Everything you need to know about CSOB

Countries such as the Czech Republic, Poland, and Romania are at the forefront of a growing e-commerce ecosystem in Central and Eastern Europe that has been driven by rising incomes, growing digitization, the impact of the Covid-19 pandemic, and an increasing preference for doing business online.

However, merchants need to think twice about their checkout process to successfully tap into e-commerce opportunities in the region. Specifically, cross-border merchants must ensure they offer the right online payment methods to appeal to local customers.

Online bank transfers are generally popular as an e-commerce payment method in Europe, and CSOB is one local bank that is popular amongst customers in the Czech Republic who don’t have credit cards or do not wish to use them. 

What is CSOB?

Ceskoslovenska obchodni banka (CSOB) is one of the largest commercial banks operating in the Czech Republic. It’s a universal bank offering a full range of banking services to individuals and companies through 280 CSOB branded branches and 3,300 postal offices.

CSOB’s direct bank transfer is used widely as an online payment method by consumers in the Czech Republic to pay for e-commerce orders. It’s fast and convenient – customers can pay online using their bank account, and there is no need to manually rewrite data or order transfers. All it takes is logging into the bank and authorizing a pre-defined transfer order.

How does CSOB work?

CSOB is a fast and convenient payment method for consumers who don’t have a credit card or don’t wish to use one, since customers can pay for purchases online using their bank account. They don’t need to obtain or provide a credit card, and there is no requirement to manually rewrite data or carry out order transfers. 

Instead, customers can log into their bank and simply authorize a pre-defined transfer orders. The bank then confirms the transaction. The merchant receives immediate payment and can then fulfill the order.

Why do merchants and consumers use CSOB?

By accepting CSOB’s online banking as a payment method, merchants can offer a secure and streamlined checkout payment method that is popular amongst Czech e-commerce customers. Online shoppers who use the online banking service of CSOB are redirected to their trusted home banking website to complete the payment online. These online bank transfers are usually settled within 1-2 business days and aren’t eligible for chargebacks. 

CSOB customers can make online transfers faster than ever – without having to write down the order number and payment received data. All it takes to complete a transaction is confirming a pre-defined transfer form. This type of online payment is smooth and hassle-free, providing customers with a fast and secure checkout experience. 

Getting started with CSOB as one of the possible payment options for consumers in the Czech Republic streamlines the customer experience for e-commerce businesses and helps to boost checkout conversions. By implementing CSOB, merchants get to provide a popular local payment method local customers know and trust. There’s no need to open new accounts or remember passwords since customers can use their existing bank accounts and internet banking service.

How can merchants start accepting CSOB?

The easiest way to implement CSOB as an online payment method at checkout is by teaming up with a payment service provider with a payment gateway that offers CSOB. The best option for merchants who wish to expand to multiple countries is typically to work with a global payment solution provider that can offer access to local payment methods across a multitude of different markets.