Making payments on the Internet can be daunting at times, especially with the risk of online security breaches. A survey from 2014 by global information security company, NCC Group, reveals that 59 percent of people are not confident enough to share sensitive financial and personal information when they shop and interact with businesses online. A lack of trust is a leading contributor to cart abandonment, which can negatively impact your business' sales figures.
The rapid growth of eCommerce has created an opportunity for hackers around the world to cash in on credit card data submitted online by shoppers. According to a report by Lexis Nexis, annual fraud costs amounted to $32 billion in 2014, a 38 percent surge over 2013. Fraudulent payments contributed to 0.68 percent of retail revenue, which equated to an increase of 0.51 percent in 2013.
Online businesses can eradicate this obstacle and encourage patronage from hesitant online shoppers by integrating a payment processing service that is not only secure, but also convenient, while being able to adapt to the needs of your customers. By understanding, for example, which payment methods are favoured among your target demographic and providing solutions to the challenges they face, will help to boost your turnover and business growth.
PayU's EFT Pro option aims to make customers more comfortable to share their financial details online. This payment method enables an electronic fund transfer and shoppers who don't have a credit card or don't want to use their credit card, can shop safely online with EFT payment. No credit cards are used during the buying process, lowering the possibility of fraud.
How EFT Pro Works
The PayU EFT Pro payment option allows shoppers to pay for goods and services by electronically transferring money via internet banking. With PayU EFT Pro, the transfer happens in real time as opposed to current EFT solutions where the customer can pay at a later stage. The customer's order status is therefore updated immediately. When checking out, the customer is taken to a page where they choose their payment method.
When selecting EFT Pro as a payment method, they will be presented with five bank options. These are Absa, FNB, Nedbank, Standard Bank and Capitec. The service is encrypted with EV SSL certificates that make payment processing extremely secure.
The customer is then able to login using their internet banking profile. PayU does not store any online banking login details.
After logging in, your customer chooses their bank account and enter their own reference. They will receive a one-time pin (OTP) which has to be entered to confirm payment.
As soon as the electronic funds transfer is confirmed, you and the customer will receive a notification that the funds have been deposited into your account and the products are instantly released.
With the EFT Pro option, PayU is installing faith into online payments through an innovative system that allow merchants to securely accept EFT payments online. The EFT Pro payment plan is one of our more effective ways to help your website reach an optimal conversion rate.