LHV to begin providing a full-service payment collection service

2. September 2020

As a step to simplify administration for businesses, LHV Pank will begin providing a full-service payment collection service from September. It allows the merchant to choose the payment methods he or she prefers to offer clients. In addition, the merchant will benefit from full-service benefits such as the fast receipt of money, a detailed overview of transactions and the ability to use payment terminals throughout the Baltics and Finland.

During August, around 20 clients tested the service and, according to Indrek Kaljumäe, Card Payment Product Manager at LHV, they were satisfied. ‘All merchants are now able to use our full-service payment collection service. They conclude a single contract for using all bank links, with all payments being uniformly and conveniently collected at LHV, in the account at their preferred bank’, said Kaljumäe.

‘Within the new service we have combined card payments in shops, the necessary payment methods in online shops, and the possibility to easily pay bills. The merchants who participated in the testing of the service were especially appreciative of how easy it was for their clients to use bank links’, added Indrek Kaljumäe.

Payment acquiring is a banking service through which companies offer their clients suitable ways to pay for goods or services. According to Indrek Kaljumäe, a high-quality payment service means a competitive advantage for a merchant, because a smooth payment process makes the customer experience more pleasant for the end client. ‘While payment collection services for businesses are usually primarily related to card payment terminals, e-commerce is becoming increasingly important. In addition to convenient and reliable card payments in shops, we also offer all of the payment methods required for e-commerce in cooperation with our good partner EveryPay,’ said Kaljumäe.

LHV's selection of e-commerce payment methods provides merchants with the best opportunities to collect payments, both on the web and via mobile applications. The advantages of the service are the quick and convenient set-up, integration with cash register systems and the availability of all necessary payment methods. Full service includes card payments, classic bank links, as well as newer solutions such as a LinkPay payment link suitable for paying invoices. The importance of reporting should not be underestimated either: the overview of the collection of payments provides an accurate overview of the given transactions, both on an accrual and cash basis.

Take a closer look

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs over 470 people. LHV’s banking services are used by 227,000 clients, and pension funds managed by LHV have 181,000 active clients. LHV’s UK branch offers banking infrastructure to more than 120 international financial services companies, via which LHV’s payment services reach clients around the world.

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