Still using cheques? You could save yourself lots of money if you used cheaper options. According to First National Bank, this method of payment is expensive and is most susceptible to fraudulent activity. The bank offers the following options:
Online Banking provides the ability for schools and other businesses performing similar functions with cheques to manage mandates, through a doer and checker process while also enabling electronic payments in a reduced time and increased safety.
Most of the banks have functionalities that enable one party to pay another using only their cellphone number.
The use of mobile apps is growing and financial service providers see mobile apps as the main gateway into a range of solutions.
FNB customers can, for example, use Smart inContact, which allows users to approve online banking transactions on the banking app, verify devices that log in to your profile and use secure messaging to report any fraudulent transactions 24/7.