What is EPS?
EPS (Electronic Payment Standard) is a popular online payment method in Austria, enabling secure bank transfers for online transactions. Designed for ease of use, it connects consumers directly to their banking accounts during the payment process without requiring the entry of sensitive card information. EPS allows customers to complete transactions quickly, with instant payment confirmations, making it an efficient option for both merchants and consumers. It is widely adopted by e-commerce platforms and is noted for its commitment to privacy and security, aligning with the European Union's data protection standards.
How to use EPS?
- Select EPS as the payment method during checkout.
- Choose your bank from the available list.
- You will be redirected to your bank's secure portal.
- Log in with your online banking credentials.
- Confirm the payment and authorizations.
- You will receive a confirmation of the transaction.
The pro's of using EPS
- Direct Bank Transfers: EPS facilitates immediate bank transactions without sharing sensitive card details.
- Security: Strong encryption and compliance with EU privacy regulations enhance user safety.
- Ease of Use: The straightforward process simplifies online payments for users familiar with online banking.
- Instant Confirmation: Payments are confirmed instantly, streamlining order processing for merchants.
- Widely Accepted: Acquires support from many online retailers, making it a versatile option for users.
The con's of using EPS
- Austria-Focused: EPS is primarily used in Austria, limiting its usability in other countries.
- Requires Bank Access: Users must have access to online banking, which may exclude some demographics.
- Limited Currency Support: EPS mainly operates in EUR, which could be restrictive for international shoppers.
- Potential Bank Fees: Some banks might charge fees for transactions processed through EPS.
- Dependency on Bank Downtime: If a bank’s online system is down, users cannot complete transactions, potentially causing delays.