What is Giropay? Giropay Review, Features

Giropay is a German internet payment system based on online banking. This payment method was launched in February 2006 and allows customers to make purchases securely on the Internet using direct online transfers from their bank accounts.

About Giropay

Most German Sparkassen and cooperative banks participate in Giropay. Giropay still has around 17 million German online banking customers and 60% of all business bank accounts, a figure that means participating banks are serving the vast majority of the German online banking market.

How it works

1. Merchants often offer Giropay as a payment option in addition to regular credit card payment methods.
2. The consumer selects Giropay and chooses their bank.
3. The consumer is redirected to their bank's login page.
4. Participating banks display transaction data.
5. The customer enters the account number, PIN and any of the following:

• A remittance slip is sent to the customer to confirm the transaction, which contains a TAN (Transaction Number). The customer enters this number to confirm the transaction.
• Customers use the 2FA token to digitally sign transactions (if their bank offers that service).

1. The bank authorizes the transaction in real time, debiting the amount directly from the consumer's account (if the balance is insufficient, the transaction will be declined).
2. Merchant receives real-time payment confirmation from bank.
3. After confirming that the payment is successful, the consumer will be redirected back to the merchant page.

Advantages

• 100% payment security;
• Quick payment collection;
• Over 45 million potential users.

FAQ

Q: How does GIROPAY work?

A: With giropay, the buyer can pay via internet banking. Here, he can make the transfer using his existing internet banking access data without prior registration, after which he will be redirected back to your store page. After a successful transfer, you will get the payment guarantee instantly. The money will be credited to your account after one banking day.

Q: How do I integrate GIROPAY into my online store?

A: In addition to the contract that must be signed to use giropay in your store, a technical integration is also required. You can do both directly online: You can sign the contract here. You can find plugins for the standard store software and other technical documentation in the Tools Center.