Entelect Software, South Africa’s leading software solutions and consulting company, has released an innovative EFT reconciliation module which uses a combination of artificial intelligence and traditional banking technology for use in e-commerce applications, opening the doors for the majority of South Africans to transact securely online.
“The initial demand for this solution came from a number of clients that make use of our online event, retail and subscription management products”, says Charles Pritchard, Entelect’s CEO. “The reality in South Africa is that the bulk of our citizens are not credit card enabled or even banked, but would like to transact online. We have put hundreds of companies online and an ability to accept high volume EFT or cash deposit micro payments is a common request that has filtered through from our clients – in particular big sports event organisers and online retailers who process thousands of applications a day in high volume periods. Until now they have had to manually reconcile and follow up the EFT portions of their payments, which come at a significant administration cost”.
This solution now takes ownership of the whole collection and reconciliation process in an automated fashion for a lower fee than credit card merchants are able to offer. “We use intelligent matching algorithms that strongly couple our online applications to bank account statements. What really sets our solution apart from similar ones in the market is that the online purchaser does not need to divulge his bank account details or PIN codes, thus leaving a high level of comfort with the both the purchaser and merchant. Credit charge-back fraud is no longer an issue.” says Pritchard.
Entelect is able to offer this EFT solution coupled with credit card merchant facilities through its online products
together with MyActive
or as part of a specialised custom application
that it builds for its clients. Contact us
for more information!