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Who, or what is Trustly?
At many online retailers in the UK, it’s common to see the option to pay by Trustly. Using this service, the funds are taken straight from your bank to pay for items. The transactions are processed instantly so your order is settled right away.
But is Trustly a secure and trustworthy option? And in what industries is it commonly available? In this Trustly review, we’ll explain everything about this payment method so you can decide whether you want to use it the next time you’re paying online.
What Is Trustly & How Does It Work?
Starting as a Swedish fintech company, Trustly simplifies online payments by allowing users to pay directly from their bank accounts. Founded in 2008, it serves as a secure bridge between the consumer's bank and merchant, eliminating the need for card payments or creating new accounts.
The key selling point is that the process is seamless. There’s no need to waste time entering account numbers and sort codes. Instead, when you choose Trustly, it just takes a few simple steps to enact a transaction:
You select your bank
Log in with your online banking credentials
Choose which account to use
Confirm the payment
What’s more, these transactions are free to do and take just a few seconds to process so your order will be completed and confirmed immediately. There’s no waiting around for any funds to clear.
The ease with which Trustly operates has driven its popularity among customers and vendors alike. That’s why it’s available at numerous online merchants and is used by a wide variety of consumers.
Is Trustly Safe?
Safety is at the heart of this service, with the company following strict regulations while being licensed by the Swedish Financial Supervisory Authority. Thanks to this licence, Trustly is authorised by the UK’s Financial Conduct Authority (FCA) to offer payment services to British consumers.
All payment portals use state-of-the-art encryption technology to ensure your online banking details are kept safe when logging in. There is also multi-factor authentication in place to make sure that all transactions are conducted by the actual account holder.
Once a transaction has been made, the merchant keeps your financial information private. Trustly does not keep any data longer than required for legal reasons too. They have a very strict privacy policy outlining how your information may be used in adherence with GDPR data protection laws.
Where Can I Use Trustly?
One of Trustly's strongest selling points is its versatility. It's suitable for many different types of industries and offers the same advantages to both consumers and merchants. Here are some of the most popular areas where it’s available.
Online Gambling
Trustly has made a huge impact in the online gambling industry, transforming bank transfer from a payment method of last resort into one of the most popular ways to play. Thanks to its popularity, you can easily find a quality Trustly casino to deposit instantly and start playing slots and games in seconds.
However, one of the major selling points for players is getting access to any winnings. Withdrawals at online casinos are received much faster than before using this service, with the money being available in your bank account almost as soon as the casino approves the payment.
The company continues to drive innovation in the online gambling industry too. For example, their standout Pay N Play feature combines registration, verification, and depositing in one simple process and has been a game changer for both players and online casinos.
E-Commerce
Trustly is widely available in the e-commerce industry. Online retailers value it for providing speed and frictionless payments that help reduce cart abandonment rates. For new consumers, it means avoiding typing long card details for smooth and safe checkout. For returning consumers, the option to choose payment via the last-used account saves even more time and is perfect for regular shoppers.
Trustly has streamlined the refund process too. When shopping online at some merchants, consumers can return items in the post and then receive the money back to their bank account with minimal fuss. This results in much more user satisfaction which can then translate into better company reputation via online reviews and other feedback.
Travel and Hospitality
Trustly is available on many travel and hospitality websites. This grants you the ability to make flight, hotel, car rental, and other purchases quickly and efficiently. Some of the biggest names that utilise this service include:
● Booking.com
● KLM
● Air France
● TUI
Once you’ve found your perfect flights, accommodation, and transport, you can book pretty much all of your trip within a matter of minutes straight from your bank account.
Of course, as holidays can be expensive, many services allow you to pay in instalments. You can also utilise the enhanced direct debit service, making it simple to set up staggered payments for as long as required.
Subscription Services
From streaming services to gym memberships and other monthly expenses, it’s important for consumers to use a reliable payment method for subscriptions. Trustly has carved out a reputation for these types of payments, being able to facilitate recurring transactions when needed.
One of the major benefits is that once the payment is set up, you can sit back and relax. Your bank details will not expire or get lost, unlike credit/debit cards, which means consumers can enjoy continuous service without having to update card information or fear their preferred payment method expiring.
What Banks Are Accepted?
Trustly works with pretty much all UK banks and financial institutions to ensure its service is accessible to the vast majority of the country’s population. This includes all major and most minor names such as:
● Barclays
● Lloyds
● HSBC
● NatWest
● Santander
● Nationwide
● Co-op
● Halifax
● Monzo
● Revolut
● Starling
You just need to have an active online banking account with one of the supported banks set up and ready to use. Pretty much all accounts today will have this facility as soon as the account is opened.
Thanks to open banking, no additional registration, passwords, or apps are required when using this service as the payment portals are integrated directly with your bank's infrastructure.
Summary
Overall, Trustly is a popular, safe, and convenient payment solution in the UK that’s growing rapidly. Its speedy and secure transaction processing has helped it become a significant option for consumers in many different industries, such as online gambling, e-commerce, travel, and more.
Thanks to its integration with major UK banks and commitment to stringent security measures, Trustly is an accessible and trustworthy option for those seeking efficiency and peace of mind in their online payments.