Everything you need to know about Efecty

What is Efecty, how does it work, and how can merchants integrate this payment method into their e-commerce store?

Efecty: Let customers pay for online purchases with cash

While credit and debit card payments are growing in the Latin American market, a significant percentage of the population doesn’t have a bank account and relies on cash payments when doing business online.


Given the payment preferences of the local market, processing payments through international cards and payment methods may not be enough for merchants who want to see their online business succeed in countries like Brazil, Colombia, or Mexico. That’s why integrating local payment methods is so important.


Local payment methods are easier to use, more in sync with customers’ needs in this region, and grant better acceptance rates than international cards. To increase conversion rates in Colombia and take advantage of the growing e-commerce marketplace in LatAm, merchants should explore Efecty, one of the most popular online payment methods in the country that enables consumers to pay for goods and services online using cash.

Efecty infographic PayU payment methods encyclopedia

What is Efecty?

Efecty is an online payment method that allows shoppers to purchase online goods and services by paying in cash offline. When a customer selects this option, they will receive an instant voucher with the transaction amount and a unique payment reference number. Next, the customer proceeds to any of the 8,000 Efecty service points across Colombia and pays for their order in cash. As soon as payment is verified, the merchant can ship products or provide services. 


Efecty offers a variety of payment options, including money orders, payments, recharges, and collections nationwide. Customers can use it to transfer money domestically and internationally, make payments for utility bills or online purchases, and top up mobile devices from select telecommunications providers.





How does Efecty work?

Customers who would like to pay for an order they made online via Efecty receive a voucher with a pin code to their email address. They can use this voucher to pay within three days at an Efecty payment location. Merchants are notified in real time when the transfer has been completed. 


Efecty also allows customers to carry out online money transfers via the Efecty website or smartphone app. If they have an account that supports online payments, all it takes is logging into their Efecty account and providing the transfer details. Their ID will be checked, and they must confirm their payment via PSE (Payment Security Environment), a system developed by ACH Colombia. Users can also send money offline by presenting their ID in one of Efecty’s payment locations.





Why is Efecty so popular in Colombia?

With a population of nearly 50 million, Colombia is one of the most promising e-commerce markets in Latin America. Pushed ahead significantly by the pandemic, the market is expected to grow significantly in the coming years. And while credit cards are popular with some consumers, e-commerce activity in Colombia is heavily influenced by cash payments and other alternative payment methods.


Thanks to increased internet access and smartphone use, e-commerce in Colombia has a lot of potential. Efecty helps merchants take advantage of this growing e-commerce market by allowing customers to make offline payments that can be paid by cash at any branch store. This convenient payment method helps merchants to expand their online consumer base and deliver a unique shopping experience by eliminating the need for credit or debit card.


Businesses receive confirmation of payment as soon as the customer pays the voucher in one of Efecty’s physical locations. Since Efecty only supports payments in Colombian pesos, the risk of fraud using this payment method is low because the payer and payee each receive a receipt with a serial number, verification digit, and national ID number that anyone can verify.


Mobile phone payments, prepaid options, and bank deposits continue to dominate the payment landscape in Colombia. For merchants, offering these essential payment options is a key component to success when ti comes to the local market.




How can merchants start accepting Efecty?

The best way to reach more Colombian consumers with Efecty is by choosing a payment gateway that includes this payment method. Such a platform will support all the important features of Efecty such as real-time payment confirmation, refund reduction, and higher conversion rates. 

Efecty FAQs (4)

In which countries is the Efecty payment method available?

Efecty is available in Colombia. This payment method is very popular among consumers in Colombia and covers 99% of Colombia’s municipalities.

Why do merchants and consumers use Efecty?

Efecty is a cash payment method for online purchases in Colombia. It allows merchants to expand their consumer base and offer a unique shopping experience by eliminating the need for credit or debit cards. Merchants can confirm payment immediately after the customer pays in one of Efecty’s physical locations, which accept cash only. This payment method minimizes the risk of failed or returned payments because each payer receives a receipt with a serial number, verification digit, and national ID number that anyone can verify.

Can I pay bills with Efecty?

Yes, customers can use Efecty to pay their bills. Efecty customers can pay for their online purchases in a number of ways. They can receive an electronic voucher to their email address, which they can use at a payment location within three days. Merchants are notified when the transfer has been completed in real time. Efecty also offers customers the option of paying via their account on the website or via their mobile app.

Is it possible to send money with Efecty?

Yes, Efecty offers this option. To transfer money, customers must log in to their Efecty account and provide the necessary details. Their ID will be checked and they must confirm their payment via PSE (Payment Security Environment), a system developed by ACH Colombia. They can also send money offline by presenting their ID at one of Efecty’s payment locations.