For many smaller e-commerce companies the simple E.F.T. or cash deposit option works well. Many larger companies also offer this option to clients who do not have a credit card or who prefer not to use their credit cards online. Getting setup as an internet based credit card vendor is often not an option in the beginning of a new enterprise and the associated cost and commissions can be off-putting.
If a client does an Electronic Funds Transfer, normally through internet banking, your cost are virtually nil. If clients pay via credit card your costs are normally around 5%.
Setting up VirtueMart to accept E.F.T. payments requires a little editing of the basic C.O.D. payment module. The confirmation email and confirmation page shown to a client on completion of their order simply states that their order has been confirmed but will only be processed once payment confirmation has been faxed or emailed. The client is also told to use the Order Number attached to the confirmation email / invoice as a deposit reference. That way you are easily able to track payments into your bank account and are able to process orders appropriately.
ALL in all the EFT payment method is a very cost-effective payment solution.
