Online Payment Options
EFT (Bank Transfer)
- Suitable for larger transactions or B2B payments.
- Directly transfer funds from the customer's bank account to yours.
- Consider the potential delay in receiving funds and the manual reconciliation process involved.
- The merchant (business) generally does not pay a fee to receive funds.
- Risk of customers paying into the wrong account but once the profile is set up transactions are much easier.
- Lengthy and costly for international transactions.
Instant EFT
- Offers the asame features as EFT but is faster and removes risk of client adding the wrong details.
- Limited to local businesses and banks.
- Funds are cleared faster.
- Usually has a lower rate than payment gateway processing fees (when customers use their debit and credit cards to pay).
- Often included as an additional option on payment gateway platform.
Payment Gateway (Most Common)
- Acts as a secure bridge between your website and various payment methods.
- Offers a variety of payment options such as credit/debit cards, e-wallets, and digital payment services.
- Ensure the payment gateway supports the specific payment methods preferred by your target audience.
- Merchant will pay a fee based on the percentage of transactions.
- Receiving funds can take up to 2-3 days to reflect within bank account.
- Usually no monthly cost for Merchant.
- Offers recurring billing, subscription from clients card/account.
- A bank account is required to receive funds.
Payment Processor
- Similar to payment gateways but are suitable for businesses with higher turnover.
- Incurs monthly fee but lower transaction costs.
- Handles the entire payment process, including authorization, settlement, and fund transfer.
- Offers a comprehensive suite of services, including recurring billing, subscription management, and fraud prevention.
- Check for compatibility with your chosen shopping cart or e-commerce platform.
- Setup requires special bank account applications and verification.
