Most South African businesses take payments by EFT, and for good reason: it costs almost nothing and it suits invoiced work. The other methods exist for situations EFT handles badly.
The ways to take payments
| Method | Cost to you | Clears | Suits |
|---|---|---|---|
| EFT | Bank transaction fee only | Same day between most banks | Invoiced work, corporate clients |
| Card in person | Percentage per transaction, plus device | Typically 1 to 2 days | Retail, on-site trades |
| Payment link | Percentage per transaction | Usually 1 to 3 days | Remote clients, deposits, faster settlement |
| Debit order | Setup and per-transaction cost | On collection date | Recurring agreements |
| Cash | No fee, but deposit fees apply | Immediate | Small local work |
Card and payment-link fees are a percentage, so they scale with the invoice. On a R50,000 job the difference against EFT is real money. On a R500 job it is worth paying to be paid today.
Make EFT work properly
Most EFT problems are reference problems, not payment problems.
- Put the account name, bank, account number, branch code and the reference to use on every invoice.
- Make the reference the invoice number, nothing else.
- Ask clients to send proof of payment, and treat it as notice rather than settlement until it reflects.
- Check the account against the invoice list weekly, not monthly.
Where payment links earn their fee
Three situations. Deposits, where waiting for a manual EFT delays the start of the job. Remote clients who will not be visiting. And any client who is slow purely through friction rather than intent, because a link removes the excuse of not having your banking details to hand.
On cash
Cash is not free. Bank deposit fees on cash are significant, and the record-keeping burden is higher because there is no automatic bank trail beyond the deposit. Where you do take cash, issue the invoice anyway. The document is what supports the record, not the payment.
Common questions
Should I offer card payment?
If you work on site with private clients, usually yes. For invoiced corporate work it is rarely needed.
Can I charge the client the card fee?
Practice varies and some arrangements restrict it. Check your provider's terms before adding a surcharge.
How do I record a payment that comes in short?
Record what was received against the invoice and leave the balance outstanding. Do not write it off silently.
Set your banking details and reference format once, and they appear on everything you send.
Create your invoiceDisclaimer: This content is for general information only and does not constitute legal, tax, accounting or financial advice. Always confirm important requirements with SARS, the relevant authority or a qualified professional.
