Trustly

What is Trustly and what do they do?

Trustly is a payment service provider headquartered in Stockholm, Sweden, that facilitates online bank payments. Founded in 2008, its primary service enables consumers to make direct bank transfers during online purchases, eliminating the need for credit or debit card usage. Trustly caters to both merchants and consumers, offering a seamless checkout experience.

The core offering of Trustly includes:

• Direct Bank Payments: Trustly allows users to pay directly from their bank accounts, providing a fast and secure way to complete transactions without needing intermediary steps or additional account setups.
• Refunds: The platform supports straightforward refund processes, ensuring efficient handling of returns for merchants.
• Real-Time Payment Confirmation: Trustly’s system provides real-time feedback on transaction status, enhancing the experience for both consumers and businesses by confirming successful payments immediately.

Trustly's integration with banks across different countries facilitates a wide range of payment solutions tailored to various business needs, making it a versatile option for e-commerce platforms.

Who is it for?

Trustly primarily serves businesses in the e-commerce, travel, gaming, and financial sectors. It can be utilized by merchants looking to optimize their payment processes, especially those that cater to markets where direct bank payments are favored. Specific industries using Trustly include:

• E-commerce: Providing consumers an easy way to check out without a credit card.
• Online Gaming: Facilitating fast deposits and withdrawals for players.
• Travel and Hospitality: Enabling seamless booking and payment processes through direct bank transfers.

While Trustly is especially popular in European markets, it also caters to businesses operating internationally, depending on the regulatory environment and banking partnerships in various territories.

Why do businesses choose Trustly?

Businesses opt for Trustly due to several verified advantages:

• Instant Transactions: Trustly enables near-instant payments, reducing friction during the checkout process and increasing conversion rates for merchants.
• Enhanced Security: Direct bank payments mean consumer information is minimally shared, enhancing security compared to traditional card payments. Trustly does not store sensitive financial information.
• Higher Trust Levels: Direct bank payments align with consumer preferences for security and reliability, which can result in lower cart abandonment rates.
• Broad Market Reach: With connections to numerous banks across Europe and expanding into other regions, Trustly appeals to businesses with international customer bases.
• Cost Efficiency: The use of bank-based payments can be more cost-effective compared to card-related fees, positively impacting businesses’ bottom lines.

Businesses using Corefy can simply obtain a MID from Trustly and connect it to Corefy’s dashboard in a few clicks, without dealing with any integration work.

Is Trustly trustworthy?

Trustly is licensed as a payment institution in Sweden, regulated by the Swedish Financial Supervisory Authority (Finansinspektionen). In addition, it complies with the European Union's Payment Services Directive (PSD2), which establishes a comprehensive regulatory framework for electronic payments.

Trustly implements strong security measures, including encryption and secure data handling processes, to protect user information. Their commitment to privacy and security is further reflected in their adherence to data protection regulations, including the General Data Protection Regulation (GDPR). This regulatory compliance helps ensure that Trustly meets high standards for transaction safety and customer trust.