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Fintech News for Payments professionals

Trustly automates invoice payments for customers and merchants

Source: Trustly

Swedish FinTech company Trustly is pleased to announce the launch of its latest product, Pay Your Invoice, which simplifies and automates invoice payments.

For consumers, it means they never have to think about OCR numbers ever again. For e-commerce merchants, it decreases administrative costs while letting them maintain ownership of the consumer relationship.

With Trustly’s new Pay Your Invoice product, consumers can pay their invoice using a Trustly bank transfer. To do so, consumers can just click “Pay invoice” from the merchant’s portal, select which of their bank accounts they wish to pay from, and sign the payment with Mobile BankID. Consumers who have registered a digital direct debit mandate through Trustly can schedule the date of future payments with just one click.

This flow drastically simplifies the traditional invoice payment flow, in which consumers receive an invoice by mail or email and then log into their online bank and manually enter long receiving account numbers and OCR numbers, leaving much room for error.

In contrast to other payment providers that make consumers leave the merchant site to pay, Trustly’s solution lets e-commerce merchants own the post-purchase experience, increasing the number of consumer touchpoints and opportunities for retargeting. It also helps merchants and finance providers solve reconciliation issues and reduce administrative costs associated with processing invoices.

Swedish e-commerce pioneer Ellos is the first merchant to offer Trustly’s Pay Your Invoice product, enabling its customers to pay their invoices without having to leave its website.

Josef Darmark, Chief Product Officer at Trustly, says: “In our increasingly mobile world, paying invoices can be clunky and consumers dread typing in long OCR and account numbers. Trustly’s new Pay Your Invoice product does away with that step, making it easier than ever to pay by invoice at their convenience. It’s also a great solution for merchants because it helps them increase revenues by taking full control of the customer experience while also decreasing administrative costs.”

Trustly’s Pay Your Invoice product is currently available in Sweden and will soon go live with additional merchants in e-commerce, financial services and travel sectors.

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