Yoco Instant EFT: FAQs
Updated over a week ago

Instant EFT gives online customers access to their internet banking to make an Electronic Funds Transfer that gets instantly verified. Instant EFT through Yoco is integrated with major banks in South Africa enabling access for 95%+ of users.

How do I pay with Instant EFT?

Your customer selects Instant EFT as a payment option at Yoco Checkout.

Step 1: Customer starts Instant EFT payment processes, by clicking “Continue” customer agrees to the payment method terms and conditions.

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Step 2: Customer selects their banking partner.

Step 3: Customer logs in to their internet banking.

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Step 4: Customer selects their account and pays, payment is processed instantly.

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Which banks support Instant EFT?

  • Absa

  • FNB

  • Nedbank

  • Standard Bank

  • TymeBank

What's the cost of using Instant EFT?

As a merchant you'll be charged 2% ex VAT per transaction.

Yoco does not charge a user for paying with EFT. However, depending on the bank that the payer is with, the bank may charge the payer based on their banking package. For example, transacting from a savings accounts could incur a “withdrawal/transaction” fee.

Who can use Instant EFT as a merchant?

Instant EFT is available on the WooCommerce and Wix plugins, Yoco Invoices, Payment Links and Payments Page - so any Yoco merchant that accepts payments via these online products can offer their customers Instant EFT as a payment option.

How do I enable EFT as a payment method?

Sign up as a Yoco merchant and download the Yoco payment plugin for your website.

Is Instant EFT safe?

EFT payments are extremely safe. Similar to credit card payments, all payment information is encrypted and sent through a secure communications channel. Information cannot be redirected, read, or tampered with.The entire Yoco ecosystem is internationally recognised and certified as secure by Visa, Mastercard, and we're also fully PCI compliant. We're particularly proud of our sophisticated risk monitoring technology and dedicated team of experts that detect and deal with fraud. All online payments through Yoco are backed by 3D secure.

Find out more about payments security at Yoco here.

When do I get settled for Instant EFT payments?

Instant EFT payments are settled within 24 hours.

Could Instant EFT's ever get delayed for any reason?

Yes, if the transaction involved in the instant EFT is flagged as risky by our financial monitoring systems, there may be a delay in getting settlement.

Are there any bank accounts that cannot be used with Instant EFT?

All personal and business accounts are fully supported.

What are the business benefits of using Instant EFT?

  • Improved conversion rate

  • Low transaction fee

  • Receive funds within 24 hours

  • No chargebacks, no reversed transactions, no setup fees

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