Understanding About BACS Payment Method

Bacs or BACS payment method South Africa is a very unique automated payment mechanism, which was formerly known as Bankers’ Automated Clearing Services.

It is actually an organization which is majorly responsible for conducting two methods: Direct Debit and Bacs Direct Credit. In brief, this system allows making payments directly from one bank to another.

When business owners look for safe online payment methods, this is something they feel stuck on due to various benefits offered by this payment method. This type of system is often used by third parties as a convenient and easy medium for money transfer. Business owners often use it to assist their clients as well as employees in issuing payments. It also allows you to make more than one payment to different beneficiaries and that too in the same payment batch.

There are many countries where the payroll providers have to be BACS approved bureau to help facilitate payroll payments from the employer’s account in an easy and safe manner. It is required to pass an initial inspection review for this process and after that it is inspected annually to maintain their status.

The payroll provider or bureau can either create and submit payment files in the Bacs format or just submit files created by the user themselves. These payment files are also created by softwares that is different from payroll software. Due to these reasons, it has become a popular method of payment.

There is another kind of payment method which has become increasingly popular and that is EFT payments South Africa. It is also allows fast and easy online payments, and often selected by e-commerce companies.

Payment Gateway – A Secure Online Payment Mode

Each one of us face paucity of time to carry on with the day- to - day tasks.So, there is hardly any time left to specifically deal with a set of financial process involved on a daily basis, particularly for the business entities.Therefore, in the recent times, the requirement of online financial transaction tool such as Payment Gateway has become a necessity.

Also, due to the increasing demand, the pace of change in online buying, digital security and consumer expectations has forced constant re-engineering by companies in the payment space. But it needs to be ensured whether the medium is secured or not.Almost all the business firms which process consumer credit card information need to essentially comply with the Payment Card Industry Data Security Standard (PCI DSS). Your chosen payment gateway need to essentially adhere to this.

South Africa experienced a high level of phishing attacks.In fact the banks were also trying to promote their online banking services and were forced to ramp up their consumer education process. So, opting for a secure and authentic payment gateway became mandatory.

The SID Instant EFT Account, a well-known and trusted South African Payment Gateway, uses a safe online payment method trusted by hundreds of South African e-commerce businesses of all sizes.It is composed of a substantial fraud protection and use a series of algorithms to check if a transaction is potentially fraudulent.In addition to this, the requirement for a service known as 3D Secure was set in 2015 meaning that banks would have to add another layer of verification to credit card transactions, thereby enhancing the security feature.

Advantages of EFT Payment Solutions

In this day and age where almost every business now is looking to conduct online sales, it has become important to be able to accept online payments in a quick and secure manner. Payment gateway solutions are the need of the hour and using these almost every business now is able to make the process of online payments more efficient. There are different types of payment solutions out there today while some allow you to accept payments using cards others provide for a more direct payment method.

Electronic fund transfer or EFT is a popular method which allows companies to be able to accept payments online. This method is a direct transfer of money from one bank account to another and is thus, a very fast and safe process. Some of the main advantages of such payment solutions include- 

• It is a very time saving process
• It helps reduce the risk of loss, fraud and theft
• It is usually a low commission service
• It is pretty convenient and very easy to use by customers
• It makes payment management much easier and efficient

Seeing such advantages if you too are looking for such solutions then SID payment gateway is there for you. SID payments is a leading service in South Africa and it also one of the most secure ones. With a SID instant EFT account you will be able to gain a lot of benefits and ensure that your online business is conducted in a more efficient manner. So if you too are looking to get quality and secure solutions for your online payment acceptance needs then why not give SID payment a try.