Top South African payment gateways support the launch of SID 2.0

SID Instant EFT was originally developed nearly 10 years ago, to satisfy an unmet need within the South African e-commerce market for 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 was launched in 2007 and has since become the leading instant EFT solution in South Africa. In recent years, more and more South African Payment Gateways have partnered with SID Instant EFT and now offer the solution as part of their payment services. Today, SID is proudly supported by Setcom, PayGate, MyGate, VCS and Peach Payments, making it the most widely supported Instant EFT solution in the country.

“We are honoured to be working with such distinguished partners,” said David Liu, SID Instant EFT CEO. “Together, our goal is to provide the SID payment service to each and every e-commerce website in South Africa. Ultimately, this will ensure that South African consumers always have a secure payment alternative available to them when they’re shopping online.”

2016 has ushered in a new era for this popular payment solution with the launch of SID 2.0, which boasts a sleek new, responsive design, as well as optimised compatibility across 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 seamlessly facilitates a secure once-off payment via the customer’s trusted 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 100% 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 hundreds of 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, to name a few. For more information about SID Instant EFT, or if you’d like to integrate SID 2.0 onto your website, visit www.sidpayment.com.