You have probably encountered this. You send money to someone through a digital payment app. A few minutes pass by, and you get no notification from the company. You then contact the recipient, and they inform you they haven’t received the cash.
With such cases on the rise, you can’t be careful enough when making online payments. Luckily, there are also a few good banking options millions of people rely on. Speaking of trust, is Sweden’s Trustly a good online payment solution?
A Brief History of Trustly
Trustly launched in 2008 when there were few options in the online payments’ scene. Klarna, another Stockholm-based payment provider, was still a new startup. PayPal, Skrill and MasterCard were the biggest options back then. But there was a demand for a provider who could cater to European online retailers.
Thus, Trustly was born. The startup rose to popularity quickly, noting that it signed multiple contracts with online retailers within weeks of its launch. In 2009, the company raised funds to create a more secure payment processing system. It then expanded beyond Sweden in 2010.
Within a few years, Trustly had risen to the point of partnering with PayPal and Groupon. It was also processing millions of Euros per month. By 2017, Reuters estimated Trustly was facilitating the exchange of 3.5 billion euros per year.
FT 1000, which ranks Europe’s fastest-growing startups, ranked Trustly #242 in the same year. Again, Nordic Capital purchased 70% of the Fin Tech’s shares. Two years later, the Swedish brand partnered with America’s Pay with My Bank.
Trustly’s Focus Industries
Trustly has partnerships with online retailers in multiple industries, from eCommerce to banks, travel to banking.
- Ecommerce—Trustly succeeds in helping retailers automate purchases and refunds. For clarity, the next alternative, credit cards, take up to weeks to refund customers. It also facilitates payments fast, which helps increase customers’ experiences. Some of Trustly’s biggest eCommerce partners are LYKO, Parfym.se, Cocopanda and Luxplus.
- Banking Services—Trustly is trusted not only by shopping sites but also online banks. That’s because it processes payments fast and securely, usually in an automated manner. So far, the Swedish provider has partnerships with PayPal, flywire, Avanza, Libertex and Mintos.
- Travel—Trustly works to help travel companies personalize their customers’ experience during payments. Precisely, people can pay via through their local bank account whether they want to tour China or Canada.
- Gaming—the payment provider helps casinos receive payments and process withdrawals fast and securely. These casinos that accept Trustly also happen to have exceedingly enormous bonuses for new players. More importantly, they rank amongst the best gaming sites for UK players.
It’s worth noting most Trustly retail stores and iGaming sites don’t charge your deposit and withdrawal fees. However, some have charges. So, perform due diligence before choosing what sites to use.
Online Security
Let’s face it. There must be reasons why multiple eCommerce stores, banks and PayPal have partnered with Trustly. PayPal, for example, only works with companies that have highly advanced security measures. It also prefers brands with transparent data privacy policies.
Against that backdrop, Trustly spent millions of Euros in 2010 to re-engineer its system. The company’s goal back then was to develop a secure platform that almost no hacker to could get past by. So far, no one has successfully compromised the network.
When it comes to protecting customer data, Trustly is SSL compliant. That means any information you reveal to the payment provider is encrypted and can’t be exposed to Internet users. Trustly also fulfils the new GDPR data policies to ensure your data remains safe at all times.
You can visit the company’s data privacy page to learn precisely what information it collects and how it uses it. You can also contact the company for better clarity.
Trustly Customer Support
Being a company that works with both customers and retailers, Trustly provides customer support through a litany of methods. You can call, email, or social media platforms. But before you inbox the company on Facebook, visit the F.A.Q. Page to look for answers.
You can get assistance on issues related to deposits, withdrawals, debit or technical matters through the comprehensive F.A.Q. Page. If you want to talk to someone, find the proper person to address by visiting the Trustly website.
There’s a contact department for all issues sales. A different team handles partner issues, and so are complaints from customers. There’s also a team that addresses customer issues that are not complaints or feedback.
As such, visit the Trustly website and look for the right contact person before you send an email. Not only will you get a reply fast, but you’ll also have your issue sorted.
Reputation
One of the best ways to learn about a company’s online security is to ask someone who has used their services before. Luckily, online reviews exist for that purpose. Trustly attracts both positive and negative reviews like PayPal and other payment providers.
Most customers think the payment network is fast and secure. And sure enough, Trustly promises to complete payments immediately. On the other end, some people have experienced delays or cancelled transactions.
Many banking options cancel payments for security reasons, so you can’t blame Trustly for doing it. Complaints about delay are exceedingly few, meaning the company gets things right when it comes to speed.
The Verdict
In light of the details outlined above, Trustly is similar to many online payments. It enables quick transactions from your bank to an online retailer. It’s fast and efficient, but it’s not perfect.
But for a company that has been growing more popular each year since its launch in 2008, Trustly must be safe and trustworthy. Online customers say it’s a reliable platform. PayPal believes it’s good enough to work together with while Reuters reports it processes billions of Euros each year.
So, if you have plans to make an online payment via Trustly, consider giving it a try. The company accepts micro and macro transactions and accepts customers from both Europe and North America.
