Last Updated on Tuesday, 13 August, 2019 at 11:02 am by Christian Keszthelyi
Online bank payments provider Trustly entered a partnership with the Help to Help Foundation to make the administration of monthly payments more effective with Trustly Direct Debit, according to a press statement by the company.
The service Trustly provides to the foundation digitises recurring payments and therefore aims to simplify the management of donations from monthly donors, which saves both time and money, Trustly says.
Help to Help works to finance higher education and makes aid assistance more transparent and personal through crowdfunding. Through education, more young people in East Africa can begin to work and can create long-term change for themselves, their families and communities.
Until recently, it had received most of its monthly donors’ contributions via card payments. However, due to lost or expired payment cards, Help to Help was forced to spend large resources on administration, and as much as 70% of donations were impossible to collect at the beginning of 2018, according to Help to Help’s calculations, the press statement says.
“We regularly lost about 2 to 3% of the donors each month, during three years, due to problems regarding card information. When we started, payment cards were the only reasonable option, and we felt that the conventional system for automatic digital payments was far too complicated for the users — until we found Trustly,” says Malin Cronqvist, Founder and Manager of Help to Help.
Help to Help can now offer their monthly donors the option to pay using Trustly’s recurring payments solution. As a result, the organisation has been able to save thousands of Swedish kronor per month.
“Anyone who works with or contributes to aid organisations wants as much of the assistance as possible to benefit the recipient. Our direct bank payments are created for the digital world and are a very fast, simple and secure method for online payments. When administration is minimised, more money ends up where it should. It feels very good that Trustly can contribute to making a difference in their important work,” says Sara Berg, Chief Operating Officer at Trustly.
Since the launch of the partnership, 91% of the monthly donors have already chosen to use Trustly for their monthly donations, the press statement says.
“If we had continued to only use payment cards for monthly donors, we would have failed to collect an income corresponding to at least one person’s college education in East Africa, every month. Now we make sure that come to use instead,” says Ms Cronqvist.
Founded in 2008, Trustly Group AB is a Swedish FinTech company that aims to make online banking e-payments fast, simple and secure. Trustly has 280 employees and is headquartered in Stockholm, Sweden, with regional offices in Finland, Spain, Malta, Germany and the UK.