What is Trustly? Full Payment Method Definition - Ikajo

What is Trustly?

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Trustly is an international payment service providing company based in Sweden. Being a payment solution developer, Trustly also offers reliable cross-border online banking services.

The company’s global coverage:

  1. Payment solutions across 29 European countries. Among them are: Denmark, Estonia, Finland, Italy, Norway, Poland, Spain, Sweden, and others.
  2. Partnership with more than 3300 international banks.
  3. Among available currencies are EUR, PLN, SEK, DKK.
  4. The conductivity is about 1.8 million transactions per month.

Is it safe to use Trustly?

The company has a license as a European payment service provider (PSP, and it’s activity falls under the Payment Services Directive (PSD, 2007/64 / EC), implemented under Swedish law in the form of the Payment Services Act (2010: 751).

This payment system is controlled by Finansinspektionen, the Swedish financial supervisor, and complies with stringent payment processing requirements.

Trustrly’s algorithm of payment is easy but quite different, depending on the currency you select:

  • You can make a payment by using euros(EUR), or Polish zloty(PLN) if your bank is located in Estonia, Finland or Spain. To use the service as a payment option, when selecting an appropriate currency, choose ‘low-price transaction.’ After that, in the ‘low-price transaction’ section, on the payment stage, choose Trustly.
  • To use Trustly as a payment method for online transactions in Swedish krona(SEK), or Danish krone(DKK), choose ‘common transaction.’ Then, in the ‘common transaction’ section, on the payment stage, choose Trustly.

The transaction fee rates are transparent, select the currency, the amount you want to send, and the appropriate type of transfer.

To make payments through Trustly, you must pass a strict authentication of your identity. A transaction is provided only after entering your bank credentials, including a one-time password you get on your cell phone. Besides, Trustly does not store your credentials.

Trustly’s payouts

When it comes to withdrawing funds from your account, you will not face any pitfalls and get a ‘green light.’ No doubt that customer loyalty plays a significant role in business processes, and hassle-free payouts are vital. That’s why Trustly offers instant, secure, and precise opportunity to transfer money. Needless to say that the availability of a variety of banks helps to furnish customers with high-quality assistance. Payouts can be initiated both by a merchant and a customer.

API payouts

With the initiating of payouts via the API or Trustly Back Office, a merchant will decrease possible administration and lowering costs.

User-initiated payouts

Users can also initiate payouts by logging into their bank account through Trustly’s iframe and selecting their receiving account. Trustly then verifies the bank details before making a payout into that account.

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