How does SOFORT Banking work?

Germany has an affordable e-commerce market. The farmost reaching payment method in this market is SOFORT Banking!

Germany, a Leading European E-commerce Market

German e-shoppers spent €71.2 million online in 2014, making an average annual spending rate of €1,468 per e-shopper! As the second strongest market in Europe, the most popular online product categories are services (mostly traveling and tickets) followed by fashion and electronics (12% and 5% respectively).

Payment methods in Germany are bank transfer (39%), payment on account (29%) and bank cards (19%) among others.

So, What About SOFORT?

With more than 100 million transactions every year, SOFORT has a 14% market share in Germany and the highest appreciation rate among users (64%). This makes SOFORT incredibly useful for online stores.

This payment method is certified by the TÜV (German Technical Inspection Association). When using SOFORT, e-shoppers are redirected to their bank’s secure online interface where they can then proceed to payment. The merchant receives a confirmation of the transaction in real-time and it then able to ship the item. Watch the video below to gain a better understanding of this payment method.

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