1What is an EFT?
An electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions. This is done via computer-based systems, without the direct intervention of bank staff.
2What is Automated EFT? / What is Instant EFT?
Instant or automated EFT is a streamlined version of a traditional EFT. It makes payment/bank transfer a lot faster and easier, by eliminating certain steps such as entering a reference number and amount. This payment method only requests the values that is not known by the system, such as the account number and one-time pins, which is known by the payer.
3How do you pay with Ozow?
- Select Ozow as your payment option during checkout, or click on the Ozow payment link sent to you via email or SMS.
- Log into your online banking via Ozow’s secure platform.
- Select your bank from the options presented.
- Select an account to pay from (If you only have one account, this step will be automatically skipped).
- The automated process will navigate and populate the relevant fields on your behalf in the background.
- Your bank then will send you a form of payment authentication either by means of SMS, Push message or In-App authentication request.
- Once you have successfully authorised your payment, the transaction is marked as complete.
- Ozow then sends a notification to the seller on the outcome of the transaction and in turn, the merchant will process your payment.
4Is Ozow safe?
Yes. Ozow’s Thawte Certificate enables it to offer the utmost levels of security to Merchants and Payers alike. Through Ozow, online payment processing is safe and secure. Confidence and trust between merchants and payers are built and secured based on one of the most consistent network infrastructures available. Aside from this, Ozow also maintains its EV SLL Certificate. Trusted and verified sites will present a green notification flag in the address bar, so payers will never have to be concerned as to whether the information can be accessed or viewed.
5What's the cost of using Ozow as a merchant?
There are no monthly subscription fees. Ozow charges a percentage fee of only the successful transactions that have gone through our gateway.
6What's the cost of using Ozow as a payer?
Ozow does not charge the payer any fees to transact. 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.
7Who can use Ozow as a merchant?
Any registered business needing to receive payments from customers quickly and securely. Simply signup and integrate Ozow into your online store as one of the payment options.
8Who can use Ozow as a consumer?
Anyone that buys from or pays any of the merchants that use Ozow as payment option.
9What banks are supported by Ozow?
Currently, Ozow supports South Africa’s eight major banks, i.e. ABSA, FNB, Nedbank, Standard Bank, Capitec, African Bank, Tyme Bank and Investec.
10What are the advantages of paying with Ozow?
- Faster delivery of the goods you order online, as the merchant receives confirmation of the transaction immediately after you have paid – allowing them to dispatch the goods without having to wait for proof of payment.
- No registration is required in order to pay with Ozow.
- No cards are required in order to pay with Ozow.
- You do not need to learn new passwords, or go through the effort of keeping a virtual bank account, such as an e-wallet.
- Due to the two-factor authentication procedure (with confidential login details and authentication) using Ozow is more secure than paying with a credit card or e-wallet.
- No need to re-type in information a second time, which is potentially a source of error.
- All payment information that the bank requires for the transfer is already populated for you, making Ozow even more convenient.
11How are my bank details kept safe?
When making paying through Ozow, the communication between you and your bank occurs as it normally would, therefore the security of your bank’s internet banking is inherited.
- Ozow guarantees the highest levels of security when paying online
- Ozow has a Thawte EV SSL encryption certificate, which gives our payment processing service an extremely high level of security, ensuring that all messages travelling between your browser and Ozow are encrypted.
- Ozow acts as a proxy between the buyer and the bank to facilitate a faster, safer and easier payment process for both the buyer and the seller.
- Your online banking login details are NOT stored by Ozow.
12Do I have to register in order to use Ozow as a consumer?
No. With Ozow you can make payments easily and securely without registering. All you need is an online banking account with confidential login details and a confirmation code procedure (two-factor authentication). You must be registered for internet banking with your bank before trying to pay through Ozow.
13Through Ozow, am I protected against Identity Theft?
Through our secure online payments service, payers are able to keep all personal and financial information and data private, both from Ozow and the Merchant, thereby significantly lowering the opportunity for Identity theft and fraud to occur online.
14Is my personal data kept? Does my data remain private?
Ozow and the Merchant do not have access to the sensitive and confidential information of payers, therefore their personal data remains entirely safe and private.
15Can I use Ozow to make payments using my mobile phone, tablet and computer?
Yes. You can use Ozow to pay on all three channels, so long as it is a web-enabled device.
16Why choose Ozow?
Ozow’s Automated EFT payment solution provides a multitude of benefits for both the payer and merchant. Ozow is accessible through all web enabled devices, be it desktop or mobile. Payments can be made via Mobile SMS, eCommerce, eBilling or QR Code.
17What are the merchant benefits by using Ozow?
- Instant payment notifications across 8 South African banks.
- Real-time payment notifications.
- Low transaction fees.
- No credit card chargebacks, no reverse transactions, no fraud, no setup fees, no monthly-fees.
- Increased revenue.
- Reduction of shopping cart abandonment.
- Payments transacted over multiple web-enabled devices.
- Payment mappings feature.
- Monthly reports extractable from dashboard for monthly reconciliations.
- Removal of human error.
- Faster and easier bank reconciliation.
18What are the payer benefits by using Ozow?
- A swift, simple, secure 3-step payment process.
- Payments can be made from any bank account linked to the internet banking profile. This even includes a credit account facility. It’s like using a credit card, but there is no need to enter the card number, expiry date or cvv.
- No registration required when making a payment via Ozow.
- No application download required.
- All personal data remains private and is not stored.
- Thwart Certificate & EV SLL Certificate Security Standards.
- Real-time payment notifications and bank authentication requests.
- There is no need to send a Proof Of Payment (POP) after a payment is done.
- There is no need to memorise the payee’s account number, branch code and reference number.