details such as usernames and passwords. This sets instant EFT apart from any normal card transaction,” Rozendo explains.
To add to the levels of security, SID has a Shopper Protection Programme. The company has a dispute resolution system in place which protects customers who may have purchased a product, but have not received it, or if the product is not what was described by the merchant. Moreover, the company offers a 100% cash back guarantee (up to R10,000) on any transaction which was not authorised.
“This programme is indicative of our confidence in our systems. The dispute resolution service provides an additional level of comfort for customers and means we can also ensure all our merchants offer the highest quality of service.
“Any negative online transaction experience can significantly impact a merchant’s reputation. We see our solution as a vital part in building trust in e-commerce in general, which can only benefit growth in the sector.”