What is iDEAL?
iDEAL is a standardised payment method for making secure online payments directly between bank accounts. To offer iDEAL as a payment method in an online store, a direct link is established with the systems of participating banks. In other words, this one connection to iDEAL enables each webshop’s visitor with access to online banking of ABN AMRO, ABN AMRO (previously Fortis Bank NL), ASN Bank, Friesland Bank, ING, Rabobank, SNS Bank, SNS Regio Bank or Triodos Bank to make payments in this way. No other payment product offers this facility.
iDEAL is steadily gaining a reputation as a trusted online payment method. Already more than half of all Dutch online shoppers use iDEAL.
Benefits for banks
- Revenue from merchant and/or consumer fees, where the pricing is set by the individual bank;
- Interchange fees can be agreed between the issuing and acquiring banks;
- Offering the most attractive online payment product will improve client relationships and strengthen the bank’s competitiveness;
- Intensified use - and improved leverage - of account relationships through a trusted and popular consumer online banking application;
- High level of online security minimises risk of fraud;
- Fully automated, straight-through processing, thus no reversals or charge-backs;
- Replacement of costly paper-based payments;
- Easy integration with online banking application and back office.
How does iDEAL work?
iDEAL is easy to use and requires just a few simple steps on the part of consumers:
- At the checkout of the merchant’s website, the customer clicks the iDEAL payment button;
- From a drop-down list, the customer selects his own bank, which opens the online banking environment he is familiar with. The customer simply authorises the prefilled payment instruction;
- As soon as payment has been authorised, the amount due is debited from the customer’s account and transferred to the merchant’s bank account - there is no credit risk;
- Just seconds after the customer has authorised the payment, the successful payment status is confirmed to the merchant. Because merchants know that the funds are on their way, they can proceed with shipping or rendering the service immediately. There is no risk for the merchant because the customer cannot reverse the payment. Merchants will have payments credited to their account at the same speed as a normal credit transfer.
Do you want to participate in the iDEAL payment system as licensee? Click here for more information.
The following fees charged by Currence are effective.
For more information about iDEAL a presentation for banks is available. If you are interested to receive this presentation, please click here.
Information for online merchants can be found on this website via the menu ‘Merchants’.