Khilon Hariya, Vice President, Product – RazorPay
If you are an Indian exporter, you should take care of the European market. The EU is India’s second largest export destination and India’s third largest trading partner, accounting for € 62.8 billion worth of trade in 2020.
This is why you want to make it as easy as possible for your European customers to buy from your online store. Given the diversity of EU payment instruments and practices, European buyers may leave the cart if they do not find a known and preferred digital payment method. This prevents many Indian businesses from being effective in selling their products digitally and directly to potential customers in many European countries.
To address this, Razorpay has launched Payment Trusts, a preferred European payment network that enables its 525 million users to make payments directly from their bank accounts without using a credit or debit card.
As an Indian exporter, you can now take advantage of the Trustly Network to expand your business in Europe. And leave all payment concerns to RazorPay!
What is trust?
Trustly Group is a Swedish fintech company founded in 2008. It is an open banking payment method that allows customers to make purchases and payments from their online bank accounts, without using any cards or apps. Its account-to-account network supports 6,300 banks, reaching 525 million customers and bypassing card networks.
To date, Trustly is available in 18 countries: Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Lithuania, Latvia, Netherlands, Norway, Poland, Slovakia, Spain, Sweden and Great Britain.
Another advantage: Chargeback is not possible through Trustly, as all transactions are completed using consumer dual-factor authentication. Disputes between the consumer and the receiving business are handled first and foremost.
How does Trustley work?
- The buyer chooses Trustly as the payment method for their Razorpay checkout
- The buyer will be redirected to the Trustly Banking website and asked to select their bank
- Buyers will then securely log in to their bank using their online banking credentials and complete the payment.
What is a bank transfer?
Bank transfer allows customers to transfer money to a business bank account to complete a purchase. Traditionally, funds were transferred to a company’s account at a bank branch; As a result, businesses had to reconcile incoming payments with the orders they received before they could begin placing orders, reducing delivery of goods and services – sometimes during the day!
With the rise of online banking, there are now a number of online bank transfer options. These allow the customer to initiate transfers during the payment process on a merchant’s site while payment matching for a merchant is automated. This means that orders are completed quickly, and it’s easy enough for the business to track and adjust payments.
No EU bank account or legal entity required!
With Razorpay, you will have access to Trustly Payment method without any additional paperwork or consent. You do not need to open a foreign bank account to accept bank transfers from your European customers or their bank accounts.
The advantage of enabling Trustly for your business
Through Trustly, businesses can now sell to millions of customers who do not use credit cards and PayPal to shop online!
- Sell in Europe: Enter the European market with low credit card coverage
- No chargeback: Avoid unnecessary chargebacks or fraud with an authorized bank transfer solution
- Strong coverage: Reliably has access to thousands of banks across some of Europe’s largest markets where bank payment preferences among customers are very strong, allowing merchants to sell more and faster.
- Automatic Quick Return: Trustly’s automatic cross-border refunds encourage customer loyalty, increase basket size, and make more frequent purchases.
- Instant Confirmation: Unlike other bank transfer providers, Trustee can not only see when funds are on their way but also monitor the general pace of settlement, enabling you to offer one-day shipping with greater certainty.
- High transaction volume: Accept more transaction volume than one card transaction
Secure than a credit card
There is no chargeback on trusts (as opposed to card payments) as all these transactions are authenticated and approved by the bank account holder.
Razorpay is actively working to create more international payment features so that you can focus on growing your international business. Over the next few months, keep an eye on B2B exports, additional payment methods, and increased risk capabilities to greatly improve your international customer experience.
Looking to take your business to the shores of the world? Consider Razorpay! If you are an existing RazorPay user, please visit your dashboard for more details.