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May 13, 2021

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

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.

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.