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Asia Bank Transfer
Advantages of using Bank Transfer Method Full service from specialists
Advantages of online bank transfers vs Crystal Payments and Bank Transfer
How does Online Bank Transfer Work? General Information about Bank Transfer
Online Bank Transfer Allows Immediate Booking Interbank Electronic Transfer (FPX/ENETS)
A summary of the advantages of online bank transfers Physical Payment/Transfer
Online Bank Transfer Allows Immediate Booking

Here is where the "Online Bank Transfer" can help. This is not a classical bank transfer via online-banking, but rather an intermediate application to process the customer's payment with his bank, and notify the merchant immediately when payment is confirmed.

Online Bank Transfers use the PIN/TAN method of online banking, where a transfer form is completed and the payment then released with PIN and TAN. If the customer has selected "Online Bank Transfer" in the internet shop, then an online bank transfer form is created, where the merchant has already entered details of payment recipient, amount and details of payment, and the customer completes the form with his account number and bank reference number.

The bank reference number tells the application which online-banking site in the internet must be contacted and the application opens a link to that site in the background. The customer then logs in to his bank site with his personal PIN and password and is instructed to authorize the payment with the appropriate TAN. That completes the payment for the customer.

From the customer's point of view, the process is just like normal online banking. The advantage for the merchant is that he is immediately informed of successful completion of the payment.  Although the money will not actually be credited to his account until after the usual two or three day delay, he can already be certain the money is on its way, and send the wares ordered or grant the customer access to members' area in the website.

Online bank transfers can be used wherever rapid delivery of goods or services is desirable. It can be used for classical e-commerce, access to members' areas (singles' contact rooms,) restricted user groups (erotic), as well as for sites that require a positive balance on a virtual account, such as poker- or sports betting. They are not applicable for subscriptions or multiple payments, since the customer must authorize each payment with a TAN.

Credit cards and direct debits compete with online bank transfers, especially for the applications listed above. Online bank transfers are more attractive for the merchant, however, because payment is more certain than with direct debits, and generally less expensive than credit cards. The major advantage for the merchant is guaranteed payment. Although a theoretical possibility exists that a bank could stop a successfully executed online transfer, in practice this can hardly happen. (Probability 1 in a thousand).

The fact that almost every internet user has a bank account with online access makes online bank transfers especially attractive. On the other hand, many customers are very meticulous about using their credit card to purchase goods online.

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