eCommerce Expo recap: 5 challenges cross-border merchants can solve with online banking e-payments

Did you know that the UK is the biggest foreign market for Nordic e-commerce? In Denmark, for example, 46% of consumers purchased goods online from the UK in the past quarter, according to a PostNord study. Considering the fact that Nordic consumers show a strong preference for paying via online banking e-payments (OBeP) and about one-third will abandon their shopping carts if a preferred payment method isn’t offered, UK merchants that offer a service like Trustly can maximize conversion at the checkout.

The Nordic’s zeal for UK goods is just one of the reasons why Trustly is so excited to open up our London office and offer our e-commerce payment solutions to the UK. (Another reason being fish and chips, of course.) It’s also why we were tickled to attend eCommerce Expo in London last week and share some insights about cross-border payments.

In a session titled “A better return: How to increase sales with instant bank payments & efficient refunds,” Trustly GM Mike Parkinson and CPO Josef Darmark spoke to a packed audience about the challenges merchants have when it comes to cross-border sales.

Missed the session? Read on to learn how Trustly can help solve cross-border merchants’ woes.

Challenge 1: Consumers are impatient and expect instant gratification

Consumers want to pay instantly and receive an instant confirmation. Whereas a normal bank transfer takes 1 to 3 business days to settle, Trustly’s advanced risk system enables instant transfers. This is vital in industries like gaming where players want to place quick bets, but also in e-commerce where consumers expect instant gratification.

Challenge 2: Consumers don’t have access to their funds

“It’s an issue for merchants when they can’t sell more, whether that’s because a payment has been declined or consumers just add less to their carts,” explained Darmark. With Trustly’s account selector, consumers can choose from which bank account they wish to pay, so there’s no need to top up a debit card or increase a credit limit to buy more. For purchases of higher value, like a flight, it’s easy to pay from a savings account where more funds tend to be available. In one merchant case, offering Trustly’s online banking e-payments at the checkout doubled the average order value.

Challenge 3: Merchant fraud risk is high

A major challenge, especially in cross-border markets, is the risk of merchant fraud. “You have everything from stolen cards to fake identities,” said Darmark. Combatting fraud takes a lot of time and resources but all of Trustly’s payments are made using two-factor authentication and are chargeback-free, so there’s no way for the end consumer to reverse the payment. “You can target new countries without having to worry about risk going into a market you don’t know well,” added Darmark.

Challenge 4: Refunds can be frustrating

Consumer behavior has drastically shifted over the past few years and now, for example, shoppers buy five pairs of shoes and end up returning four. Traditional refunds can be a real headache for merchants because it can take several days to refund money, leading to frustrations for impatient consumers. “It’s also bad to have money in the air,” said Darmark. “You either want money in your wallet or in the consumer’s wallet so he or she can start spending again.” With Trustly’s instant refunds, money is refunded immediately so consumers can start shopping again.

Challenge 5: Cross-border payments are complex

Going cross-border poses many problems: You have to set up multiple legal entities, sign multiple bank agreements, register multiple bank accounts and then deal with multiple reconciliations. But Trustly solves all of this. By signing one agreement, you get access to all 29 markets where we operate. You only have to manage one bank account (in multiple currencies if you wish) and you receive one reconciliation.

Interested in learning more about how Trustly can help you grow your e-commerce business across Europe? Visit or contact