The e-commerce world is borderless, payments should be too. That’s the philosophy of TrustPay – one of the first financial institutions in the region licensed to provide secure e-commerce payments across Europe.
Founded in 2009, TrustPay focuses on providing innovative payment services for online businesses with cross-border reach offering a wide variety of payment solutions.
Passionate about providing greater payment choice, TrustPay’s CEO David Rintel shares his vision on why online businesses with cross-border reach are putting their faith in TrustPay.
What’s driving localisation at the checkout?
Covid has pushed more consumers online and accelerated e-commerce growth. It has acted as a catalyst for mobile and desktop payments and created demand for more ways to pay especially for the unbanked and underserved. It’s also democratised selling and opened up new markets globally. In this environment, traditional card and bank payments are no longer enough. Shoppers want more choice, and fintechs and banks are eager to provide it. Generous funding has seen an explosion of payments innovation – from e-wallets, super-apps and prepaid cards to SEPA bank transfers and local schemes.
How has the role of payments evolved?
With countless new initiatives launched each year, the payment space is becoming more fragmented. In Europe, we have seen the emergence of ‘domestic champions’ – new payment methods that have quickly came to dominate their respective markets. For instance MobilePay in Denmark and Blik in Poland as well as account-to-account (A2A) payment providers and schemes (e.g. Ideal or MyBank), domestic cards schemes, and a multitude of buy now, pay later (BNPL) providers. It’s a similar story around the world. The payment landscape, especially for merchants active in multiple markets, is becoming increasingly complex.
What makes TrustPay best placed to help merchants more easily navigate their options?
We offer unprecedented payment choice and flexibility to support shoppers’ preferences, to improve conversion and gain better access to new markets. We provide our clients with everything they need to support domestic and international online payments. From processing cards and local digital wallets to risk management and reconciliation tools. Our customisable multicurrency platform delivers insight too with premium features like our AI-driven authorisation ratio optimizer, which analyses approval ratios for countries and BINs and gives tips on how to improve them. All of this is supported by our highly skilled team of recognised payments experts.
Is it enough to provide choice?
It’s not about having the most payment methods – too much choice can create friction at the checkout. It’s about having the right mix. Customer demographics, geography, sector and risk all play a part in determining this. Speed, security, and ease of use are also factors which must be considered. Having a provider like TrustPay, that combines choice with a wealth of knowledge and expertise, can help merchants choose the right path and achieve their sales targets and operational KPIs.
Like consumers, businesses also want more convenient ways to meet their payment needs. What is TrustPay doing to help them?
Today’s businesses want global business accounts with more convenient ways to pay, more modern interfaces and the option to give staff alternative payment methods like prepaid cards. To help them, we launched Ibanize, a stand-alone product that streamlines and automates reconciliation using virtual IBANS and sort codes. With Ibanize, they can board remotely and choose how to manage their accounts – via the internet or through their back office using API banking. They can issue virtual and prepaid cards and facilitate Multicurrency, Instant, Faster and SEPA payments. It also affords 360 degree visibility across their users and accounts.
What’s the significance of a good provider relationship?
In the past five years we’ve seen payments pushed up the boardroom agenda. It’s now a key part of a merchant’s go to market strategy. Technically advanced, reliable and responsive payment providers like TrustPay are now seen as important partners for businesses with growth ambition. And for those looking to enhance customer experiences, and boost sales performance with access to localised payments solutions and global reach.