One of the best ways to customize your online checkouts is using local alternative payments. In Europe’s mature markets, they’re a sure-fire way of appealing to millions of consumers especially those that are looking for safer and more convenient ways to buy online.
As many consumers move away from credit cards as their preferred payment method, the use of third-party bank transfers for online payments is rapidly gaining ground. Among Europe’s most popular transfer schemes are Germany’s giropay and Austria’s Electronic Payment Systems (EPS).
Reach 50 million customers with giropay and EPS
Both schemes are attractive options for merchants with higher ATVs, looking to boost sales and conversion. They appeal to online customers as they’re convenient, instant, and don’t incur any extra charges or fees. Users can shop online with extra confidence, using their trusted banking platform to pay and without the friction of having to pre-register.
As well as helping merchants increase sales and conversion, these schemes process transactions in real-time and cannot be cancelled or reversed. This means they reduce the risk for merchants who are always guaranteed payment from the purchase.
Retailers can also take advantage of giropay and EPS interoperability to facilitate cross-border payments between Germany and Austria. This means that they can widen their market even further and provide easy payment to almost 50 million online consumers.
Gaining ground in Germany
If you sell in Germany, you’ll already be aware that the payment landscape is heavily fragmented. Alternative payments like open invoice (e.g. Klarna) dominate. While popular, some services are not available to all merchants, they are also reversible (e.g. Paypal) so carry a credit risk for the merchant.
It’s why bank-owned and operated, giropay is gaining ground fast. With more than 1500 participating banks and access to 40 million German account holders, it currently processes around 15% of the country’s e-commerce transactions.
Attracting audiences in Austria
If aiming to win a share in the Austrian market, EPS is a must for your website. By accepting EPS as an online payment method, you get access to more than 3 million Austrian online banking customers.
Supported by all the major Austrian banks, EPS is free of charge to users. Shoppers don’t have to register as they’re automatically enrolled through their bank. In fact, it’s proving so popular that 80% of online stores in Austria are already using EPS as one of their payment methods.
Both giropay and EPS are now available for TrustPay’s clients.