The most popular method of payment on eCobay is eCo-Bank EFT (Electronic Funds Transfer or Internet banking, but also includes direct and cash deposits).
Normal EFT however comes with some inconveniences such as the up to two day waiting period for funds to be cleared when the payer and receiver bank with different banks. EFT can also be problematic in that it requires manual reconciliation and sometimes payers use references that make their payment impossible to match with their purchase (a problem compounded by the different terminology presented by each bank to payers when making EFT payments).
eCo-Bank - EFT goes a long way to address many of the existing shortfalls of receiving payments for sales on eCobay via EFT. eCo-Bank – EFT is available to all Sellers provided they can receive pay out requests into a South African bank account. eCobay has opened bank accounts with each of the major South African banks (Absa, FNB, Standard Bank and Nedbank) thereby allowing payers to select the bank they would like to make payments into, thus eliminating the usual delay for payments made between different banks. In order to further streamline the process payers are provided with payment instructions customised to the bank they are paying from. eCobay has also implemented a system to reconcile the payments received and in most cases both the Buyer and Seller are notified of receipt of the payment within half an hour of the payment being made.
Upon completing an order through the eCobay system, if a Buyer indicates they intend to pay using eCo-Bank – EFT, the status of the payment on the order is set to “Awaiting EFT Payment”. Once payment has been received the Buyer and the Seller are notified and the status is set to “Payment Completed”. Sellers are advised not to ship goods until payment has been completed; “Awaiting EFT Payment” is not a guarantee that the payment has been received. Once payment has been received the amount received is credited to the Seller’s eCobay account and the Seller can request a pay out (login required) of the credit balance to their South African bank account of choice at any time.
The advantages of using eCo-Bank - EFT for Sellers and Buyers include:
Please take note of the following:
In summary eCobay recommends that Sellers set their payment options as follows:
View the eCo-Bank User Agreemment,-=-=-=-=-=- terms and conditions for using eCo-Bank – EFT.
Sellers who want to accept credit card payments (Visa, MasterCard, Diners and American Express credit cards) from Buyers through the eCobay system have to be approved as eCobay Verified eCo-Sellers and can then activate the eCo-Bank - Credit Card payment option in their payment options in My eCobay. Sellers have the option to accept or reject each credit card payment. Once accepted, these funds are credited to the Seller’s eCobay account. Sellers can request a pay out----------- of the credit balance in their eCobay account at any time. This credit will be transferred to their South African bank account.
The advantages of using eCo-Bank – Credit Card for Buyers and Sellers include:
Sellers offering eCo-Bank - Credit Card should be aware of the following:
View the terms for accepting payment using eCo-Bank - Credit Card – eCo-Bank User Agreement.
eCo-Bucks are eCobay gift vouchers. Buyers are able to purchase items using eCo-Bucks from Sellers who offer eCo-Bank EFT. As a Seller, the eCo-Bucks voucher credit will be treated in the same way as a eCo-Bank EFT. It will be credited to their eCobay account where after they may request a pay-out. eCo-Bucks will automatically be offered alongside eCo-Bank EFT as a payment option.
If a buyer receives a eCo-Bucks voucher they will need to redeem it so that it reflects in their eCo-Bucks account. If the buyer purchases items valued at more than the eCo-Bucks voucher, they will need to pay up a top-up payment using other payment methods. If they purchase items valued at less than the eCo-Bucks voucher, the 'change' will remain in their eCo-Bucks account for them to use the next time they choose to. For further details, click here.