What is EPS?
EPS (eps-Überweisung) is a widely used online bank transfer payment method in Austria. The Austrian government joined forces with local banks to develop this scheme, allowing domestic consumers to pay securely for online purchases via their trusted online banking. EPS is connected with three million Austria-based bank account holders, sitting at the forefront in the payment ecosystem of the DACH region as a trusted payment solution.
How does EPS work?
At online checkout, shoppers select EPS as their preferred payment method. From there, they’re redirected to the EPS bank selector page where they’re asked to choose their bank. Then, the consumer hops to their familiar online banking environment. After signing into their bank account through their bank credentials and PIN, the consumer is asked to review the transaction summary. Once they have verified the validity of the information, they'll need to authorise their transaction via Strong Customer Authentication (SCA). The SCA method may vary from bank to bank, but an example of this would be a request for an SMS code to enter on the bank's authentication page.
The success or failure of the payment will be confirmed on the bank's page, while the relevant transaction status will also be communicated to the merchant.
What areas and verticals does EPS serve?
As a go-to local payment option to multiple eCommerce businesses, EPS is serving online consumers across many industry verticals such as retail, general eCommerce, forex, travel, gambling, and gaming.
How big is EPS’ penetration in the Austrian market?
Austria is a relatively small eCommerce player but one that is poised to expand exponentially in the coming years. With more than 1000 online stores offering EPS, the platform is representative of Austria's exceptional digital infrastructure, satisfying consumers who seek speed and efficiency when shopping online. Data from GlobalData demonstrates that the market size of Austrian eCommerce will reach $24,353 million by 2025 – an increase from $14,857 million in 2021.
According to Statista, revenue in the Austrian eCommerce market is predicted to amount to $13,945 million in 2022, with an annual growth rate of 17.13%. What's more, eCommerce consumers are anticipated to reach 7.3 million by 2025, while the forecasted user penetration will be 73.4% and 80.4% in 2022 and 2025, respectively.
Benefits of using EPS
Below are the key features and advantages of the EPS online bank transfer payment option:
- High popularity in Austria – likely to boost sales volumes and conversions
- Highly secure with real-time payment guarantee for both merchants and consumers
- Convenience – no registration is required with customers simply choosing EPS as their chosen payment method and authorise the transaction
- No risk of chargebacks
Accepting payments in Austria with emerchantpay
eCommerce business prosperity depends on many factors – efficient cross-border payment processing is one of them. To achieve this, merchants should define their target consumers and deliver payment functionalities that meet their expectations. Austrian eCommerce is rapidly growing, and EPS stands as a great local payment choice that can help you increase your acceptance rate.
With a trusted and dedicated payment service provider like emerchantpay, you can consider your venture into the Austrian market a success. We can help you navigate regional payment preferences and advancing processing capabilities. With our global acquiring network and thorough understanding of the Austrian payments landscape, we can support merchants across numerous industries to break into this dynamic region and scale their business to new heights.
Ready to maximise your profitability and increase your conversions? Contact our team of payment experts and find out how you can integrate EPS into your payment system.