EPS

EPS (eps-Überweisung) is a widely used online bank transfer payment method in Austria. The Austrian government developed this program in conjunction with local banks to allow domestic consumers to securely pay for online purchases through their trusted online banks. EPS is connected to 3 million Austrian bank account holders and is the leading trusted payment solution in the DACH region's payment ecosystem.

How does EPS work?

During online checkout, shoppers select EPS as their preferred payment method. They are then redirected to the EPS bank selector page and asked to select a bank. The consumer is then redirected to their familiar online banking environment. After logging into their bank account with their bank credentials and PIN, the consumer is asked to review a transaction summary. After verifying the validity of the information, they are asked to authorize the transaction via Strong Customer Authentication (SCA). SCA methods may vary from bank to bank, but one example is to require an SMS code to be entered on the bank's authentication page.

Payment success or failure is confirmed on the bank's page, and the relevant transaction status is also communicated to the merchant.

What sectors and verticals does EPS serve?

As the preferred local payment option for several e-commerce businesses, EPS serves online consumers across multiple verticals including retail, general e-commerce, foreign exchange, travel, gambling and gaming.

How much penetration does EPS have in the Austrian market?

Austria is a relatively small e-commerce player, but one that is set to grow exponentially in the coming years. With more than 1,000 online stores offering EPS, the platform represents Austria’s superior digital infrastructure, meeting the online shopping needs of consumers who seek speed and efficiency. According to GlobalData, the market size of Austrian e-commerce will reach $24.353 billion by 2025, up from $14.857 billion in 2021.

According to Statista, Austria’s e-commerce market revenue will reach $13.945 billion in 2022, with an annual growth rate of 17.13%. In addition, by 2025, e-commerce consumers are expected to reach 7.3 million, while user penetration is forecast to be 73.4% and 80.4% in 2022 and 2025, respectively.

Benefits of using EPS

Here are the key features and benefits of EPS online bank transfer payment option:

• Popular in Austria – likely to increase sales and conversions
• Highly secure real-time payment guarantee for merchants and consumers
• Convenience – customers don’t need to register, just select EPS as a payment method and authorize the transaction
• No risk of chargeback

Accept payments in Austria with emerchantpay

A thriving e-commerce business depends on many factors – efficient cross-border payment processing is one of them. To achieve this, merchants should identify their target consumers and offer payment features that match their expectations. Austrian e-commerce is growing rapidly and EPS is a great local payment option that can help you increase your acceptance rate.

With a trusted and dedicated payment service provider like emerchantpay, you can successfully enter the Austrian market. We can help you understand regional payment preferences and advanced processing capabilities. With our global acquiring network and thorough understanding of the Austrian payment landscape, we can support merchants from a wide range of industries to penetrate this vibrant region and take their business to new heights.