What is SiD Payment Method

We all love the convenience in life, be it at home, work, or even during our leisure time. Technology continues to ease our daily struggles and gradually ensure our convenience in life.

In this article, we will be telling you everything about SiD payments, the benefits, and everything else that you want to know before you decide to use this as the preferred payment method. We shall also tell you about the best sites where you can use SiD as a payment method to place your bets.

SiD payment is a safe and secure electronic funds transfer platform that allows its customers to safely make free deposits to their betting accounts without a credit card. The basis for this technology was to ease access to one’s funds on online platforms, without going through the long, tedious, and sometimes credit card application process. Additionally, this method allows credit card holders to make payments to a bookie without giving out their credit card details, which would easily be prone to online fraud.

SiD, as a Secure EFT solution was introduced by Setcom (Pty) Ltd, who also own the platform in 2007. The payment was the first EFT processor in South Africa, that allowed merchants to collect secure online and mobile EFT payments via their websites, emails, or invoices. This innovation made payments for both the merchants and customers to transact faster, cheaply, and more importantly, securely. 

How Does SiD Payment Work?

SiD enables convenient online transactions by connecting players directly to their online banking. The system then automatically populates the payment specifics and accelerates the transaction without a glitch with the operator. Normal bank-level security, such as OTP verification remains in place for the duration of the SiD payment, thus ensuring total protection throughout your transaction process.

How to Bet with Sid

One of the best features of SiD is that there are no registration requirements for you to use it as a preferred banking method. As long as you have a bank account, you are good to go. These are the simple steps on how you can make instant deposits for betting using SiD.

  1. Log in to your bookie’s betting account
  2. Tap on the “Cashier” or “Deposit” button
  3. Select the SiD payment option on the merchant’s checkout page.
  4. Select your bank on the list.
  5. Log in to your existing, secure Internet banking.
  6. Enter the OTP received from your bank or respond to a push message received from your bank to complete the payment.
  7. The funds will likely already be in your account, and you can start betting!
  8. Once the bank has authorized the payment, the funds should reflect on your betting account, and you can start betting.

Why SiD Payment?

Pros

  • Fast, convenient and prompt payments
  • Secure, private, and legally accepted payment method
  • Two-step authorization for additional security
  • Instant betting site deposits, 24-48 hour withdrawals 
  • No credit card is required 
  • Does not require personal details enhancing privacy 
  • Has an amazing app available for both Android and iOS users.

Cons

  • There are transactional fees when withdrawing
  • Requires you to have a banking app

The Safety of Using SiD when Betting

It is a known fact that EFT payments are the safest and have a higher security protocol than other platforms. Once a transaction is initiated, a one-time pin (OTP) is sent to the customer that must be presented before any approval is granted by the banker. SiD, in addition, is monitored by some of the best security certifications experts, Trust Guard, and GoDaddy who have to ensure that the transaction meets certain security standards, within the shortest time possible. 

Other Alternatives to SiD Payments

There are other payment alternatives to SiD, that include;

  • Paypal
  • OTT Voucher 
  • SiD 
  • Maestro
  • MasterCard
  • Skrill
  • Bitcoin
  • Ozow

It is also worth mentioning that most banks in South Africa accept SiD as a payment method, including Nedbank, ABSA, Standard Bank, FNB, Investec, and Capitec among others.

SiD Mobile App and Transaction Time

The world is moving towards more digital and internet-connected mobile phones and more and more businesses including bookies are becoming tech-friendly, including SiD Instant EFT. There is a dedicated app for Android and iOS that bettors can download. Additionally, they can use their browser like they would on a computer device. SiD doesn’t require any exclusive accounts or logins, it’s very data efficient, and you won’t have to worry about SiD consuming your monthly data limit.

Deposits on SiD are just a matter of seconds, depending on the speed of your internet and device, and by confirming a transaction, it should reflect instantly. On the other hand, withdrawals tend to take longer, up to a maximum of 48 hours. It should be noted that the time taken to withdraw via SiD EFT is still shorter than the other alternatives available on the gambling markets.

Top List Of The Best Betting Sites For Using Sid

Now that we understand what SiD Betting is, it is imperative that we tell you more about the best betting sites that accept this mode of payment. These include

Bet.co.za

Betcoza is regarded as one of the best online betting platforms, this bookie remains a dominant force to reckon with. The site comes with sports betting, live betting, live casino, lucky numbers, and bet games all available. The markets are diverse, with an incredible sportsbook that has all the options that you may need to play. The bookie accepts many payment options, including SiD EFT payments making them a punter’s favorite.

Betway

Betway remains a household name among new and experienced South African bettors, due to how friendly this bookie is with their clients. The welcome bonus for new bookies is enough reason to term them the best bookmakers, but we will not forget the numerous bonuses and frequent promotions it runs. The casino is one that definitely deserves a mention, in addition to accepting EFT payment options like SiD. With this bookmaker, you do not have to worry about the security of your data and money, as they are compliant with the national and provincial laws in South Africa. 

Hollywoodbets 

Hollywoodbets is known for being the best when it comes to horse racing and sports betting, live casino, bet games, lotto, Jika Sports, and many other features, this bookmaker remains one of the best you could stake with. The bookie has been in the South African betting market for over 20 years and has used that experience pretty well. The punter has generous odds, a handy mobile app, and a variety of payout options that include SiD payments. 

SupaBets

Supabets has been in the betting market and continues to attract punters due to its promotions, bonuses, and offers. New punters, get a 100% first deposit bonus for them to stake with. The Multi-bet special allows punters to get a bonus on dividends which grows the more legs you include starting at 2.5% and going all the way through up to 125%. The sportsbook includes South African markets such as rugby betting (markets in South Africa and International competitions), cricket (both local and overseas Test, T20, and ODI games), football (every soccer competition around the world), and many, many more. You could use SiD as a payment method. 

FAQs

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Andreas Aalmers is responsible for all content on BettingGuide ZA. He has prior experience as a math teacher and plays poker professionally when not writing for BettingGuide. Please contact him for any inquiries regarding gambling in South Africa.

Last updated: 11/9/2022