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September 30, 2020

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

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.

Aggressive pricing

Conto 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 trends

Apart 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.