Merchants who receive payments from consumers via electronic funds transfer (EFT) can now get instant notification of successful settlement, significantly speeding up transactions.
secureEFT, an instant EFT payment service that allows customers to make secure online payments directly into a bank account and get notified in real-time, has recently been launched by MyGate by Wirecard, the leading specialist for digital financial technology.
According to Statista, online orders in South Africa will grow strongly. Revenue is expected to show an annual growth rate (CAGR 2018-2022) of 13.2 percent resulting in a market volume of US$5,431m in 2022.
Despite this, many consumers still do not have or use credit cards for payment and MyGate by Wirecard is now able to accelerate the completion of the purchase process when goods or services are purchased online and paid for by secure EFT.
“Instant notification of a successful payment means goods and services can be released or delivered immediately by the merchant – they know instantly that they have been paid. As a result we have seen a 30 percent higher conversion rate with some merchants using our EFT solution,” says Hannalie Marsh, General Manager of Wirecard South Africa.
Typically between 15 to 25 percent of merchants’ online transactions are done via EFT, the remainder via card payments.
“It offers a simple three-step payment process, which includes faster check-out speeds – about eight seconds versus around 20 seconds previously regarded as the industry norm.”
Integration is seamless – using MyGate by Wirecard’s payment option page allows for direct application program interface (API) integration with no additional coding necessary. Another advantage is the ability to refund via the product.
“Wirecard is one of the biggest players in payments in South Africa and people trust our brand and its products. Convenience for both parties is another noteworthy motivator,” concludes Marsh.