An Instant EFT is a form of automated bank transfer that enables businesses to leverage the high-security and low-cost nature of bank transfers while also enjoying the convenience of card.
This includes instant notification of payment, refund supportability, and, with Stitch’s product, tokenization (otherwise known as ‘saving down’ user information in a highly encrypted way to enable faster payments, such as when you save card information on-file on your favorite delivery platform).
Not to be confused with an RTC, or Real Time Clearance – an expensive and manual bank transfer method that enables quicker peer-to-peer payments – Instant EFTs are uniquely provided to enable businesses and merchants to accept faster consumer payments over banking rails.
For a more comprehensive overview of what an Instant EFT is, including channel clearance times, SA's preferred payment methods and more, we highly recommend reading our blog post here.
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