An ever increasing number of South African Internet users are enjoying the convenience of shopping online, with numbers set to climb to 5.3 million in 2014. Although our local e-commerce market continues to grow, some deep-rooted consumer concerns still linger. The latest MasterCard Online Shopping Behaviour Study reveals that 90% of South African consumers cite the availability of secure payment facilities as their number one concern when making online purchases. This ever-present security concern has fuelled the growing popularity of online payment alternatives, such as SID Secure EFT.
Even in today’s tech-savvy world, many online shoppers still shy away from online credit card facilities because of the perceived risk of sharing their credit card details online. Others don’t even have credit cards, or would like to avoid amassing credit card debt. These factors all contribute to the popularity of EFT as a secure online payment alternative. Traditional EFTs can however be a rather time consuming, manual process, which is where SID Secure EFT can make a world of difference.
A SID payment is essentially an assisted EFT, which automatically links the shopper to their trusted Internet banking facility. SID Secure EFT pre-populates the payment details on the shopper’s once-off payment page, so the payment amount, the merchant’s bank account details, and references are already completed. This makes the payment quick and easy for the shopper and ensures that the payment details are 100% correct. Upon confirming the payment, the shopper is prompted to enter an OTP (one-time-pin) received from their bank, as with a normal EFT, in order to complete the payment. Once they’ve logged out of their Internet banking, they’re automatically redirected to the merchant’s website, where they’ll receive instant confirmation of their payment. This means there’s no time wasted in sending through proof of payment and waiting for confirmation. The entire process is automated to ensure total convenience.
The most important security advantage is that SID payments are subject to the comprehensive safety measures provided by the banking platforms of South Africa’s most trusted banks. Furthermore, SID doesn’t access or store any of the shopper’s financial details and provides a 100% guarantee against unauthorised payments. Merchants who offer the SID payment method on their websites also enjoy the assurance that SID transactions are 100% guaranteed. With SID, the risk of loss associated with credit card fraud and chargebacks is a thing of the past.
SID Secure EFT has grown from strength to strength since its inception in 2007, and is now considered one of South Africa’s most popular online and mobile payment alternatives. Hundreds of South African websites offer the SID payment method, enabling their customers to complete their purchases with ease and with the peace of mind that their transactions are 100% secure.
Get SID Secure EFT on your website today!