High-profile security breaches, such as the most recent one at Yahoo, have captured the headlines and given many pauses for thought about just who stores and secures our online identity. But it\u2019s more than just the big corporates who are at risk when security is compromised.<\/p>\n\n\n\n
E-commerce merchants depend on the trust of their customers. Buyers need to trust that their transactions are secure and that they won\u2019t fall victim to online fraudsters \u2013 or they simply won\u2019t make use of the service.<\/p>\n\n\n\n
\u201cE-commerce is growing by leaps and bounds, but each business, whether large or small depends not only on great products and good delivery, but also on the trust of their customers to use online payment methods so the transaction can actually take place. If this trust is not there, they may as well close shop,\u201d says Kyle Rozendo, CTO at SiD Secure EFT.<\/p>\n\n\n\n
Using Secure EFT offers merchants many advantages, but security is certainly one of the highest on the list.<\/p>\n\n\n\n
Secure EFT allows customers to make payments to online merchants directly from their bank account via their existing internet banking facility.<\/p>\n\n\n\n
This method transfers encrypted, once-off payment information into the banking page, where all security provided by the bank remains in place. The payment will only be completed once it is authorised, via normal banking authentication methods such as a One Time Pin.<\/p>\n\n\n\n
\u201cSecure EFT also pre-populates the value field, unlike a manual EFT, where user errors can creep in and which delays the purchasing process. Reference numbers from the merchant are also set which, when it comes to reconciliation, is really compelling. Human error can lead to inaccuracies and accounting nightmares,\u201d Rozendo comments.<\/p>\n\n\n\n
In terms of data protection, Secure EFT allows customers additional peace of mind, since at no point is their information stored on third-party servers.<\/p>\n\n\n\n
\u201cSiD uses advanced encryption to ensure complete data protection, and although SiD invokes your internet banking service, it does not store your bank account login details such as usernames and passwords. This sets Secure EFT apart from any normal card transaction,\u201d Rozendo explains.<\/p>\n\n\n\n
To add to the levels of security, SID has a Shopper Protection Programme. The company has a dispute resolution system in place which protects customers who may have purchased a product, but have not received it, or if the product is not what was described by the merchant. Moreover, the company offers a 100% cash back guarantee (up to R10,000) on any transaction which was not authorised.<\/p>\n\n\n\n
\u201cThis programme is indicative of our confidence in our systems. The dispute resolution service provides an additional level of comfort for customers and means we can also ensure all our merchants offer the highest quality of service.<\/p>\n\n\n\n
\u201cAny negative online transaction experience can significantly impact a merchant\u2019s reputation. We see our solution as a vital part in building trust in e-commerce in general, which can only benefit growth in the sector.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cE-commerce is growing by leaps and bounds, but each business, whether large or small depends not only on great products and good delivery, but also on the trust of the customer to utilise online payment methods so the transaction can actually take place. If this trust is not there, they may as well close shop,\u201d says Kyle Rozendo, CTO at SID Instant EFT.<\/p>\n","protected":false},"author":13,"featured_media":11401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"[vc_row][vc_column][vc_column_text css=\".vc_custom_1553682420724{margin-bottom: 0px !important;}\"]High-profile security breaches, such as the most recent one at Yahoo, have captured the headlines and given many pauses for thought about just who stores and secures our online identity. But it\u2019s more than just the big corporates who are at risk when security is compromised.\n\nE-commerce merchants depend on the trust of their customers. Buyers need to trust that their transactions are secure and that they won\u2019t fall victim to online fraudsters \u2013 or they simply won\u2019t make use of the service.\n\n\u201cE-commerce is growing by leaps and bounds, but each business, whether large or small depends not only on great products and good delivery, but also on the trust of their customers to use online payment methods so the transaction can actually take place. If this trust is not there, they may as well close shop,\u201d says Kyle Rozendo, CTO at SiD Secure EFT.\n\nUsing Secure EFT offers merchants many advantages, but security is certainly one of the highest on the list.\n\nSecure EFT allows customers to make payments to online merchants directly from their bank account via their existing internet banking facility.\n\nThis method transfers encrypted, once-off payment information into the banking page, where all security provided by the bank remains in place. The payment will only be completed once it is authorised, via normal banking authentication methods such as a One Time Pin.\n\n\u201cSecure EFT also pre-populates the value field, unlike a manual EFT, where user errors can creep in and which delays the purchasing process. Reference numbers from the merchant are also set which, when it comes to reconciliation, is really compelling. Human error can lead to inaccuracies and accounting nightmares,\u201d Rozendo comments.\n\nIn terms of data protection, Secure EFT allows customers additional peace of mind, since at no point is their information stored on third-party servers.\n\n\u201cSiD uses advanced encryption to ensure complete data protection, and although SiD invokes your internet banking service, it does not store your bank account login details such as usernames and passwords. This sets Secure EFT apart from any normal card transaction,\u201d Rozendo explains.\n\nTo add to the levels of security, SID has a Shopper Protection Programme. The company has a dispute resolution system in place which protects customers who may have purchased a product, but have not received it, or if the product is not what was described by the merchant. Moreover, the company offers a 100% cash back guarantee (up to R10,000) on any transaction which was not authorised.\n\n\u201cThis programme is indicative of our confidence in our systems. The dispute resolution service provides an additional level of comfort for customers and means we can also ensure all our merchants offer the highest quality of service.\n\n\u201cAny negative online transaction experience can significantly impact a merchant\u2019s reputation. We see our solution as a vital part in building trust in e-commerce in general, which can only benefit growth in the sector.\u201d[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\n