What is EPS?
EPS (Electronic Payment Standard) is a debit card payment solution. It was created by the Austrians major banks so to facilitate the online payment process. As for today, 80% of Austrian online merchants accept EPS as a payment method on their websites/e-stores/apps.
How does EPS payment work?
Once the EPS payment is made, the system provides immediate payment status feedback. As a result, you can ship the ordered product/service to your client as quickly as possible. That, for sure, improves customer experience and boosts retention. According to the marketing investigation, those clients that experienced your payment process as safe, rapid and clear, are more likely to make a repeat purchase.
Since its launch, embracing of the EPS as a payment method has increased by 500%. EPS can hence be called a very successful and prosperous payment method. For example, as iDEAL in the Netherlands, Qiwi in Russia or Verve in Nigeria. All of those merchants who target the Austrian audience should use EPS as a payment method during checkout.
How does EPS work?
You, as a merchant, might get curious about how the EPS payment method works for your clients. It is really easy and customer-friendly. The core steps of authorizing EPS payment are similar to iDeal. Once choosing EPS as a payment option, customers choose their bank from the list of banks supported by EPS. After the choice is made, the customers log in to the online banking environment. There the customers review the payment details. If everything is clear and correct the customer authorizes the payment. After the authorization, the customer receives an immediate confirmation. Then, you ship the product/service.
What are the features of EPS?
Here are the main features of the EPS payment method:
- Payment method type: Internet Bank Payment (IBP).
- Presentment/Settlement currency: euro.
- Supported Integration: HPP, API
- Recurring Payments: Not available
- Chargebacks: No.
- Refunds: Yes.
- Payment Confirmation: Immediate.
What are the main advantages of EPS as a payment method?
- The most popular payment method in Austria. Offering a payment solution that is widely available to Austrian customers helps merchants to boost sales and increase conversion.
- Customers are automatically enrolled. No registration is required. Customers simply select EPS as their payment method and authorize the payment.
- Fast settlement;
- No credit or debit card is required to authorize the transaction. That is what makes EPS very user-friendly for the clients.
- It allows paying with internet banking, just like iDEAL;
- Guaranteed payment security for the merchant.