Trustly heavily Criticized for Reliance on online Casinos
Trustly is set to release its IPO in the coming months but has recently been criticized for its reliance on Pay n Play online Casinos. Funding sources are hesitant to invest because of this reliance.
Trustly’s response? It claims to be one of the most sustainable payments providers in the industry.
Trustly Repositions Itself as a Payments Service Not Just for Bookmakers
Trustly CEO Oscar Berglund combats the criticism with remarks regarding the company’s purpose. He states that Trustly is an account-to-account payments service and should be treated as such.
While the company does heavily rely on funds from bookmakers and has positioned itself in the betting and casino industry, that isn’t its only purpose.
A Global Leader for the Payments Market
Berglund states “we are actually the global leader in the market” when speaking about their position as a new payment method. He further states that “there is no one else who handles such large volumes and has the coverage that we have.”
It is true that Trustly handles incredibly large volumes for transfer. Working so closely with the betting and casino industries, they see large sums being processed often.
Debit Over Invoice Is Trustly’s Success
The service relies on debits as opposed to invoicing which can be delayed significantly depending on a variety of factors. As a debit payment service, funds are instantly removed from an account and deposited to the receivers, eliminating the middleman (or men).
This provides something of a safety net for both senders and receivers. Senders can only pay with money they actually have, keeping them from driving themselves into debt. Trustly is not only a fast and easy payment method but also an incredibly safe one.
These are the points the company wants to push as it inches closer to an IPO release. Drumming up positivity for other funding sources to hop on board with the company is their best bet to remain in the peak position they’ve held for at least the past year.