iDeal is a payment method used in the Netherlands, one of the most rapidly growing e-commerce markets in Europe.
What is iDeal, how does it work, and how can merchants integrate this payment method into their e-commerce store?
The online retail sector in the Netherlands is growing rapidly among the country’s digitally-savvy society. Dutch consumers have innovative digital payment methods such as Buy Now Pay Later, digital wallets, and real-time bank transfers.
Merchants looking to expand into this European country need to better understand the local payment methods and implement the most popular local choices in their online stores. Otherwise, they risk abandoned carts and lower revenue caused by customers’ frustration originating from the lack of payment options they prefer and trust.
One of the most popular payment solutions in the Netherlands is iDeal. Read on to learn more about this modern payment method Dutch customers use.
iDeal is a real-time bank transfer system covering all major Dutch consumer banks.
Accounting for more than nearly 70% of all transactions by value, iDeal is the most commonly used payment method in the Netherlands. It allows consumers to make purchases using direct online transfers from their bank accounts efficiently, securely, and easily. The payment is completed through a mobile banking app or online banking environment – it’s the bank account that processes it.
Customers don’t need to register for the service – if they’re a customer of one of the participating banks, they can just start using it. iDEAL payments are secure because they occur in your own bank’s environment and faster because there’s no need to re-enter all of the payment information – the transfer form is filled automatically.
The payment process begins with selecting an item or service to purchase and selecting iDeal as the payment method. After selecting iDeal as a payment option, the user will be prompted to enter their email address and select one of three notification methods: email notification, text message confirmation, or security token code verification.
iDeal is the most popular payment method in the Netherlands. It has no chargebacks, offers faster settlement times, and is a bank-to-bank transfer with a network covering all major Dutch consumer banks. This payment method is perceived as secure, fast, and convenient. Shoppers can scan a QR code on a desktop to then pay on mobile, avoiding the manual entry of payment details.
The payment solution is easy to use and immediately available without any need to register for the service. The iDeal payment solution enables consumers to make purchases online in a familiar, secure environment. The transaction is performed by the consumer within their own banking system and takes only a few simple steps.
The payment cannot be canceled once the customer has clicked the payment button, so it’s guaranteed to the merchant with a low risk of returns. Payments made using iDeal cannot be reversed. As part of the payment process, consumers are specifically requested to authorize payment via their bank’s supported email, text, or security token notification method. The merchant is also protected from fraud due to the fact that only confirmed payments are transferred from their bank account and can be canceled within 30 minutes after clicking “Pay Now” at any time prior to completing this action.
Merchants can offer their customers iDeal by teaming up with a payment service provider that offers a payment gateway with a global reach. Taking this step opens the door to efficient payments, innovative features, and a high level of security – everything merchants need to drive revenue in new customer segments around the world.
iDeal is a payment method used in the Netherlands, one of the most rapidly growing e-commerce markets in Europe.
iDeal is the most popular payment method in the Netherlands due to its fast and secure payments, low risk of returns or fraud, easy-to-use payment process, and immediate availability.
About 83.5 percent of Dutch consumers use iDeal to pay for goods and services online. This makes it the most popular payment method in the Netherlands, ahead of credit cards and other alternative payment methods.
A secure iDEAL transaction occurs when the customer confirms their payment with one of the three notification methods: email notification, text message confirmation, or security token code verification. Once the customer completes this process, their payment is guaranteed and cannot be canceled. The merchant is also protected from fraud since only confirmed payments are transferred from their bank account and can be canceled within 30 minutes after clicking “Pay Now.”
Accepting iDeal payments offers several advantages. It has no chargebacks and faster settlement times and is a secure bank-to-bank transfer with a network covering all major Dutch consumer banks. iDEAL is available immediately and requires no registration on the part of the customer. All these features make iDeal an attractive payment option for merchants and consumers.
All major Dutch consumer banks, including ABN AMRO, ASN Bank, ING Bank, Rabobank, RegioBank, and SNS Bank, support iDeal.
Yes. Once the customer has completed their payment authorization, the merchant will receive confirmation within a few minutes. The merchant’s bank account is then credited with the payment amount shortly after.
Yes, it is possible to make recurring payments using iDeal if you are using an appropriate payment processor. Please get in touch with your payment service provider to find out more about their specific offerings.
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