Chicken-and-egg solutions

It's a good product that shoppers can use once they have established a trust relationship with the merchant. But, once the trust relationship is established, paying the merchant direct to the merchant's own bank account's can work out cheaper for the merchant.

I just don't understand the R220 a month fee. It makes this service inaccessible to smaller operations. The fee should be volume based in order to attract new customers with the aim of growing them into bigger customers.

i.e. Win-Win!
 
cbrunsdonza said:
Who cares. I have this feature on my Standard Bank account.
Click to expand...

They do state that on the website already.

Standard Bank has offered a similar payment option called Autopay for a few years now, but only for online shoppers who have Standard Bank accounts.
Click to expand...
How many sites support the Standard bank feature?



Sounds like retailers might prefer this because of the reduced costs, that ~4% saving might in part be passed onto the customer. If I can get free shipping just because I use this instead of a credit card, I might go for it.
 
davemc said:
It's a good product that shoppers can use once they have established a trust relationship with the merchant. But, once the trust relationship is established, paying the merchant direct to the merchant's own bank account's can work out cheaper for the merchant.

I just don't understand the R220 a month fee. It makes this service inaccessible to smaller operations. The fee should be volume based in order to attract new customers with the aim of growing them into bigger customers.

i.e. Win-Win!
Click to expand...

I agree. It is very short sighted.
 
Both, Setcom and Standard Bank, facilities require internet banking in addition to a fee structure that makes both more a 'convenience' factor rather than a low-cost way of payment that could gain huge popularity.
Yet it remains a move in the electronic payment direction where increased competition and volumes may well bring about much greater consumer value in future.
 
Pyro said:
They do state that on the website already.


How many sites support the Standard bank feature?



Sounds like retailers might prefer this because of the reduced costs, that ~4% saving might in part be passed onto the customer. If I can get free shipping just because I use this instead of a credit card, I might go for it.
Click to expand...

The places I care about.

Also 4% is a load of rubbish, larger retailers pay way less. Do not forget the deposit fees when they pay it into the retailers bank account.

Nothing new about this service, and there are many more like it out there !
 
Inaccurate article

This article seems inaccurate to me.

I can't find anything on Setcom's site about what this Secure Instant Deposit actually is and how it would benefit me as a seller or a buyer.

How does this differ from their POLi offering?

The only thing I did find on the website is that the fee is 2.9% + R2.50 (Ex VAT). That's very different from the figure in the article...

Also, doesn't PayFast offer a similar product which works for the 4 major banks? In which case, Setcom are not the only company and are certainly not first.

Another inaccuracy...
 
FNB Online Banking offers similar functionality at a fraction of the cost... Wow, I actually said something good about a SA Bank!
 
Lazyant said:
This article seems inaccurate to me.

I can't find anything on Setcom's site about what this Secure Instant Deposit actually is and how it would benefit me as a seller or a buyer.

How does this differ from their POLi offering?
Click to expand...

I requested info on Secure Instant Deposit, and it turns out that it is essentially POLi. Your customer needs to install an activeX control, that he trusts to fill in the form on his internet banking site.

I just don't see it working.
 
Tried to make a payment to piggspeak using this,sh it doesnt work,just throwing a page of exceptions.
 
Yup, I took one look at that, considered the list of things that could go wrong with the average customer, and said no-thank-you.
 
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