As online shopping becomes increasingly popular, payment methods have become essential to the e-commerce industry. In Belgium, Bancontact is the top payment method used both in-person and online, with over 17.4 million Bancontact cards in circulation, surpassing the number of Belgians.
In this blog, we will take a closer look at this payment method, how it works, and why it is a good choice for both customers and merchants.
What is Bancontact?
Bancontact is a payment method that was launched in 1989 in Belgium. It is a debit card payment system that is widely used in Belgium and is accepted by most merchants in the country. Bancontact allows customers to make payments directly from their bank accounts. It is a secure and reliable payment method that millions of Belgians trust.
How Does Bancontact Work?
To use Bancontact, customers must have a Bancontact card and a bank account with a participating Belgian bank. Making an online payment using Bancontact is a straightforward process.
Four steps to follow
Here are the steps you need to follow:
Step 1: Choose Bancontact as the Payment Method
When checking out an online store, you must choose Bancontact as your preferred payment method.
Step 2: Enter Your Card Information
On the popup window, you will be asked to enter your card information, including your card number and expiration date. You will also be asked to enter your personal identification number (PIN) to verify the transaction.
Step 3: Authorize the Payment
Once you have entered all the required information, you must authorize the payment by clicking on the “Pay” button. You will be redirected to your bank’s website to complete the transaction.
Step 4: Verify the Payment
You will need to log in using your credentials and verify the payment on your bank’s website. Once again, you will be asked to enter your personal identification number (PIN) to confirm the transaction. Once the payment is authorized, the funds will instantly be transferred from your account to the merchant’s account.
Why is Bancontact a Good Payment Method?
There are several reasons why Bancontact is a good payment method for both customers and merchants. First and foremost, it is a secure and reliable payment method that is trusted by millions of Belgians. It uses state-of-the-art security measures to protect customers’ financial information, and all transactions are processed in real time.
Bancontact is also a convenient payment method for customers. They can make payments directly from their bank accounts. This makes the payment process faster and more streamlined and eliminates the need for customers to enter their payment details multiple times.
Irreversible payment method
One of the biggest benefits of Bancontact for merchants is that it is an irreversible payment method. This means that once the payment has been processed, there is no way for the consumer to reverse the payment. This differs from other payment methods, such as credit card payments, where consumers can dispute a payment and initiate a chargeback.
For merchants, this means they can accept Bancontact payments without worrying about chargebacks or other payment disputes. This creates a more secure and reliable payment method for merchants, which can help them to manage their cash flow and reduce their financial risk.
Widely accepted in Belgium
Another benefit of Bancontact for merchants is that it is a widely accepted payment method in Belgium. This means merchants who accept Bancontact can reach a large customer base and make purchasing easier for consumers.
Bancontact is a payment method that is revolutionizing the payment industry in Belgium. It is a secure and reliable payment method that is trusted by millions of Belgians, and it offers a convenient and streamlined payment process for both customers and merchants.
If you are a merchant operating in Belgium, it is definitely worth considering adding Bancontact as a payment method to your website.