iDeal Pay, based in the Netherlands, was launched in 2005 to facilitate digital payments directly from a user’s bank account. Dutch use iDeal Pay for energy bill payments, payment requests, donations, purchasing credit cards, local taxes, paying traffic fines, and other payment options.
iDeal holds around 70% of Europe and is used monthly for about 50 million purchases.
Dutch bank partners of iDeal Pay include:
- Rabobank,
- RegioBank.
- Knab,
- Van Lanschot,
- Triodos Bank,
- bunq,
- ABN AMRO,
- SNS Bank,
- ING,
- ASN Bank.
The platform offers secure and instant payments, bank transfers, notification for each transaction, and no risk of chargebacks. The platform charges fixed processing fees of €0.11 and a payment method fee of € 0.22 on each transaction and offers a 1-3 days settlement cycle.
EUR is the settlement and processing currency at iDeal, and it also provides refunds and multiple or single partial refund features. Following are the different situations where iDeal can be used:
- On the payment page of the shop or company, as Payment Button.
- In the form of a QR Code.
- As Payment Link at a shop or a company.
- In the form of a Payment Request to consumers.
Advantages of Using iDeal
As iDeal can be used both by businesses and customers, the following are the benefits for each category –
For Consumers
- iDeal does not require signing up to the platform and offers seamless integration with the banking interfaces, allowing them to log in with the same credentials.
- It speeds up the payment process and facilitates consumers’ complete or partial refund requests.
- The platform’s services are accessible online, through QR codes, and from a banking app.
- Data security is prioritized while minimizing fraud risks by facilitating bank transactions interface.
For Businesses
- More than 50% of Dutch online customers use iDeal Pay, which gives broader customer scope to the platform.
- There are no additional chargebacks at iDeal Pay. The platform does not give a reverse payment option to users and charges businesses only for successful transactions.
- The platform is secured, provides security against fraud, and reduces the chances of disputes in the user’s account.
How to Use iDeal?
During online shopping, consumers select iDeal as their payment partner, and when done, they are taken to the bank’s transaction page.
Steps to use iDeal includes –
- When processing payments, opt for iDeal Pay.
- Users will be redirected to the bank’s transaction page and must log in with their bank-registered ID and password.
- iDeal automatically updates details from users’ bank accounts, and users confirm the transfer by selecting their preferred bank account.
- iDeal Pay use 2FA (two-factor authentication) to secure online payments.
- After the payment, iDeal notifies both the sender and the receiver with an SMS, credit or debit details.
For businesses, the safe and secure fund transfer from iDeal is done within a few seconds with global guidelines. Partners are notified of fund transfers, after which they can process their orders securely.
