The online payment method sofortbanking is a service rendered by the company SOFORT AG. The sofortbanking system is not affiliated to any bank and is available to more than 40 million customers with checking accounts with an activated online function in Germany alone.
The consumer enters the authentication data (PIN and xTAN) via a digital transfer form, which is provided by the SOFORT Banking systems. SOFORT Banking will then conduct the transfer on behalf of the consumer at his or her bank. All transactions that the consumer carries out via SOFORT Banking are insured against PIN/TAN misuse, phishing and pharming. SOFORT Banking does not provide a payment guarantee to you as a merchant. However, the company itself claims a "payment security" based on very low default rates of less than 0.3%. Nevertheless, it is quite possible that a customer cancels the transfer after it was already issued (and the bank was notified via PSP).
The online payment processing solution SOFORT Banking is not only used in Germany, but also available to consumers in Austria and the Netherlands. Merchants with their own business bank account in Switzerland, can opt to enable SOFORT Banking for their customers in Switzerland. Everything that the consumer needs to pay via SOFORT Banking is a bank account with a bank or savings bank in Germany, Austria, Switzerland, and/or the Netherlands which is enabled for online banking and is supported by SOFORT Banking.
For you as a merchant, accepting SOFORT Banking requires little effort, since PAYONE provides the technical implementation and the required acceptance contract and takes care of all formalities.