SID Instant EFT was originally developed in 2007 as an online payment alternative to credit card. The company set out to develop a payment solution that would facilitate EFTs with the ease and speed of online credit card transactions, but with no risk of chargebacks or fraud. SID is supported by Setcom, PayGate, MyGate, VCS and Peach Payments, making it the most widely supported Instant EFT solution in the country.
SID 2.0 is compatible with all devices, including mobile phones and tablets. Upgrades to the payment method also include a simplified payment process, whereby customers are no longer required to download the SID application in order to complete a payment. Customers can complete online purchases within minutes by selecting the SID payment method when they’re shopping online. SID then facilitates a once-off payment via the customer’s internet banking page.
As with normal EFTs, SID payments can only be completed once the customer enters a One-time PIN received from his/her bank or responds to a push message received from the bank. SID ensures that the payment details are correct, and guarantees the successful transfer of funds directly to the merchant’s bank account. Funds are never held by SID, as with other EFT solutions. Merchants can, therefore, issue an instant payment receipt and the customer’s order or booking can be confirmed immediately.
The SID payment method is available on many South African websites, across various industries, including airlines like kulula.com, Mango and FlySafair; hotel groups like Tsogo Sun and Peermont; passenger bus services like Intercape, TransLux and City to City; delivery services like DHL and The Courier Guy; online stores like Dis-Chem, Interflora and The GADGET Shop.
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