What is EPS?
EPS (Electronic Payment Standard) is an online payment method primarily used in Austria, enabling secure direct bank transfers for e-commerce and digital services. Developed through a collaboration between Austrian banks and the government, EPS allows users to pay directly from their bank accounts without sharing financial details with merchants. Transactions are processed in real time, offering instant payment confirmation for both consumers and merchants. While EPS is widely accepted in Austria, it is also available for select cross-border payments within Europe. The system is compatible with EUR transactions and supports a strong focus on data security, complying with current EU regulations. EPS does not require separate registration if a user already has online banking access.
How to use EPS?
- Select EPS as your payment option at checkout.
- Choose your bank from the provided list.
- Log in to your online banking portal.
- Review payment details and authorize the transaction.
- Receive instant payment confirmation.
The pro's of using EPS
- No need for additional registration if you use online banking.
- Instant payment confirmation improves transaction processing.
- Strong data protection ensures privacy and security.
- No credit card or third-party data shared with merchants.
- Supported by most major Austrian banks and compatible with EUR.
The con's of using EPS
- Primarily restricted to Austrian bank accounts; limited global reach.
- Not compatible with USD or non-EUR currencies.
- Limited acceptance outside Austrian and select EU merchants.
- No built-in refund process for unauthorized transactions.
- Not suitable for those without an Austrian bank account or online banking access.