The EFT Service is provided by numerous participating banks including ABSA, First National Bank (FNB), Nedbank, Standard Bank, Mercantile Bank and Bank of Athens, which enables companies to process payments entirely by computerized means.
This debit order service can be used both for collecting payments from clients (EFT debits) and for making payments (EFT credits).
Here is an example of an industry which will make use of the EFT debit order instead of the NAEDO debit order:
An investment company wishing to collect an additional contribution from one of their investors would most definitely make use of an EFT debit order as the likelihood of the client having funds available for collection is very high.
The amount to be collected would also many times exceed the R15,000.00 NAEDO limit and cost of the collection would be a factor.