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TrustPay announces new partnership with MuchBetter

Computer users and programmers have become so accustomed to using Windows…

TrustPay announces new partnership with MuchBetter

Computer users and programmers have become so accustomed to using Windows…

TrustPay announces new partnership with MuchBetter

Computer users and programmers have become so accustomed to using Windows…

18. January 2023

Trustly: Highly secure payment method for your customers

author: TrustPay
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Trustly envisions a world where online payments are fast, simple and secure for everyone — merchants, consumers and banks alike.

What is Trustly?

Trustly is a Swedish financial technology company founded in 2008 and is considered one of the leaders in bank transfer payments in key European markets. This payment method allows consumers to make online payments directly from their bank accounts. Trustly is available in 29 European countries and works with over 4,500 banks.

Trustly - high consumer usage for Trustly pay-in product

Trustly envisions a world where online payments are fast, simple and secure for everyone — merchants, consumers and banks alike.

Trustly timeline

So, how exactly does Trustly work?

When a consumer wants to make a payment online, they select Trustly as their payment method and are redirected to a secure page on Trustly’s website. From there, the consumer selects their bank and logs in using their online banking credentials. Trustly then verifies the consumer’s identity and processes the payment, transferring the funds directly from the consumer’s bank account to the merchant’s account.

Demo of Swedish payment flow

Trustly payment demo

What are the benefits of using Trustly?

There are several benefits to using Trustly as a payment method:

  1. Convenience
    Trustly allows users to make payments directly from their bank account, eliminating the need to enter credit card information or create an account with the merchant.
  2. Security
    Trustly uses advanced security measures to protect user information and prevent fraud. All transactions are encrypted, and user login credentials are never shared with the merchant.
  3. Speed
    Trustly payments are processed in real-time, allowing users to complete transactions quickly and efficiently.
  4. Wide availability
    Trustly is available in 29 countries and can be used with over 5,000 banks.

Making payments securely and conveniently

One of the benefits of using Trustly is that it is a secure and convenient way to make online payments. Because the payment is made directly from the consumer’s bank account, there is no need to enter credit card information or worry about the security of that information. Trustly also offers a high level of convenience, as it is available on a wide range of devices and can be used with many banks that support online banking.

Receiving payments immediately

Another advantage of Trustly is that it is fast. Payments made with Trustly are usually processed in real-time, so users do not have to wait for the payment to be completed. This is especially useful for merchants, as it means that they can receive payments quickly and start processing orders right away and who rely on a steady stream of income to keep their business running smoothly.

However, there is a possibility that the payment may not reach the merchant for some reason. This could be due to an issue with the consumer’s bank account, like insufficient funds or other factors. If this occurs and the merchant has already shipped the goods to the consumer, it can create a difficult situation. The merchant may need more funds to cover the cost of the goods and may be left out of pocket if the payment does not come through. This is a risk that all merchants should be aware of when using Trustly or any other real-time payment method. However, it should be noted that this affects only a small percentage of payments.

To mitigate this risk, merchants may consider implementing a policy of only shipping goods after the payment has been received. This may require some extra coordination with the consumer, but it can help ensure that the merchant is protected in the event of a payment issue.

Helping merchants increase sales and customer satisfaction

With Trustly, merchants can accept online payments securely and conveniently, and they can also offer their customers the option to pay with the payment method they know and trust. This can help merchants increase sales and customer satisfaction, as it provides customers with an additional payment option that is both secure and convenient.

Trustly has seen significant growth since it was founded in 2008. It now processes millions of transactions yearly and has partnerships with major companies in various industries, including online gaming, travel, and e-commerce. Trustly has also received numerous awards and accolades for its innovative approach to online payments.

Find out more about Trustly, and the other local payment options available from TrustPay at www.devweb.trustpay.eu/more-payment-methods or contact our team directly at sales@trustpay.eu.

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