Experience shows that there are 3 drawbacks with the EFT approach:
- It’s not user-friendly.
- It’s easy for errors to occur.
- It’s extremely difficult to obtain an accurate record of who has made a payment and what the payment is for.
Not User Friendly
It’s not user-friendly because you first have to access the Society’s web site to submit your application and take a note of how much is owing. You then switch across to your bank’s Internet banking web site and login to your Internet banking service. You enter the payment details including the amount previously noted – hopefully you enter the amount owing without making a transcription error. You enter your name in the very limited space that is available (if you have a very short name, no problem but if you have a longer name, you will have to abbreviate). You also enter the reason for the payment. You have a very limited amount of space for this so you will need to get creative when you try and explain what the payment is for.
However, when the payment is handled via PayPal, you only enter the data once because your order and your payment are handled together.
It’s easy for errors to occur because you have to make sure that you enter the Society’s BSB number and bank account number correctly. You might enter the account number incorrectly but that number may represent a valid bank account. In this case, the money is transferred into the wrong bank account. This causes problems where you insist you have paid but the Society insists it never got the money.
However, when the payment is handled via PayPal, the payment is sent to the Society’s PayPal account automatically and you do not have to enter any account identifiers.
Difficult to Work Out Who has Paid for What
When you use your Internet banking service, there is limited space available for you to enter your name. There is also a limited amount of space for you to enter the reason for the payment.
When the Society gets the bank statement, we then have to try and decipher the shorthand entries on the statement so that the payments can be properly accounted for.
However, when the payment is handled via PayPal, the Society receives an email with the full details of your payment including your name, your address, your email address, the amount of the payment and the reason for the payment. You also receive an email with this same information.