MyGate and SID Partner to Roll Out Instant EFT
05 Apr 2016
MyGate, one of Africa’s largest and fastest growing online payment gateways, and SID Instant EFT, have teamed up to roll out SID 2.0 instant EFT to all MyGate merchants.
SID Instant EFT (Electronic Fund Transfer) has been one of South Africa’s most trusted online payment methods since 2007. It allows shoppers to make online payments directly from their bank accounts via their existing internet banking facility, enabling them to shop online without using a credit card.
SID 2.0 provides a new design and optimised compatibility across all devices and platforms, simplifying the payment process for shoppers and providing merchants with a higher transaction completion rate. The fully responsive pages offer a consistent payment experience on any device, including mobile.
Users also no longer need to download the SID application in order to complete a payment. No download means that the payment process is now more seamless than ever before, and as there is no shopper registration required, payment can be completed quickly and easily.
SID 2.0 will also automatically populate the merchant’s payments details so that shoppers do not require any banking or payment information from the merchant prior to completing the purchase.
“MyGate is constantly looking for ways to make online payments easier for our merchant’s and their customers,” said Dan Edmiston, Managing Director of MyGate, “SID 2.0 allows our merchants to offer online payments to a wider range of customers, through a simple and secure system.”
By rolling out SID 2.0 to all MyGate merchants, instant EFT will be available on a number of leading South African ecommerce sites. This is great news for online shoppers who do not have credit cards, or are reluctant to use them online. All you need to shop online is an internet banking profile with one of South Africa four major banks.
SID 2.0 transactions are subject to the same, comprehensive security provided by the bank’s internet banking platform. SID uses advanced encryption to ensure complete data protection, and although SID invokes the shopper’s internet banking service, it does not store any bank account login details such as usernames and passwords.
“We are very excited to be working with MyGate.” said David Liu, SID Instant EFT CEO, “This partnership presents a great opportunity to introduce the new and improved SID Instant EFT solution to South African businesses that are looking to accept simple, secure online payments through traditional and mobile sales channels. SID 2.0 has been receiving amazing reviews all round, and we couldn’t be happier with the response from merchants and shoppers alike.”
MyGate is one of Africa’s largest and fastest growing online payment gateways helping thousands of merchants accept payments online and process billions of Rand annually.
Processing methods provided include online, MOTO, recurring payments and debit orders. The company also offers a tokenisation system to eliminate the need for merchants to store customer credit card data.
Based in Cape Town, South Africa, MyGate serves merchants throughout Africa, such as DSTV, Naspers, HomeChoice, Mr. Delivery, and Web Tickets. MyGate’s enterprise payment gateway solutions, guidance and expert advice help merchants accept more payments from their customers and sell more.
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