South African customers have the option of making payments to merchants using EFT (Electronic Funds Transfer). Paystack has an integration to Ozow, an EFT payment provider to enable all South African merchants to accept payments through EFT.
When the checkout form loads, the customer can select the option to pay using the EFT channel. They will then be redirected to the Ozow platform where they will need to provide some details in order to authorise the payment.
The customer will need to provide their Account Number, PIN, Password, Random Verification Number and Transaction Verification Number. Once these details have been provided, the payment is then authorised.
What is the transaction charge for the EFT channel?
The charge per transaction is the same as other payment channels; 2.9% + R1.00 (VAT exclusive).
Can customers make recurring payments with the EFT channel?
It's currently not possible for customers to make recurring payments with the Pay with EFT payment channel.
Can all Paystack merchants accept payments through the EFT channel?
The EFT channel is currently available to South African merchants only.