The online payment procedure giropay was developed by the German banking industry to facilitate bank transfers on the internet. It is the result of a joint project of the German financial institutions Postbank, Sparkassen-Finanzgruppe and Volksbanken and Raiffeisenbanken and is supported by a network of more than 1,500 banks and savings banks.
The consumer enters the authentication data (PIN and xTAN) via the trusted online banking system of his or her bank. After the payment process is completed, the merchant receives a payment guarantee covering the amount of the respective purchase (up to 10,000 EUR). This allows you to ship the goods or render the services ordered immediately – without waiting for the receipt of payment.
Everything that the consumer needs to pay via giropay is a bank account with one of the following banks which is enabled for online banking using PIN and xTAN. Banks that offer giropay include: Postbank, almost all savings banks and cooperative banks in Germany (Sparkasse, Volksbanken und Raiffeisenbanken), numerous PSD banks, the GLS Gemeinschaftsbank and other private banks such as the Deutsche Kreditbank (DKB), MLP Bank, Cronbank, Merkur Bank, Bankhaus Ellwanger & Geiger, Bank Schilling & Co., Bankhaus Bauer and the cvw Privatbank AG.
For you as a merchant, accepting giropay requires little effort, since PAYONE provides the technical implementation and the required acceptance contract from a single source and takes care of all formalities. As the payment service provider, PAYONE provides the integration to giropay for you if you have selected the PAYONE PaymentService option for payment processing.