Product News - 26/01/21

Grow your market share with Sofort, EPS and Giropay

How Sofort, EPS, and Giropay can help you expand in German-speaking markets

Sofort, EPS, and Giropay are amongst the most popular online payment methods for customers in German-speaking countries and beyond. Expand your market share by offering these online bank-to-bank transfers as an option at checkout. Connecting to the three payment methods through Powercash21 can provide merchants with benefits such as competitive pricing, no chargeback risk, increased conversions in covered markets and real-time transaction confirmation. Let’s take a deep dive into each method.

Sofort.: Receive direct payments through safe online banking

Sofort is among the first choices of payment methods in the DACH region and Belgium.  On the basis of online banking, Sofort enables merchants to receive direct payments from customers who prefer to pay over a bank account instead of a credit card.  With a coverage of 13 European markets, Sofort is one of the must-have payment methods you should include in your checkout pages to quickly grow your market share in Europe. 

How does Sofort work for your customers?

When customers reach the checkout page and select Sofort as the preferred payment method, they will be redirected to the online banking environment of Sofort. At that point, they should select their country and the bank they wish to pay through so that they will log in using their existing online banking credentials.  Customers can select which of their bank accounts should be used for the purchase and once the payment is authorized, they will be redirected back to your website, whereas you will receive an instant payment confirmation.  

Why should you offer Sofort as a payment option?

Sofort is popular in a broad range of industries like retail, travel, and forex and provides numerous benefits to merchants, including:

  • High banking coverage across Europe
  • Real-time transaction confirmation
  • Attract customers with limited credit card usage
  • High conversion rates by offering a trusted payment solution
  • No chargebacks risk

In which countries is Sofort available?

Offering a bank-transfer payment method to your clients and targeting several markets at the same time can be achieved by integrating Sofort into your checkout pages. Powercash21 can enable you to accept Sofort payments from the following supported countries:

  • Austria
  • Belgium
  • France
  • Germany
  • Italy
  • Netherlands
  • Poland 
  • Spain
  • Sweden 
  • Switzerland 
  • United Kingdom

EPS: A must-have payment method for the Austrian market

The Electronic Payment Standard, or EPS, is a real-time bank transfer payment method developed by Austrian banks and the first choice in bank transfer payments for Austrian consumers. According to Statista, ‘e-commerce revenue in Austria is expected to show an annual growth rate (CAGR 2021-2025) of 4.9%, resulting in a projected market volume of €8,076m by 2025’. If Austria is one of your target markets, a familiar payment method such as EPS should be included in your online store’s payment options.

What are the benefits of EPS for merchants?

The EPS payment method is popular for merchants in the retail, forex, and travel industries and holds several benefits. Some of the reasons you should consider adding EPS to your payment page include:

  • No chargebacks
  • Real-time confirmation of the transaction
  • High conversion rates
  • Guaranteed payment via the payment scheme
  • Quick and convenient payment solution as no registration is needed by the customer.

How does EPS work for your customers?

Customers select EPS at the payment page as the preferred payment method and the bank they would prefer to pay with from the listed banks available. Once the selection is made, the customer is redirected to the chosen bank’s environment to insert their bank details so they can proceed with the payment. With a bank coverage of 90%, your customers can select almost every bank in Austria to make an online transaction on your website. Once the payment is confirmed, the user is redirected back to the merchant’s site.

Giropay: German shoppers trust Giropay for bank-transfer payments 

Growing your business in new markets with localized payments is now easier than ever. Powercash21 supports merchants in their expansion journey in Germany by offering Giropay, a local bank transfer payment method.

Why is Giropay essential for e-commerce merchants?

Giropay is a payment method based on online banking founded in 2005 and works with more than 1,500 participating German banks to serve e-commerce merchants with a German-based clientele. Similar to EPS, Giropay payment method has over 85% bank coverage in Germany.  Merchants operating in the e-commerce sphere can reach over 45 million potential users in Germany by integrating the Giropay bank-transfer payment method into their webstores. A great benefit for merchants offering Giropay to their clients is the low risk of fraudulent payments since the payment is authenticated by the customer’s bank in real-time, leading to fewer disputes and no chargeback risk for your business.

How can customers use Giropay to pay online?

Using the login details the customer has for their online banking account, they can log in and complete the payment with Giropay on your payment page.  They will then be asked to confirm the payment with the use of a second factor or a PIN and when the payment is authenticated, the customer gets instantly notified about the success or failure of the payment. Registration is not required to proceed with the payment, which makes the payment method an easy and frictionless option for the buyer and minimizes the cart abandonment rate on the merchant’s website.

EPS and Giropay interlink their systems for interoperability. Merchants are now able to receive payments from customers in Germany using the already implemented EPS-interface without any additional technical integration.

Accept cross-border payments with Sofort, EPS, and Giropay now directly available through the Powercash21 payment gateway. Contact the Powercash21 team  and discover how you can benefit from its direct integration to these three popular payment methods.

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