This decision facilitates receiving of payments for goods from online customers. The service will be available free of charge for companies that gather payments up to 100 thousand euro per month.
“We believe that our free service will facilitate the transition online of so far exclusively physical retailers and will allow easier and simpler launches for remote retailing. We wish to contribute to the development of small and medium-sized companies. We believe that the free of charge solution will allow them to launch their online businesses faster and easier,” Modestas Juonys, head of the Luminor bank Cash Management Department for the Baltic States, states.
This decision by the Luminor bank grants an opportunity for e-shops to receive payments from online customers by making a contract with a single bank. Initiating open banking based payments is more simple of gathering payments for retailers than the widespread in e-retail receiving transactions through Banklink – when it is necessary to sign agreements with all banks. Up to September, retail companies will be able to use the E-Commerce Gateway solution free of charge for payments up to 100 thousand euro per month. With annual turnover exceeding this sum, standard bank fees will apply.
“Thus far, in order to receive payments from clients, retailers had to contact all banks and sign contracts with each one. Our solution shortens this path and operates based on a single-window principle. In essence, it suffices to sign a contract with a single bank, and you can receive funds from everyone,” Modestas Juonys explains.
Luminor’s decision allows retailers to receive payments from account holders in the Luminor, Swedbank and SEB banks, as well as from Visa and Mastercard cards. The list of banks continues to expand.
At the same time, Luminor is also offering online store owners add-ons frequently used by smaller retailers for popular online retail platforms such as WooCommerce, Opencart and Shopify. This means that small online store owners will be able to start using these payment services without allocating extra resources to programming.
