We sat down with Indrek Kaljumäe, Head of Acquiring Services, to understand more about how LHV Bank, one of our first partners and an award-winning innovator, looks at the digital payments world.
What does today’s evolving world of payments mean for the banks?
Banks have to be one step ahead of customer needs. In our case, we were looking for a solution that met our conditions. The main task was to develop modern and convenient card payment solutions for local and global companies.
While banks need to provide modern payment solutions in order to not lose the online payments market to third party providers, the merchants need modern payment solutions to ensure smooth and fast payments for their customers.
Paying by card and saving the card token to a merchant’s server has become increasingly popular. Smart payment solutions are not limited to online stores, however. They are essential to all digital businesses and every business needs an appropriate solution. From selling goods to providing services (taxi apps, fitness clubs) – these all need a digital payment solution.
What were the main goals for LHV?
The key goal was to secure more merchants and to improve UX for the merchants’ customers by utilising the world-class digital payment solutions as well as helping to mitigate fraudulent transactions. Merchants are also benefitting from fast settlement times.
Did you find a solution to your challenges?
Yes, by adopting the fully modern EveryPay payment gateway platform that supports different digital payments solutions, like Online Card Payments, payment link – LinkPay, Subscription payments, One-Click-Payment, Token Payments. Due to the variety of tools available, LHV can now offer merchants different and convenient services, and merchants can, in turn, provides smooth solutions for their clients.
What were the reasons you decided to go with EveryPay?
In addition to previously mentioned features, we now have a comprehensive toolset for preventing fraud, which includes Delayed Capture, Black- and Whitelisting, Bank Account Verification and 3D Secure authentication. Also having a real-time data exchange with EveryPay we are able to provide same-day settlement. These tools have helped us to manage fraud risk and take LHV ́s fraud prevention to a higher level.
Thanks to this, LHV can provide high-quality services to global companies and has expanded its market share in card payments and is providing more services to corporate customers.
Additional benefits offered for the client
LinkPay – payment link
The payment solution allows companies to collect online card payments simply by using the predefined link. “LinkPay is the perfect tool for all businesses for improving cash-flow and for getting paid instantly, without the need for IT development or a website,” explains Lauri Teder, CEO of EveryPay.
mTasku – mobile wallet
mTasku is a mobile wallet on your mobile phone that holds bank cards and loyalty cards conveniently in one place. At the same time, all card data and payment processing are managed by EveryPay.
Subscription payments can be used as a billing solution for periodic and recurring payments. To successfully process a subscription payment, you need your client’s approval to take funds from their account at an arranged time. It is a convenient solution for end-users and gives merchants more control over the billing collection processes.
Quick and professional support
EveryPay offers acquiring service providers a continuously evolving, cloud-based payment gateway platform as a service. Our clients have online and offline access to payments specialists with professional expertise in card payment processing rules, operations, and technical possibilities. We also support merchants during and after integration and can solve the majority of the requests on our own.
The world’s leading research and advisory company Gartner came out with a statement that most banks will become irrelevant by 2030. What banks and acquiring service providers should do to stay relevant in the year 2030?
Smaller and medium-sized banks that offer acquiring services will need to really rethink the strategies in order to stay competitive in the ever-changing world of payments and avoid losing its merchants to 3rd party players or larger banking groups. Outsourcing a payment gateway is one of the best options to ensure having the constantly improving gateway platform with nimble solutions that will help such banks to save time and money on product development as well as allow them to focus on other priorities and revenue streams. This will lead to securing more merchants and increasing acquiring revenues.
About EveryPay and LHV
EveryPay is a dependable partner for banks with PCI DSS Level 1 certification, PSD2 and GDPR compliance.
We help banks and acquiring service providers by giving them access to state-of-the-art and continuously improving digital payment solutions with all the relevant tools to manage the acquiring side of eCommerce. Our first bank was LHV Bank.
LHV Bank is an innovative European banking group who was looking for a solution to accommodate the needs of its business clientele. The goal was to deliver nimble card payment solutions for local as well as foreign companies.