KREDA group of credit unions, at the beginning of 2025, has taken a significant step towards digitalisation through integration with the Conto QuickPay e-payment collection platform provided by the financial institution Contomobile UAB. This innovation will enable our members to make online payments quickly, securely, and conveniently.Innovations that create value for the membersKREDA is continuously investing into the digitalisation of processes to increase operational efficiency and offer its members modern financial services. New technological solutions not only enhance the internal business processes, but also significantly improve the quality of customer service and their digital experience. Cooperating with the trusted payment service providers such as Contomobile allows us to make the settling for goods and services even more convenient. We hope that this change will be gladly welcomed by our members.What does this mean for the members?From now on, all members of the KREDA group, when shopping online, will be able to make payments just in some clicks. Using the Conto QuickPay platform, payments are made directly through the credit union’s online banking, avoiding intermediate steps. The service provides access to more than 500 e-shops in Lithuania.KREDA is a reliable partner for your businessThe integration with the Conto QuickPay is one more step forward in the implementation of the digitalisation strategy of the KREDA group of credit unions. We aim at making all financial solutions of our members modern, efficient, and easily accessible.

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KREDA group of credit unions starts cooperation with Contomobile

The world’s most successful businesses, such as Apple, Amazon, or Google began at the garage. The founders of these global companies started the business without immense initial investments, and therefore had to persistently save up and avoid any unnecessary expenses. E-commerce experts say that many Lithuanian businesses start in just the same way, so it is especially important for them to choose partners that provide quality and budget-fitting services.Both the founder’s motivation and the properly done homework influence the smooth start of a business: the choice of suppliers, the implementation of technological solutions that facilitate operations, or the search for external partners, says Deivydas Jurčiukonis, director of Eshoprent.“In the world of start-uppers, there is an adage about the statistics stating that nine out of ten fail. The reality is that only a half of the start-ups reach their fifth year of operation. Although we do not have such eloquent statistics for e-commerce businesses, it is obvious that not every e-trading idea turns into a success story. When working in the e-shops rental area, we have to daily deal with ambitious traders and we believe that enthusiasm is significant, however it is even more important to responsibly evaluate which investments in technological solutions, in partners, and in their services will pay off,” said D. Jurčiukonis.According to the e-commerce expert, the market is packed with solutions that allow opening an e-shop at the minimal cost: dropshipping partnerships enabling trading without warehousing products, e-shops’ rental, and innovative payment collection solutions.“We know that every start-upper, who intends to open an own e-shop, faces a lot of questions that need to be answered. Firstly, it is required to know the target audience, select quality products, come up with a market entry strategy. Because many start e-commerce businesses without a large team of professionals, our e-shop rental solution helps crack one of the hardest puzzles. Having chosen a rental plan, the merchants can create their own e-shop, get marketing tools, optimization for the search engines, integration of orders, deliveries, and payments right in one place,” said D. Jurčiukonis.Rental of an e-shop, which does not require any specific knowledge, costs from 35 euros per month with the “Start” plan, so it fits even the smallest merchants. As the e-shop develops and the product range grows, the entrepreneurs can choose more powerful plans.Among the most important e-shop integrations that determine the trade’s success is payment collection. The payment collection solutions vary not only in their price, but also in the payment receiving speed or the contract termination terms.“The starting e-shop owners can choose from a variety of payment collection methods and do not always know which aspects to focus on. However, starting with a small budget, new entrepreneurs will not make a mistake if they choose probably the cheapest payment method – the payment initiation service. This method supports instant payments and allows using immediately the funds received. The fee for Conto QuickPay payment collection service is just EUR 4 per month,” said Jelena Mikhailova, CEO of the Contomobile, a provider of the payment initiation service.Users of the Conto QuickPay service pay only 3 cents per transaction, when the prices of alternative providers can reach almost ten times higher. 120 transactions per month are free of charge for Conto QuickPay customers. Such pricing allows starting a business confidently, says J. Mikhailova.“Because the e-commerce area becomes more and more competitive, the start-uppers need to invest much in customer acquisition and marketing tools. We aim to assist them and create conditions that allow saving and still gaining one of the most reliable, safest, and fastest payment collection solutions on the market. We understand that starting a business is full of uncertainties and the founders wish as little commitment as possible, and therefore the Conto QuickPay customers, who eventually decide to close their business, can terminate the contract at no additional charge. Besides, by cooperating with us, the entrepreneurs benefit from prompt customer service, personal attention, and quickly getting answers to each and every question that arises, because the speed is especially important for every new business,” stated J. Mikhailova.Representatives of Eshoprent and Contomobile are glad that presently they can offer an even cheaper start-up for new customers. All through the summer, having ordered an e-shop from Eshoprent and having chosen Conto QuickPay as a payment partner, the first 3 months of invoicing for e-shop rental and Conto QuickPay services, there is applied a discount of 100%.

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Both the founder’s motivation and the properly done homework influence the smooth start of a business: the choice of suppliers, the implementation of technological solutions that facilitate operations, or the search for external partners.

The very beginning of a new e-commerce business. How to start without immense investments?

A lot of modern businesses operate through e-commerce and collect payments for goods, services, lay-by, or various kinds of membership on their websites. The abundance of payment collection methods and the number of solution providers can be quite brainteasing – how to choose the right payment collection partner?In this article, we shall take a look at some of the key aspects to be kept in mind so that the payment collection would not get too expensive and would still be fast and reliable.&nbsp;<h4>Variety of payment methods</h4>The first dilemma faced by the owners of e-shops and other businesses is the choice of a payment method.These are the main currently available methods:-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment Initiation Service (PIS);-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Link – payments via the electronic banking;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment (debit, credit) cards in e-shops;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A standard bank transfer;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal, GooglePay, ApplePay, and other platforms;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; “Cash on delivery”, when the payments are made upon being courier-delivered, at the post-office, at the automated parcel terminal, or elsewhere (by cash or by card).It is important to choose such collection methods that are most commonly used by the target audience in the country where the goods or services are sold. The most popular payment methods in Lithuania are the Payment Initiation Service, Bank Link payments, and payment cards.he Payment Initiation Service that allows the customer to pay without leaving an e-shop, is probably the fastest and the cheapest of all of these methods. When the buyer clicks the payment button, he or she is redirected to the PIS provider’s window and there securely pays for the purchase by entering his or her banking login details. It takes just a few clicks to make such a payment, and the payment reaches the merchant’s account in the real-time mode. The Payment Initiation Service can be several times cheaper than the Bank Link payments.<h4>Integration of settlements</h4>The collection of payments on the website can be implemented using a plugin already created by a partner or independently. In many cases, partner-created plug-ins save time and money by not only being ready to use right away, but also by being constantly monitored to ensure uninterrupted operation.<h4>Price of payment collection service</h4>The price for settlements is important for both the start-ups and the businesses operating for a long time already. In the Lithuanian market, the payment collection prices may vary several times. For instance, the price for collection of one single payment ranges from 2 euro cents to 2.5% of the purchase value or even more. Besides, there may be applied hidden fees. Therefore, before choosing a payment collection partner, it is necessary to obtain the detailed price offer for the service and evaluate all the components thereof, including the one of how the price change as the volume of payments increases.<h4>Speed of payment collection</h4>The speed of the payment collection methods also varies. For instance, whereas the Payment Initiation Service allows receiving the funds to one’s account immediately (if the instant payments are supported), there are methods of collecting payments that take a week or even longer to process the funds crediting. It is important to assess these differences, as many businesses require working assets, and the rapid collection of payments can ensure business continuity.<h4>Terms of contract</h4>Customer-friendly contract terms are among the essential characteristics of a good partner for dealing with the settlements. When choosing a collection partner, it is worth finding out whether the terms of cooperation stipulate a penalty for the termination of the contract and in how long in advance it is required to notify the other party thereof. This is especially important for the starting merchants who are just testing their business model and do not know how long they will use their collection services.<h4>Opening of account</h4>It is important to assess whether the collection service provider allows having a collection account with your chosen financial institution. This may determine the fee rates and other conditions that apply.It is useful to have a collection account with such a financial institution that allows managing the account completely remotely, ensures favourable pricing, and prompt execution of transfers. Besides, the customer servicing is important in terms of how quickly the requests are responded, whether a personal manager is easily accessible, and so on.If the collection account is with the same payment collection partner’s financial institution, the merchants, depending on the institution, receive additional confirmation of the receipt of the funds, and, if needed, have a possibility to return the funds quickly and conveniently to the payer. The collection account opened with another financial institution can have other advantages: one can choose the most favourable terms or use the existing account without changing one’s habits or processes.<h4>Additional benefits</h4>The providers of the payment collection service compete for not only the pricing or the speed, but also for the additional benefits, they provide to their customers. It is worth evaluating whether the potential partners ensure such functions as a standard refund or repeating of a transfer, multi-level signatures, importing of operations, and the like. It may very well turn out that some additional benefits will be particularly important for specific businesses.<h4>Why choose Conto QuickPay?</h4>We have developed Conto QuickPay to make the collection of payments even more convenient and reliable. Our customers are offered particularly flexible conditions: they can choose to open an account with Contomobile or with another financial institution. Termination of the Conto QuickPay contract is free of charge and imposes no obligations.The Conto QuickPay pricing is merchant-friendly. The price per transaction is just 3 euro cents, and 120 transactions per month are free of charge. The monthly fee is only EUR 4.In addition, Conto QuickPay provides all the listed benefits and supports the instant payments, it also allows placing the seller’s trademark on the billing page, and viewing the list of payment initiation operations in the self-service part.Ready to get started? Let us chat!

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In this article, we shall take a look at some of the key aspects to be kept in mind so that the payment collection would not get too expensive and would still be fast and reliable.

How to choose the right payment collection partner?

Lithuania’s largest water supply company Vilniaus vandenys has entered into partnership with the Lithuanian company Contomobile, the provider of the payment initiation solution Conto QuickPay. The company promises to make paying bills easier and more consumer-friendly.&nbsp; According to Saulius Savickas, the Service Management Department Director and the interim Director-General of Vilniaus vandenys, a decision on the deployment of the new payment service solution is part of the digitalization strategy whose goal is to provide consumers with more options for managing services remotely.&nbsp;“Aiming to operate in more effective and sustainable manner, for the last years we have been committing our resources to digitalization. The innovations already implemented help us serve the inhabitants more operatively and conduct the company’s business activities smoothly. Our decision to engage the experienced payment service provider will have a direct impact on our consumers, so, we believe they will evaluate the improved payment process positively“, S. Savickas said.Contomobile, the winner of the competitive tender for payment services, is responsible for secure payments via the Vilniaus vandenys self-service portal and for the immediate processing of payments by using the Conto QuickPay payment initiation service.“We process thousands of payments per month, therefore when choosing the payment service provider we considered pricing and the reliability of both the solution and its provider. The payment initiation service will help us improve the processing of incoming payments and avoid failures. As for our consumers, this will make paying bills easier“, the Company’s representative said.Contomobile, a partner of Vilniaus vandenys, is a member company of Forbis corporate group that has been operating in IT services sector for about 30 years now. Jelena Michailova, the Director of Contomobile, states that growing interest from the market leaders in the innovative payment technologies shows that customer experience becomes the top priority for business expansion.“We are happy to partner with Vilniaus vandenys and to support this important company in its intention to continuously improve the services – in this way commitments to sustainability and effectiveness are performed.&nbsp; We believe that our payment services will contribute to the development of the company. A range of the payment initiation service users in Lithuania is wide – from the small companies to the international e-shops. Their experience shows that this payment solution allows avoiding high-cost failures and improving user experience”, J. Michailova said.

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Vilniaus vandenys has entered into partnership with the Lithuanian company Contomobile, the provider of the payment initiation solution Conto QuickPay. 

Vilniaus vandenys chose Contomobile as payment provider

Vilniaus vandenys chose Lithuanian Fintech company Contomobile as payment service provider

The RATO Credit Union and the Lithuanian FinTech company Contomobile have started cooperating for the development of the RATO’s digital services. Contomobile, a provider of payment initiation and other electronic financial services, will integrate solutions for both the borrowers and the businesses using the RATO’s services. The company assures that the innovation will save the customers’ time and ease the use of online solutions.<h4>Facilitating of monthly payments’ transferring</h4>The borrowers, who transfer their payments to the RATO on monthly basis, will indeed be delighted by the simplified payment process. The Contomobile has integrated a payment button into the e-mails sent by the RATO to its customers as a reminder of the awaiting payment. Owing to this integration of Conto QuickPay payments, a unique payment reference is automatically generated for each customer, so the recipient of the letter only has to click the button and confirm the payment.Jurgita Bliumin, Deputy Head of the RATO Credit Union Administration, says that the integration of the button into the e-mails will help the customers pay their monthly payments on time and speed up the entire payment process.“Not all customers of credit unions get regular incomes to their personal accounts with these institutions, so their monthly instalments cannot be debited automatically. From time to time, this results in delays in receiving the instalments because the customers need more time to make a bank transfer each month and may forget to do it. We want to make this process easier, so thanks to Contomobile, we have implemented a solution that is considered a good practice – a reminder payment button right in the e-mail letter. By clicking this button, the customers are immediately switched to the secure payment window, where they can confirm their payment, just as they would confirm any payment for a purchase,” commented J. Bliumin.“All the innovations we use in our activities are customer-oriented. In this case, we hope that the RATO’s customers will appreciate our efforts to simplify the entire credit obtaining process as much as possible – from the submission of the application to the transfer of instalments,” added the RATO representative.<h4>Popular electronic solutions for business customers</h4>Another digital solution used by the RATO Credit Union is intended for the union’s customers managing e-shops. From now on, they will be able to collect payments online using the Conto QuickPay payment initiation service provided by the Contomobile. It is a rapidly growing popular solution that companies tend to choose to instantly receive customer payments.“The payment initiation service is versatile and easily adapted to the needs of modern clients, as it allows making payments quickly, securely, and conveniently. Any business, collecting funds from customers, benefits from a payment initiation service, since it costs less than usual transfers, and functions smoothly and reliably. We are glad that cooperation with the RATO Credit Union allows us to implement innovative and customer-friendly ideas,” said Jelena Mikhailova, CEO of the Contomobile.<h4>Implementing of the company’s vision</h4>Owing to the cooperation between the RATO Credit Union and the Contomobile, the implemented solutions expand the range of the RATO’s services for the credit union to become a specialized bank. The RATO Credit Union introduced the first in Lithuania credit union mobile app, SEPA instant payments, and remote customer identification. According to the company’s representative, the RATO Credit Union constantly invests in the development of the services that would be convenient and necessary for the customers and seek for the optimal operational risk management measures.“Consistent work, customer satisfaction, and steady business development allow us to expand our circle of customers and provide them with quality banking services while maintaining the principles of customer proximity. Taking into account the different financial needs of customers, the development of digital services and channels in the RATO Credit Union is carried out for the balance of real benefits for customers,” said J. Bliumin.

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The RATO Credit Union and have started cooperating for the development of the RATO’s digital services. 

RATO Credit Union clients are able to make payments easier

Owing to Contomobile digital solutions, now RATO Credit Union customers will be able to make payments easier

<h4>In recent years, online shopping has entered its golden age, and online shopping is growing even more during the holiday season. As the e-shop market has become highly competitive, the e-shop owners are more and more focusing on the technological solutions that make shopping smoother. One of them is the payment initiation service, which allows e-shops collecting payments not only quicker but also in a more reliable way.</h4><h4>One cannot afford the disruptions, especially during the holiday season.</h4>Jelena Mikhailova, the head of the Lithuanian electronic money institution Contomobile, which provides the payment initiation service Conto QuickPay, states that at the growth of the e-shops and their trade volumes, the reliability of payment collection is becoming truly important.“Entrepreneurs choose our offered PIS (payment initiation service) primarily because of the integration fees that are more attractive than those offered by the bank (Bank Link), as well as because of the modern and smooth operation. However, the fact whether an e-shop will continue to use the service, is determined by the quality of payment collection – even the slightest disruptions affect the image of a seller, and reduce sales. That is why the entire Contomobile team prioritizes the stability of IT systems and professional client service,” said J. Mikhailova.According to Justinas Valiūnas the head of the Klipshop.lt e-shop of e-beauty products operating in the Baltic States and the United Kingdom and using the Conto QuickPay service, the reliable collection of payments not only helps to maintain a good reputation, but also to avoid significant losses. This aspect is especially relevant during the holiday season when e- trade volumes increase from a few percent to several times.“According to our calculations, usually three hours of impaired payments at Klipshop.lt would cost 6000 euro, this amount may double during the holiday season. Like any other business, we cannot tolerate such losses, thus, we are very pleased that the Contomobile team has taken care of the stability of its IT solutions and a particularly open client service team,” noted J. Valiūnas.<h4>Own advantages for both sellers and their customers</h4>According to the developers of Conto QuickPay, the solution adapted for e-shops of all sizes is also attractive in that sense that it is extremely easy for the customers to make payments, and the business can dispose of the collected funds immediately.“Alongside with ensuring security and stability, we do not forget the fact that the growth is important for every business. We contribute to the development of our clients by our functionality that allows them stop worrying about payment management: we have implemented automated transferring of money to the customer when the goods are returned; we have integrated the payment button into the invoices sent by e-mail. Contomobile clients can conveniently handle all of this in the self-service portal, which may be conveniently linked to accounting systems,” said J. Mikhailova. “One of the reasons that allows us to expand the range of services while maintaining stability is the long-term experience of the group of companies to which Contomobile belongs. The group's first company, Forbis, has been operating in the field of banking IT systems for almost 30 years, thus, our team has been able to learn about payment services from various perspectives and understand what each client’s needs are.”<h4>The biggest advantage is speed of operation.</h4>E-shops can start using the Conto QuickPay Payment Initiation Service very quickly, and the integration into the client systems takes from a couple of hours to several days. According to the head of Contomobile, the speed of operation is also important in other areas of the company's activities.“We started Conto QuickPay during the pandemic when e-trade businesses were particularly in a hurry to allocate their activities in the internet. We have immediately pre-engaged ourselves to being quick and flexible – this is namely, what the rapidly changing e-commerce sector requires. Together with our teams of technology and client servicing, we currently focus on timely updates and the quickest possible response to the client inquiries – we strive to lead the way in this sphere,” said J. Mikhailova.

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As the e-shop market has become highly competitive, the e-shop owners are more and more focusing on the technological solutions that make shopping smoother.

Costly payment collection disruptions. How to avoid them?

<h4>E-commerce allows even the smallest merchants to reach buyers all around the globe and to grow rapidly. For an e-shop to be successful, it is important not only to choose the right technological solution, but also to consider the marketing and the payment collection issues. Experts say that e-commerce newbies do not need to worry – the process of the online business set-up is speeded up by the e-shop rental, and the payment collection is facilitated by the payment initiation service.</h4>&nbsp;According to Vitalijus Dubietis, the head of the Verskis.lt company offering the e-shop rental services, nowadays, to start an online business is easier than ever.“If earlier, the entrepreneurs, wishing to trade online, had to start the e-shop creation from scratch, today they are offered multiple tools that not only simplify the process, but also help avoid common mistakes. While working with hundreds of merchants, we have noticed that they need help not only in creating an online home site for their shop, but also in implementing such vital aspects for the business as choosing the marketing and search engine optimization (SEO) strategy or payment collection solutions,” said V. Dubietis.&nbsp;According to the expert, the e-shop rental helps the fastest in dealing with the e-shop structure, design, and marketing issues that arise at starting a business. The “tenants” of such an online solution, get easy-to-use tools based on the best market practices: goods’ upload marketing, search engine optimization systems, applications for ordering, delivery, and even accounting or analytics. Small businesses can choose cheaper and simpler tools, and later to involve smarter integrations as they grow.“Prompt and cheap start of an e-shop is essential, however, even more important is its reliable operation. Thus, it is particularly relevant which payment instruments the traders will choose. Those renting an e-shop can install banking integrations (BankLink payments), a modern payment initiation service, or other alternatives into their system. We are glad that Verskis.lt customers can also choose the Contomobile-provided Conto QuickPay payment initiation service, which is several times cheaper than the BankLink,” said V. Dubietis.&nbsp;The payment initiation service allows the merchants to collect payments instantly and to immediately manage the funds collected. This is probably the greatest advantage for small traders. Jelena Mikhailova, the head of the Contomobile Company, which has developed the service, says that the results of the recent years show that the payment collection service is becoming more and more popular among the merchants and their customers.&nbsp;“The steadily growing number of e-shops using Conto QuickPay PIS shows us that the market particularly needs a cheap and business-friendly solution for businesses of all sizes. In order for an e-shop to start using our payment collection and the most popular ready-to-use plugins, it is enough to just install the Conto QuickPay solution, and the service will be activated in a matter of a few days. We also provide other benefits to the businesses that have become Contomobile customers: opening of the company's current account remotely, convenient online self-service portal with numerous options intended for e-shop merchants, such as automatic transfer of money in case of the return of goods by the buyer, repeating of a previous transfer, or transfer templates to save time when generating orders for customers, the “wait for money” function, which allows smooth operation even in the case of the lack of turnover funds, as this service allows automatic executing of the pre-formed orders when there appear enough funds in the account, and a lot other options”, said J. Mikhailova.&nbsp;According to the developers of the payment initiation service, this payment method is attractive not only for merchants, but also for their buyers, as the service allows confirming the payment without leaving the payment window. The businesses using this service can also integrate a payment button directly into the invoices being sent by email to even more simplify the shopping experience.

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For an e-shop to be successful, it is important not only to choose the right technological solution, but also to consider the payment collection issue. 

What tools is an e-shop to use to be successful?

Important even for the smallest merchants: what tools is an e-shop to use to be successful?

<h4>Saulius Masiulis, head of the fronto.lt e-shop rental platform, and Jelena Mikhailova, head of the Contomobile electronic money institution, which provides the Conto QuickPay payment initiation service, share their insights that would help make the best decisions when starting online trade.</h4><h4>An online store is usually enough to be rented</h4>According to Saulius Masiulis, who has many years of experience in both sales and rental of e-commerce solutions, Lithuanian and global trends show that more and more businesses entering the digital space are starting their e-commerce path from solution rental.“I encourage businesses stepping on the e-commerce path to rent sales platforms for several reasons,” said S. Masiulis. “The rented solution can be used immediately and does not require significant investment. For the beginners, the functions provided by the rented platforms are quite sufficient, and the necessary improvements can be easily implemented, if needed. I suggest considering the purchase of a unique platform only when it is clearly known what aspects of the rented platform hinder the development, and when the customer is ready to invest a lot of time and money into the development of such a platform.”<h4>When choosing partners, consider the quality of service</h4>Commonly, after entering the e-commerce business, a number of technical issues arise. It will be necessary to make sure that the e-shop looks attractive, is functional, and its payment collection system operates smoothly. Although most of these issues are handled by rental and payment collection partners, it is up to the businesses themselves to manage these elements.“When choosing an e-shop platform, it is necessary to assess how much attention and help you will receive,” continued S. Masiulis, head of fronto.lt. “I think a quality end-to-end solution can be achieved with most service providers, but not all of it will be that simple and as fast as it could be. I encourage the beginners to choose flexible, smaller, service-oriented service providers. At the beginning, many questions arise, and we constantly hear from our customers that the leading service providers on the Lithuanian market often do not pay as much attention as they should.”In this, he was also supported by Jelena Mikhailova, head of Contomobile, who sees the same trends in the sphere of payment collection.“For some time now, we hear from both the beginners and those e-commerce representatives already operating on the market, how important it is for them that we delve into their problems, solve them promptly, and advise,” said J. Mikhailova. “Before staring cooperation with this or that provider, I encourage to find out how quickly the issues will be responded to and whether the assistance will be a priority. Otherwise, for example, if the payment collection system malfunctions and the assistance is late, it may very well lead to the loss of customers.”<h4>Integrated services and automated platforms as the main priority</h4>What is not less important is to ensure that the selected service providers offer a wider range of services – this will become especially relevant as the activity accelerates, the need to optimize processes and increase profits arises.“It is not just the collection of payments that is important for the e-commerce companies – the experienced market participants choose those partners who can offer a full range of financial services,” said J. Mikhailova. “This is not less important for the market entrants, as the need for the integrated services will grow alongside with the business growing. For example, our customers can use multi-currency accounts that are especially needed when expanding the business abroad, besides, our customers can make mass transfers, and automate the accounting processes.”According to Saulius Masiulis, when choosing an e-shop rental platform, it is worth inquiring whether the provider's systems are automated, and whether additional services required for successful business development are being offered.“Not all e-shop rental platforms have fully automated systems, thus, posing a risk to the stability and quality of the service they offer,” said S. Masiulis. “Although it seems to be just a technical nuance that may seem irrelevant to the customer, in fact, this aspect determines the speed, reliability, and quality of the service provision. It is also important that the platform would not only allow creating a store, but would also add up to the sales. For example, our platform not only takes care of the e-shop launching, but also advises on marketing issues, introduces the customer to the particularities of the online trade.”

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How to successfully start an e-commerce business?

<h4>The pandemic has changed people’s habits of consumption, and many businesses have been forced to look for additional ways to reach their customers. Vitalijus Dubietis, director of the verskis.lt&nbsp;e-shop rental platform, and Jelena Mikhailova, head of the Contomobile electronic money institution, discuss the three key trends prevailing in e-commerce during the quarantine period.</h4><h4>E-commerce in Lithuania has become more competitive</h4>According to Vitalijus Dubietis, head of verskis.lt, one of the significant changes that took place during the pandemic was that more companies that had not previously carried out e-commerce activities would choose the path of e-commerce.“If before the pandemic about half of our customers were individuals developing e-business just as an additional activity, during the pandemic, these proportions have changed significantly. At present, about three quarters of our customers are businesses, whereas the number of individuals has decreased to a quarter,” said V. Dubietis.According to the e-shop expert, quarantine has clearly acted as a catalyst, forcing already successful companies to digitize their processes, and as a result, the e-commerce environment itself has become more competitive and professional, offering consumers more choices.<h4>More payment collection options</h4>Jelena Mikhailova, CEO of Contomobile, an electronic money institution that has recently introduced Conto QuickPay, stated that new methods of collecting payments in the country, alongside with the e-commerce boom, would give e-businesses more flexibility and allow them saving up.“As for payment collection, earlier e-shops would have very few choices, and those were often far from optimal,” said J. Mikhailova. “The greatest difference between payment collection solution providers like us and the incumbents on the market is the speed and the quality of servicing. We are able to respond quickly to customer needs, we have optimized our processes so that we can advise both those with technical knowledge and those who are only familiar with the nuances of payment collection. In addition, our Conto QuickPay payment initiation service is highly compatible with various platforms, and the prices are truly competitive.”<h4>Renting e-shops has become more popular</h4>Those creating e-commerce businesses can choose between the two options – e-shop rental or purchase. According to Vitalijus Dubietis, rental would win the choice during the pandemic for several reasons.“Those who choose to rent an e-shop do so because this variant can be implemented very quickly and does not require significant investment. Meanwhile, buying a customized e-shop can cost tens of thousands of euros, and the programming and design work takes up months. Rental was a much more common choice during the pandemic because of the following aspects: the companies needed to quickly reorient and do so at the possible lowest cost. The prevailing of the rental may be also seen in numbers – within one year, our sales in this category have doubled”, said V. Dubietis.Director of Contomobile also accentuates the same trends, and states that the majority of e-commerce representatives, who use Conto QuickPay payment initiation service and other services of the company, usually rent their trading platforms.

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E-commerce in Lithuania: market trends during the pandemic period

E-commerce in Lithuania: market trends during the pandemic

<h4>The customers of the largest e-shop rental platform in Lithuania can now use the Conto QuickPay payment initiation service developed by the Contomobile electronic money institution.&nbsp;</h4>As more and more businesses choose the path of e-commerce, the businesspeople are looking for ways to streamline their processes. One such method is the Payment Initiation Service (PIS). This service facilitates the process of collection of e-shop payments when customers choose to pay using their bank accounts. After installing just one plugin, the e-shop can collect payments from the customers using the services of Lithuanian banks and credit unions.Verskis.lt also reflects these trends in the e-commerce market, thus, from now on, their customers can choose the exceptionally easy, secure, and cost-effective Conto QuickPay payment initiation service.“We have chosen to cooperate with Contomobile, because we want to offer our customers the most optimum payment collection solutions on the market,” said Vitalijus Dubietis, Director of verskis.lt. “Our experience in the sphere of e-shop rental shows that shop owners expect the easiest possible integration opportunities from the platform they use, and that the collection of payments is reliable and not too expensive. It is namely for these reasons that we have decided to choose Conto QuickPay as our payment collection solution. We hope that more flexible and easier payment collection will contribute to the growth of our customers' profits.”verskis.lt&nbsp;started its activity in 2008, and today about 1,000 e-shops use their services. Being the largest platform of this type in Lithuania, the company offers its customers an e-commerce solution that takes care not only of basic things, i.e. prices, shares, balance accounting, but also of additional functions such as SEO, integrations with carrier systems, or payment intermediaries, and interface with the accounting system.“We are happy to start cooperation with verskis.lt, because we know that the stores that choose our payment initiation service will feel its true benefits,” said Jelena Mikhailova, CEO of Contomobile. “The stores will not only save-up and facilitate their sales processes, but will also take an advantage of our exceptional customer servicing. We respond very quickly to the customer questions regarding Conto QuickPay installation and other related issues.”The Conto QuickPay payment initiation service is suitable for both start-ups and experienced, big-volume businesses. After installing the PIS plugin, e-businesses can collect payments from the customers of SEB, Swedbank, Citadele, Šiaulių bank, and in the nearest future, from Luminor, LKU, Rato union, and Revolut.In addition to PIS, Contomobile offers more of integrated financial technology services. Businesses that once have opened an account with this electronic money institution can link it to various business management platforms, collect payments,&nbsp;make local or international instant payments, and use currency conversion and other functions.

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The customers of Verskis.lt can now use the Conto QuickPay payment initiation service developed by the Contomobile electronic money institution.

Verskis.lt has started cooperation with Contomobile

E-shop rental platform verskis.lt has started cooperation with "Contomobile"

<h4>As the pandemic accelerated augmentation of e-shops, more and more businesses would emerge in the e-commerce environment, looking for ways to save and facilitate payment collection processes. One such way is a payment initiation service (PIS), which enables online stores to easily and cheaply collect payments from customers.</h4>A payment initiation service (PIS) is a service that allows e-shops to particularly easily collect payments for goods or services from customers having an account with a bank or other financial institution.According to Jelena Mikhailova, head of the Contomobile company that provides the Conto QuickPay payment initiation service and other financial management services, the publicity of this service has broadened along with the increase of the number of online stores developing during the pandemic.“During the pandemic, the range of our customers has grown significantly for objective reasons – more and more companies that have moved their activities to the Internet space are looking for the best ways of payment collection,” said J. Mikhailova. “Partners choose us for possibly the lowest prices on the market, fast integration, steady servicing, security, and exceptional customer service quality. We are open to customer suggestions, we try to respond to their questions quickly and efficiently. The ease of integration of Conto QuickPay with a range of e-commerce platforms also plays an important role. I would like to emphasize that our payment initiation service meets the needs of both start-ups and experienced, big-volume businesses. In addition to the payment initiation service, Contomobile offers the business customers an online self-service portal (desktop application version) specifically developed and adapted to the needs of the business customers.The online sellers of goods or services benefit from PIS regardless of the sales volume they make. This is especially convenient for e-shops, as the Conto QuickPay PIS plugin is extremely easy to install, which allows the stores to collect payments from the banks-customers operating in Lithuania.To start using the service, all you need to do is sign the Conto QuickPay service agreement and install the plugin. After doing so, the e-shop customers will immediately be able to make secure payments using the accounts with the banks or credit unions operating in Lithuania.Compared to the seemingly similar BankLink service, the e-shops using PIS do not need to enter into agreements with each bank individually, nor do they need to install plugins of different banks. Compared to both BankLink and payment card payments, the Conto QuickPay service is both more secure and easier to install and manage, and also significantly cheaper. In addition, as the sales grow, the price per transaction drops even more.Currently, Contomobile offers its customers the Conto QuickPay plugin for OpenCart, Prestashop, Magento, WooComerce platforms. The service is integrated with Citadele, Swedbank, SEB, and Šiaulių bank. And in the nearest future, Revolut, Luminor, Rato union, and LKU group of credit unions will supplement this list.To e-shops, Contomobile offers not only a PIS solution, but also other integrated financial services. Businesses that have an account with this electronic money institution can easily link it to various business management platforms, as well as collect payments, manage finances, or make instant international and local payments.

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More and more businesses would emerge in the e-commerce environment, looking for ways to save and facilitate payment collection processes. 

E-shops are choosing a payment initiation service

More and more e-shops are choosing a payment initiation service for payment collection

<h4>By choosing the Conto QuickPay payment initiation service, <a href="https://klipshop.lt/">Klipshop.lt</a> has become one more successful Lithuanian e-business that has joined the growing range of customers of the Contomobile electronic money institution.&nbsp;</h4>“Secure and convenient payment collection is one of the key elements of the e-commerce business,” said Justinas Valiūnas, CEO of Klipshop.lt. “We were looking for a partner who would provide the payment initiation service not only conveniently and securely, but also at an attractive price. When we started cooperating with Contomobile, not only we received what was mentioned, but we also were surprised by the prompt and agreeable service and assistance of the highly qualified specialists. What is more, we have chosen Contomobile because the company is both modern and has many years of experience in the sphere of financial technologies.”Klipshop.lt is an online Lithuanian capital store offering professional beauty products, which started its activity in 2015 and is currently operating not only in Lithuania, but also in the United Kingdom, Latvia, and Estonia. The company's business model is to offer a wide assortment of professional, top-quality beauty products not only for professionals, with keeping to the standards of sustainable and ecological business.“Being a Lithuanian capital company, we are happy to become partners with another local business operating successfully in the digital space. We can assure that our experience in the sphere of financial technologies will facilitate Klipshop's business processes and allow the company to focus mostly on further development of its successful business,” said Jelena Mikhailova, CEO of Contomobile.Conto QuickPay, a payment initiation service offered by Contomobile, enables e-shops to easily collect payments from customers who want to pay without using payment cards, but rather directly from an account with a bank or other financial institution. The service is suitable for various e-commerce platforms, and also supports many popular plugins, such as WooCommerce, OpenCart, PrestaShop, Magento, and more.Contomobile is one of the first financial institutions to offer SEPA instant payment services to its customers. With this payment system, the money reaches the beneficiaries in a matter of seconds all across the European Union.In addition to the services already mentioned afore, Contomobile also offers multicurrency IBAN account services for businesses and individuals, as well as modern digital tools for sending, receiving, and managing funds. The company's customers – the e-shops, as well as the businesses that are involved in currency conversion and international transfers, manage their services in a modern e-finance app and via an online self-service portal.

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Klipshop.lt has become one more successful Lithuanian e-business that has joined the growing range of customers of Contomobile UAB.

Klipshop.lt has chosen Contomobile as its payment collector

Klipshop.lt online beauty store has chosen Contomobile as its payment collection partner

<h4>Now, the owners of e-shops will be able to collect customer payments more efficiently, since a new payment initiation service Conto QuickPay has started operating in Lithuania. According to the service developers, compared to the competitors, the tool is remarkable for its fast operation, modern design, and probably the lowest price on the market.</h4>Aggressive pricingConto QuickPay being suitable for small, medium, and large businesses, will compete with other similar services already operating in the market – BankLink, payment card payments, payments via the PayPal system, and the like.The creator and developer of the new service is Contomobile – an electronic money institution, belonging to the Forbis group of companies. According to its CEO Jelena Mikhailova, the decision to offer a new service to the market was made after assessing the rapidly growing volume of e-commerce in the country, and after considering the feedback from merchants on the payment collection solutions already used.“For some time now, we have been following a significant growth of the e-commerce market and the need for quality payment collection services. We have found out that as for ​​payment collection, the businesses want more quality, security, convenience, better design solutions, and flexible pricing. These insights have become key values ​​and main goals in the development of the Conto QuickPay service,” said J. Mikhailova.According to her, Conto QuickPay is an easy-to-use tool that can be conveniently integrated with various e-commerce systems, and it definitely stands out for its extremely flexible pricing. It consists of a monthly servicing fee and a fee per transaction, which are the lowest on the market. Besides, new Conto QuickPay customers are exempt from paying the transaction fee for the first six months.Conto QuickPay is unquestionably a cheaper and more secure solution for e-shops compared to alternative services, such as BankLink or payment cards,” said J. Mikhailova, CEO of Contomobile.It is planned that at least a few dozen of large and several hundreds of small Lithuanian e-shops will start using the Conto QuickPay service already this year.Following global trendsApart from the pricing, which is promising to be worrisome for the competitors, Conto QuickPay is also notable for support of instant payments (SEPA Inst). According to J. Mikhailova, head of the Contomobile electronic money institution, which has developed the service, when collecting money in a centralized way, i.e. on one Contomobile account, the payments from the many banks will be received and credited instantly. As a result, the customer will not have to wait long for the money, since it will be available on the customer’s account in less than 30 seconds.The creators of Conto QuickPay also emphasize that the e-shop that has implemented their service can have its account with Contomobile or with any Lithuanian bank.Other advantages of the new payment initiation service include the minimum number of steps to be taken by the e-shop customer alongside with the excellent compatibility. The latter allows the e-shop to supplement the existing payment method, such as paying by a payment card, with the Conto QuickPay plugin, thus expanding the range of the payment options offered to customers, saving the costs and increasing the likelihood of a successful purchase.According to the company, the Conto QuickPay service is activated for new customers within one business day, and the integration work in the customer systems can take up from several hours to several days, depending on the e-commerce system used and the IT resources available.According to J. Mikhailova, head of Contomobile, the enumerated advantages of the service and the implemented solutions have been developed taking into account the trends that currently prevail in the world and the most advanced banking technologies.“Developers of banking systems and payment initiation services all around the globe strive to as much as possible facilitate the payment processes on e-commerce platforms. The aim is to provide the customers with the extremely secure, easily accessible, and fastest-operating payment methods that would be convenient not only for the customers of e-shops that make payments, but also for the companies operating e-commerce systems themselves. And this exactly is the goal that we set for ourselves,” said J. Mikhailova, CEO of Contomobile.

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Now, the owners of e-shops will be able to collect customer payments more efficiently, since a new payment initiation service Conto QuickPay has started operating in Lithuania.

New payment initiation service for e-shops

From now on, the life for e-shops will become much easier owing to launching of a new payment initiation service 

Conto QuickPay is a payment initiation service enabling e-shops to receive payments online and allowing customers to pay for goods or services.

Conto QuickPay | News

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Conto QuickPay is a Payment Initiation Service (PIS) that allows e-shops and other businesses to receive their payments online from buyers, who have a bank account but do not want to use a payment card, to pay for goods or services.