When you think of Trustly as an online payment method, you should think of an engine that drives an entire vehicle. Trustly is not a stand-alone payment method like Skrill or credit cards. Instead, the software infrastructure drives such transactions by enabling open banking.
The company was founded in 2008 in Sweden. The brains behind the revolutionary idea were Carl Wilson, Lukas Gratte, and Joel Jakobsson. It has since expanded its operations across Europe and the United States. They also launched operations in Australia in 2021 and reached $230 million in revenue with over 650 employees. The company headquarters are in Stockholm, Sweden.
Trustly began by enabling just bank transactions. Today, it has brought over 8,000 merchants to this fold of safe and secure payments. It is used by sellers like Alibaba, Facebook, eBay, Dell, Transferwise, and UNICEF. More than 525 million buyers use Trustly to pay from their bank accounts, a figure larger than that of card users. The company works with more than 6300 banks in its areas of operation.
It is a payment method that many sportsbooks are adopting, especially with the growth of esports betting.
How to make a deposit with Trustly
This is a payment option esports bettors love because of its simplicity. Trustly does not require you to sign up or download an app. All that is needed is for your preferred casino or betting site to accept it as a deposit method. Most top bookies have it in their list of deposit options.
- Select 'Deposit' on the sportsbook's website. A drop-down list of available options appears.
- From the list, choose 'Trustly.' A list of banks appears on a redirect Trustly window. Click on your preferred one. You can use the search option to find your bank quickly.
- The bank will then ask you to select the account from which you want to deposit. Enter account number/username and a verification code e.g. PIN
- Input the amount to deposit and confirm the transaction. The amount will be deducted from your bank and reflect in your betting account immediately. You can then use it to bet on your favorite e-sports.
Note that you have to input your bank details every time you want to pay via Trustly. The company never saves details from any transaction. Trustly also does not have deposit limits as long as you have a bank balance. There is no need to connect Trustly with your bank account. Your bank already eliminates the requirement once it enters into a trade pact with Trustly.
How to make a withdrawal with Trustly
The withdrawal process is easy and automated. It is in many ways similar to the deposit process. Again, it is initiated from the betting website.
- Once you have won in a round of betting, select 'Withdraw' on your betting account.
- Chose Trustly as your preferred withdrawal method. You will be redirected to the Trustly site, where a list of banks will again appear; select your bank.
- Enter the account you wish to withdraw your funds into.
- Enter the amount you wish to withdraw.
- Confirm transaction and exit.
Since it is an automated process, you cannot reverse a withdrawal. The only available option is to make another deposit. The processing time depends on Trustly approval and bank processing times. Approval is almost instant, but due to bank processes, it may take 1-2 days for the money to reflect in your account. This may be affected by weekends and public holidays.
The minimum withdrawal amount is $10. The maximum withdrawal is capped at $10,000. Trustly transactions can be done on both mobile and PC using regular internet browsers.
Pros and Cons with Trustly
- Ease and Safety of Use - Players do not need to create an account or download apps. The sportsbook, bank, and Trustly collaborate to eliminate this requirement. As a result, the player does not need to provide any personal details in the transaction. This is a huge safety measure.
- No details stored- You input your details anew every time you need to transact. This means that no one can access your account and transactions without your knowledge.
- Low cost - Most Trustly payments are free of charge.
- Speed - Most payments, especially outbound, are executed instantly
- Some people prefer to have saved passwords, which are not available with Trustly
- Withdrawals may take up to two days, which is longer than some other withdrawal methods
- There is no direct Trustly support for the player
- Some banks, especially outside Europe/US, may not be connected to Trustly
Trustly account opening process
Unless you are a merchant receiving payments, there is no need to open a Trustly account. Trustly usually connects merchants and banks to make it easier for you, the consumer, to make payments and withdraw money into your bank. For merchants, signing up their business on the Trustly platform takes no more than visiting the website or an agent.
To work with Trustly, all you need is to hold an account with a supported bank and bet on a website that supports the payment method. Always check to confirm the method is supported for both deposits and withdrawals.
Trustly customer support options
Again, as a betting enthusiast or general consumer, you will hardly ever need to contact customer support. The institutions (website and bank) will typically handle any issues on your behalf. If your payment or withdrawal is delayed, Trustly advice that you contact your merchant and ask for a payout receipt. This is presented to the bank, which goes ahead to launch a follow-up.
There is, however, a Trustly FAQs section that covers most of the issues you may experience with Trustly and solutions to them. Just visit the Trustly Support Page and select the category in which your problem falls. Even when you have not experienced any problem, it is important to check out this information and pick knowledge for future use.
The site has a contact form that you can fill out if you really feel that your problem needs personal attention. Complaints can also be directed to the Complaints Department on the Customer Complaint Handling page.
About the author
Liam O'Sullivan, an Irish digital maestro, seamlessly fuses his impeccable command of English with an enthusiastic penchant for online gaming. Highly regarded for his localization expertise, Liam fine-tunes online casino guides, ensuring they resonate profoundly with the diverse English-speaking populace.