PayEx - Payment Method Definition | Akurateco


PayEx is a company that specializes in payment solutions. Based in Sweden, it serves clients in the Nordic countries, delivering services for businesses, governments, and individuals. The PayEx team includes a diverse group of professionals with expertise in different areas such as payments, banking, finance, and technology. It also involves highly-qualified developers and engineers who work on developing and maintaining the company’s payment solutions. The team is dedicated to delivering innovative solutions that meet the evolving needs of PayEx’s clients.

Founded in 1972, PayEx is located in Stockholm, Sweden. Initially, it focused on providing solutions to the Swedish lottery industry. But over years it expanded its offerings. After its acquisition by Nets A/S, which is the Danish company, it started strengthening Nets’ position in Scandinavian countries. So in 2019 it offered a longer list of services. One of its divisions is Swedbank Pay, which provides payment solutions to individuals and enterprises.

PayEx highlights

The solutions offered by the platform cover everything from processing services and invoicing to mobile payments. The facility also delivers gateway services allowing legal entities to accept online payments. The platform integrates with popular ecommerce platforms and supports various payment options such as credit cards, direct bank payments, and e-wallets. The services also include management and automated recurring billing for companies, which sell memberships and subscriptions. It is possible to customize the solution to cater to different businesses and their specific requirements. It refers to such features as  fraud prevention, for instance.

Additionally, the facility offers invoicing services, debt collection services for companies and governments, and factoring services, enabling businesses to improve their cash flow by selling their accounts receivable to a third-party financial company, known as a factor. It is worth mentioning that factoring can be a beneficial option for companies that have outstanding invoices with long payment terms or that need cash quickly to fund operations or expansion, so PayEx can help to handle the issue.

Through retail financing, PayEx alleviates life for its clients. It provides a financing option allowing shoppers to purchase products  and pay for them over time, which is a type of loan that retailers offer their clients, which helps the customer buy the product they want without having to pay the full amount upfront.

Swedbank Pay is a one-stop-shop for businesses seeking an all-inclusive payment solution. The platform offers a range of services to help merchants accept payments online through their sites or online stores. The complete payment package supports all necessary payment methods, making it easy for users to pay in their preferred way. The platform also provides flexible payment terminals that can be used anytime, anywhere, providing convenience for both merchants and shopping individuals. Additionally, Swedbank Pay offers attractive loyalty programs, helping businesses to increase sales, build stronger relationships with their customers, and promote upsells.

PayEx security

The service is committed to providing secure and reliable payment solutions to its clients. The company has implemented various security measures, such as SSL encryption, to protect sensitive data and prevent fraud.

How to connect to the system

It is necessary to register on the website first. Merchants can connect to the service integrating it into their resource or mobile app via available plugins or APIs. There are options for both online and in-store transactions, as well as loyalty programs to help merchants increase sales and customer engagement. Terminals are also available for accepting card payments in physical locations.

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