EuPlatesc.ro, one of the largest payment processors in Romania, aims at least 150 implementations of the newest technologies in its portfolio, Instant Refunds, dedicated to online stores, and Fast Funds, the fastest online credit granting service in Romania, in less than 1 minute, until the end of the year.
Launched last year, the Instant Refunds service allows money to be returned in seconds after returning a bank card transaction in online stores. To date, approximately 25,000 online transactions have been fully or partially returned through this system, the method being used especially for orders from the fashion, electronics, and home and garden categories.
Fast Funds, launched at the beginning of this year, for IFNs, is a service through which Romanians can access credits of up to 2,500 euros through a single transaction and up to 10,000 euros in total in a month, in less than 60 seconds, directly to their account associated with the bank card. Through this system, 79,940 loans have been granted, with a total value of 105 million lei, since its launch until now.
To date, the two services have been implemented in more than 80 online stores and websites of non-banking financial institutions, and by the end of the year, the number of implementations will increase by more than 90%.
“The desire to automate processes in any field of activity is very high, which is why we created advanced solutions for two growing markets in Romania, e-commerce and IFNs. These are some of the most oriented business segments towards modern technologies, which want to simplify their customers’ activity. Moreover, there is a growing need to automate the granting of loans online by financial institutions and to simplify the obtaining of loans by consumers, wherever they are. Thus, we have developed the fastest online lending service on the market to meet the expectations of our customers and end customers”, says Ștefan Suceveanu, co-founder of EuroPayment Services, the company that owns the EuPlatesc.ro payment solution.
The two systems can be implemented in e-commerce platforms or in the websites of non-banking financial institutions in no more than a week, by the EuPlatesc.ro technical team, with the main advantages being the increase in the level of automation, the increase in the number of customers and their loyalty and the improvement customer experience.
How the Instant Refunds and Fast Funds systems work
When the refund request is sent to the EuPlatesc platform, it is instantly processed by the Instant Refunds system. The cardholder receives the full or partial refund within minutes on the same card with which he paid for the order.
To benefit from the Fast Funds service, the loan applicant must create an account on the financial institution’s website, where he registers the bank account data to which the borrowed amount is to be transferred. Once the financial institution verifies the amount that can be accessed by the applicant, he will perform a validation transaction, identical to the one in e-commerce, to receive the requested credit. After the card is validated, the customer receives the money in the account.
Regarding the payment of the installments, the EuPlatesc.ro technology allows the automatic debiting of the monthly installment by the financial institution from the bank account registered by the applicant.
Developed by the IT team and product management specialists, the Instant Refunds and Fast Funds services are part of the suite of electronic payment systems based on advanced technologies, including the Buy Now Pay Later (BNPL) system, Apple Pay, Google Pay, bLink Pay, QR code and payment link created by EuPlatesc.ro.
