Payments glossary
Instant EFT
Instant EFT is an online payment method where the customer approves a once-off transfer from inside their own internet banking and the merchant receives immediate confirmation - so orders can be released straight away instead of waiting days for a traditional EFT to clear.
How does Instant EFT work?
At checkout the customer chooses Instant EFT and is redirected to a secure page run by the payment provider, where they select their bank and log in with their normal internet banking credentials. The payment is pre-populated - amount, beneficiary and reference - so the customer simply approves it. The provider verifies that the transfer was made and confirms it to the merchant in real time, while the underlying funds move as an ordinary EFT.
Why merchants offer Instant EFT
Instant EFT reaches customers who do not have a card, do not want to use one online, or keep their money in a bank account rather than on a credit limit. Because the customer approves the payment inside their own banking environment, there is no card number to steal and no card-scheme chargeback mechanism - disputes are handled as refunds between merchant and customer. The practical win is certainty: a traditional EFT can leave an order sitting unpaid for days and invites forged proof-of-payment screenshots, while Instant EFT confirms the payment before the customer leaves the checkout.
Instant EFT on LekkaPay
Instant EFT is live on LekkaPay - in South Africa through Ozow and in Nigeria through NIBSS - alongside cards, wallets and voucher payments. Coverage and settlement details are on the Instant EFT page.
Frequently asked questions
Is Instant EFT safe?
The customer authenticates directly with their own bank on a page run by a regulated payment provider - the merchant never sees banking credentials. As with any payment method, safety rests on using an established provider; in South Africa, Ozow is one of the most widely used Instant EFT networks.
Can an Instant EFT payment be charged back?
No. Chargebacks are a card-scheme mechanism and do not apply to bank transfers. If a customer is owed money, the merchant processes a refund directly. That makes Instant EFT attractive to merchants in categories with heavy chargeback exposure.
How is Instant EFT different from a normal EFT?
The money moves the same way - it is the confirmation that changes. With a normal EFT the merchant waits for funds to reflect, commonly one to three business days. With Instant EFT the provider verifies the payment and confirms it immediately, so the order can be fulfilled at once.
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