EFT is one of the most popular ways of making a payment in South Africa. In fact, behind credit cards it is the second most popular payment method. This is why it’s more important for online casinos to offer an EFT payment method to players. One of the most popular ways to do this in South Africa is with PayFast. This is essentially a method for online casinos to create a link between its bank and the bank of the customer in order to transfer funds. It can be used for both deposits and withdrawals, making it extremely useful and versatile. We’re going to take a deeper look into EFT and how PayFast is helping businesses to grow.
Estimated reading time: 4 minutes.
What Exactly is EFT?
EFT stands for Electronic Funds Transfer. It is an electronic method of moving funds from one bank account to another. It is used in a variety of different ways but for online casinos it is used for players to either make deposits to the online casino account or withdraw winnings to their bank account. This is a method of payment that’s used in a variety of different ways but for online casinos it ensures that players can easily transfer money to and from their bank account.
How does EFT Work?
EFT is relatively simple to get your head around. It works by sending money from one location to another, however there are some slightly more complicated aspects that do take place. For example, when making a deposit to an online casino, the money doesn’t leave your account right away even though it does enter into your online casino account right away. This doesn’t mean that the money exists in two places at once, it is something much simpler than that.
What happens is that the online casino places a marker on the money in the player account. So for example if a player makes a deposit of R1,000 to their online casino account, that money won’t leave the bank account right away, but it cannot be used for any other function. This is called placing a marker on the money. This means that the online casino is able to credit the player account with the money, even though it hasn’t been paid in yet. The marker is essentially proof that the money will definitely be paid and so this is why the deposit can be credited right away. It means that the deposit is essentially a line of credit that’s offered until the money transfer is actually carried out.
Withdrawals work differently though. This is because the player bank account doesn’t use a marker to credit the account. The bank won’t offer a line of credit to the player when they make a withdrawal so this is why withdrawals are not credited to the player account instantly. Depending on the bank that players use it can take up to 12 business days for the withdrawal to be processed. PayFast attempts to resolve this issue though.
PayFast for South African Players
PayFast can work in two main ways. The first way is if the online casino uses PayFast for payment integration. This will carry out any transfers that the player attempts to make without the player really needing to carry out any additional work. Because it’s built into the online casino itself, the payments will be carried out automatically.
However, some online casinos might not have EFT integrated into the site. In this case players will need to use the PayFast interface to carry out payments. It works by choosing a payment that players would like to make, then it needs to be verified with both the bank and the PayFast app. It works extremely quickly and creates a single use password to ensure that player accounts are safe.
Benefits of using PayFast
There are a lot of benefits to using EFT in general. The main one is that EFT is usually more secure than other payment methods. It uses a number of different banking protocols in order to keep both the payer and the payee protected. It is also linked to a number of different financial regulators which ensures that it behaves in a fair and safe manner. However, standard EFT tends to take quite a while, as already mentioned up to 12 business days in some cases.
PayFast tries to remove this disadvantage. If the online casino that you are using has PaySafe integrated, or if you use it manually, then withdrawals should be processed instantly. This is because PaySafe promises that it clears transfers instantly. The only additional issue for this is that there is a small commission placed on PayFast transfers. However, if you are in a rush to get hold of your winnings then this is a small price to pay.