Netcash - Payment Method Definition | Akurateco
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Netcash

Netcash is South Africa’s market-leading payments service provider for businesses and organizations of all sizes. The company was established in 2002. As of now, Netcash has more than 19 years of experience in the payment industry. They specialize in working with Debit Orders, Salary, Creditor payments, Pay Now, eCommerce, Risk Reports, and other businesses, and have 6,000 customers in these areas.

Netcash has Payment Card Industry Data Security Standard (PCI DSS) Level 1 Compliance. The company also has Financial Sector Conduct Authority (FSCA) Intermediary License. It is officially registered as a Systems Operator and Third Party Payments Provider. 

Benefits of using Netcash

Netcash has multiple billing solutions. Customers can choose from several payment options when invoicing. A variety of payment options are available, including Instant EFT, Bank EFT, Credit Card, Visa Checkout, Cash Payments, and QR Payments. There is also an option to send a Payment Request via the secure link sent in an SMS or email.

The company streamlines the collection of debit orders for collecting recurring payments from customers, offering to pay up to 90% of the collection value within the day of the debit being processed. Typically, debit orders are used for collecting monthly subscriptions, premiums, or repayments. Netcash has an efficient hassle-free way to do this. 

The company has many flexible collecting services, including recurring and one-off debit orders and same-day or two-day services. There are comprehensive collection facilities such as collections from cheques, savings, and credit cards. Among other services, there is extensive reporting for easily tracking all the payments. It includes statements, batches, audit reports, and payment notifications in order to make sure all the payment aspects are taken care of.

Since Netcash is a South African payment service provider, its geography of payments extends to Namibia. The payments are facilitated by NamPay. With Netcash Salary Payments, the employees get paid on time through any bank in South Africa. The employer will also have his time saved, because the bank account validation service will ensure that all the payments are accepted on payday.

Security is another priority of Netcash. For instance, in salary payments, the employer can set the levels of access, and the number of authorizers per payment batch, and use one-time PINs or two-factor authentication to authorize payments. Besides, Netcash has electronic mandates that ensure the compliance and security of transactions. Also, accuracy is no less vital in payments. To make sure that each transaction goes to the correct bank account, Netcash uses the bank account verification service. 

There is a discount program of transaction fees for creditor payments, which depends on the transaction volume. The greater your transaction volume, the greater the discount. Also, the company has automated reconciliation of creditor payments.

How to connect to the system

In order to connect to the system, a merchant needs to create a Netcash account. As soon as the account has been set up and configured, the merchant receives their Merchant Account ID, Account Service Key, and Debit Order Service Key. Once the merchant activates the account, he can begin accepting payments.

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