What is EFT?
EFT (Electronic Funds Transfer) is a versatile online payment method that allows customers to make secure and hassle-free payments for various goods and services in the digital realm. It has gained prominence in Kenya’s evolving financial and e-commerce ecosystem as a reliable payment solution.
How does EFT work?
EFT functions as a digital payment gateway, seamlessly connecting customers, businesses, and financial institutions. The payment process involves customers initiating payments through EFT during online checkout. Subsequently, the payment details are securely transmitted to the EFT system, where they undergo verification and processing. EFT then communicates with the customer’s bank or financial institution to authorize the transaction and ensure fund availability. Upon successful authorization, both the customer and the merchant receive transaction receipts. Finally, the settlement occurs, with funds being transferred from the customer’s bank account to the merchant’s account, marking the conclusion of the payment process.
Why do merchants and consumers use EFT?
Merchants and consumers opt for EFT for various reasons. Merchants appreciate its ability to tap into a broad customer base, streamline transactions, and enhance payment efficiency. Meanwhile, consumers value EFT for its convenience, security, and versatility, allowing them to conduct a wide range of online transactions with ease.
How can I start accepting EFT?
To incorporate EFT as a payment gateway for your business, initiate integration with your e-commerce platform or payment processor. Subsequently, conduct comprehensive testing to ensure secure and accurate EFT transaction processing. Inform your customers about EFT’s availability through your website, marketing channels, and customer communications. Lastly, ensure your staff is adequately trained to assist customers with EFT-related inquiries, guaranteeing a seamless payment experience.