Euroloan E-Commerce Model a Growing Success

The E-Commerce services of Euroloan Group PLC, the FinTech service provider, are expanding fast. Partnerships with big online shopping platforms and growth in new markets are the next steps, says Chairman Lindfors.


Helsinki, Finland, 2016-09-29 15:00 CEST (GLOBE NEWSWIRE) -- Euroloan has developed fully integrated payment solutions that have been a success with the major webshop platform providers, payment service providers, web merchants and also traditional shops.

The solutions can now be found in hundreds of web shops and all major service providers in Finland. With the Finnish market covered, the FinTech group is now poised to launch the services in several markets.

According to Tommi Lindfors, Chairman of Euroloan Group PLC, this is big news: “It takes years to build a capability to integrate automatically with many different platforms and systems. There is a world of difference between being having an online presence in one web shop with some automated processes, and actually being a fully automated part of the whole shopping process and capable to quickly integrate with many different platforms. We are actually a very strong player in the E-Commerce and payment solutions environment, which may come as a surprise to some. It’s probably typically Finnish to develop a world-class service for hundreds of clients and tell no-one else about it.”

Euroloan has been fortunate to be based where online business models are the market norm. “Our partners are among the most advanced anywhere and continuously work out better ways to serve their clients.  This fits nicely with our lead principle in the development of services and Fintech solutions, which has always been to listen to our customers. With our in-house development capability, agile process, scalable, automated cloud-based systems and frequent releases we can meet customer demand at once in several markets. We are an integrated part of the online payment services and credit ecosystem and present where consumers and merchants meet. Listening to both merchants and consumers, and understanding their changing needs has been the driver of our service development”.

“Some see us as a run-of the-mill online consumer lender, but that couldn’t be further from the truth. Through our web shop and payment platform integrations, we are inside the consumers’ shopping process. It forms a major part of our strategy to have this direct connection to where money is being used, and it’s independent from third parties. Regular lenders and credit card providers are at the end of a long and complicated shopping and payment process pipeline, often with manual steps involved. Manual processes can be made quickly, but they are not real-time, integrated or easily scalable. Customers get really annoyed to have to wait for extra steps and manual checks.”

“Instead of competing for attention at the end of the payment provess we are already present through the whole shopping experience. This is a huge competitive advantage. Customers that are using their smartphone to buy something are already with us at that point. Big players have started to see the benefits of working with us. We started small years ago with a few partners and have now proceeded to the point where we cover a big part of the market and can take in the big volume web shops and platforms. Integration with those is something that credit card companies and regular consumer lenders would need years to develop. We can do it very quickly indeed. This is the real benefit of our fully automated, integrated approach and the systems we have developed. The growth potential is spectacular and we intend to make full use of our competitive advantage.”

 

Euroloan eCommerce payment solutions are spreading rapidly

Verifone and Euroloan announced the Omnichannel payment solution for multichannel shopping last year. These services are now going live, according to Key Account Manager Sirkku Jauhiainen. “This is a welcome addition to our already extensive network of webshops and integrated payment service providers. Euroloan eCommerce payment solutions are developing and growing fast, and the solutions have been very welcome among the merchants. We are strongly focusing on co-operation with online shop platform providers and payment service providers (PSP). For the merchants this means extremely easy deployment of our invoice and instalment payment methods in their online shops. From the consumers’ point of view, our payment methods are fast and easy to use in both stores and online shops. This, in turn, increases the sales of the merchants.”, says Ms. Jauhiainen.

She continues: “Obvious benefits to merchants of our services include immediate payment and also being free of charge. Their cash turnover increases and merchants don’t need to do or pay anything, really. Behind all that we have integrated our services with the leading payment service providers (PSP’s) and webshop platform providers. For example: Customers looking at a product page automatically get the option to pay per invoice and also see the monthly instalment amount. This means we are in the shopping process from the very start and have eliminated unnecessary additional steps. This really drives sales.  It’s also very easy for merchants to start using our services. We offer solid knowledge of customer payment behavior, strong partners, and modern systems that are always up to date thanks to our in-house development.”

Euroloan’s payment solutions increase the number of successful transactions and help with the reporting and monitoring of deliveries, reclaims and charge-backs. Euroloan carries the credit risk and invoices consumers according to the merchants’ preferences. Verifone’s service now features Euroloan’s pay-by-invoice, credit account and instalment payment services. Ms. Jauhianen adds: “This means that we are now live in hundreds of shops, all featuring Euroloan’s payment services. Some of of the webshops using Verifone’s payment solution are very big. On top of that we are also bringing to the market the newest Magento module, that is very popular and awaited. PaybyWay (Maksukaista) also features our payment solutions, which means we are automatically in hundreds of webshops also through them.”

Euroloan offers consumers three alternative payment methods: invoice, instalment and credit account. The payment services work the same way both in online stores and in traditional stores. When paying by invoice, a consumer will have an interest-free payment term, and can later convert the invoice to instalment with up to 30 months payment term. The Euroloan credit account now enables also bigger purchases up to 10 000 euro.

“Next we will roll out the point-of-sales solutions, where our payment methods will be available directly through Verifone payment terminals in traditional shops. This is quite revolutionizing in itself: Consumers can pay by invoice or instalment just by entering their personal ID number in the payment terminal, where they’d otherwise enter their card PIN number. We take care of the rest. No need for credit or debit cards, and the transaction is just as fast. This should be available in shops using Verifone terminals in time for the Christmas shopping season. This is big news and it gets even better: Big retail chains and webshops are in the process of switching to us for invoices and instalment payments, some exclusively. They seem to have realized the clear benefits of teaming with us. I look forward to having more to tell you about that very soon”, Ms. Jauhiainen concludes.

 

About Euroloan Group

Euroloan Group PLC is a rapidly growing international group, specialized in highly automated financial services and financial technology (FinTech). The Group has offices in Helsinki (HQ), Luxembourg, Stockholm and Warsaw and the team includes around 50 professionals of 10 different nationalities.

The Group operates in a mobile online environment offering credit limits, loans, money transfers, webshop payment services, invoice payments and collection services as a real-time e-business to retail customers. For webshops and sales points, Euroloan offers pay-per-invoice and sales finance solutions that are easy, free of charge, and work under the merchants’ own brands. Euroloan originates high-quality structured consumer receivables portfolios with guaranteed performance and continuous monitoring and servicing.

All services are truly instant and automated and include origination and debt servicing functions that traditionally have been manual, such as identification, scoring, underwriting, payments, back-office, credit monitoring and debt collection. This is made possible by Euroloan’s proprietary cloud-based banking software and secured by its ISO27001:2013-certified information security management system.

More information about Euroloan Group is available at www.euroloan.com, Finland www.euroloan.fi, Luxembourg www.joltbank.com,  Poland www.euroloan.pl and in Sweden on www.euroloan.se.

         For more information, please contact:
         Jonas Lindholm
         Euroloan Group PLC
         Tel +358 10 217 1003
         
         E-Commerce:
         Sirkku Jauhiainen
         sirkku.jauhiainen@euroloan.com
         Tel: +358 50 5710 439