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Question of the Day: What is your non-negotiable item, device, or app for international travel?
EFT payments v card payments
- Thread starter veniqe
- Start date
SauRoNZA
Honorary Master
All of them, EFT's have no buyer protection whatsoever.
Card transactions are insured by the card issuer (Visa/Mastercard etc).
Always use the card, and always assume it's a scammer when they only take EFT's on a website.
Once and EFT has set off there is no clawing it back unless the third party is nice enough to do so for you.
Card transactions are insured by the card issuer (Visa/Mastercard etc).
Always use the card, and always assume it's a scammer when they only take EFT's on a website.
Once and EFT has set off there is no clawing it back unless the third party is nice enough to do so for you.
SauRoNZA
Honorary Master
Also something a lot of people don't realise is that beyond Buyer Protection most cards also include extended warranty cover if paid for in full with a card.
Usually it's +2 years on the manufacturer warranty up to certain limits for different items.
Usually it's +2 years on the manufacturer warranty up to certain limits for different items.
newby_investor
Executive Member
The exception is if you're buying from Wootware. You get a small discount for using EFTs there I think - and they're good, they won't scam you.
newby_investor
Executive Member
How would one go about making use of this kind of thing? I've never actually tried.
SauRoNZA
Honorary Master
Yeah different story with a known reliable company who ALSO offer card payments.
I mean the one hit wonders you've never heard of with prices too good to be true who only take EFT.
SauRoNZA
Honorary Master
It's automatic and then you claim against it.
You'll need to look at your card provider for the details of the policy. In SA with Visa it's a Chubb offering.
I see it's +1 year, but likely to be different per region.
EFTs can be flagged for fraud and returned. If it's the same bank they will generally place a hold on the funds immediately. But obviously it needs to happen quick enough that the money is still available to get back, and if it's different banks it makes things even more complicated. So for the most part card is better, but there are some (limited) options with EFT.
SauRoNZA
Honorary Master
SauRoNZA
Honorary Master
Yeah while it "can be" experience has taught me it's pretty much a dead horse.
Like you say if it's the same bank and you are VERY quick then you have half a chance.
Between banks it's a lost case.
Even when you accidentally paid the wrong person it's a flipping disaster.
Card Payments are always an easy win by comparison.
epah
Honorary Master
EFTs are a no go.. You lose if something goes wrong.
Debit Card payments are okay.. You might get your money back after a big fight.
Credit card payments are the winner.. You can easily do a charge back and the bank will fight to get the money back from the merchant since it is their money you lost... Credit card is also insured.
I will never buy from a merchant who only accepts EFT.
Debit Card payments are okay.. You might get your money back after a big fight.
Credit card payments are the winner.. You can easily do a charge back and the bank will fight to get the money back from the merchant since it is their money you lost... Credit card is also insured.
I will never buy from a merchant who only accepts EFT.
epah
Honorary Master
That is 1 in 100 000 though.. The odds are just against you with EFT. Not to mention scammers know very well to withdraw that money as soon as it lands in the account. Lost cause.
SauRoNZA
Honorary Master
Debit Cards used Online are pretty much identical to Credit Cards when it comes to getting your money back.
The difference comes in with stuff like in store purchases happening with a stolen card or at an ATM and the fast it's your money that's suddenly gone and if you don't have a buffer you a problem.
Credit card in contrast it's always there money so you didn't lose anything but paperwork admin really.
100% if they ONLY do EFT it's a massive red flag.
SauRoNZA
Honorary Master
Yup just not worth the risk as minute as there is a chance for recovery.
Tim_vb
Expert Member
EFTs are very difficult to stop. I have witnessed a few attempts including when a fairly senior bank employee transferred their salary to their domestic's account in error and there wasn't enough time to remove it from the batch file.
There's no good reason to pay a merchant with EFT as the card ecosystem is built to weed out fraud
epah
Honorary Master
I see what you mean, Just that I have seen with debit cards the bank will just say "we will investigate and get back to you" which they obviously never do or they will tell you they couldn't recover the funds due to multiple reasons, unless you really put up a big fight you most probably wont get the funds back.
But with a credit card they are usually quick to resolve the matter because they know it is their money on the line.
But like you said, it depends on how the card was used. Each case is different.
But the customer would lose out on the extended warranty, right?
epah
Honorary Master
Not only that but they can hold your money hostage.
e.g Lets say you order something from wootware and pay via EFT, Turns out they dont have stock of said product and they are waiting for a new batch from the supplier, Supplier is taking too long to deliver now you are waiting without what you paid for, The only way you would get your money back is if wootware EFTs the money back to you. Now if they have terrible admin you could wait months before you get your money back. You are at their mercy.
Remember you cant do an EFT reversal on a Business/Corporate account.
Does this also apply to Visa debit cards?
SauRoNZA
Honorary Master
Yeah don't get me wrong I'm agreeing go for a Credit Card if you can over a Debit Card.
Or have the weird one I have which is sort of both with the Fusion card.