SEB is a successful merchant bank that offers world-class financial services. SEB is the abbreviation from Swedish, which is translated as ‘Scandinavian Individual Bank’. The financial institution was founded in 1864, so it has a huge experience of work in the industry. In 1964, the bank released a famous credit card Eurocard that was introduced as an alternative to American Express.
Nowadays SEB takes a leading position in the Baltic Sea countries. The bank conducts extensive banking operations in Germany. Along with a Warsaw-based Polish branch of the company, the bank also has a local presence in 20 countries. As for small and medium-sized businesses, the bank mainly works with SMEs located in the Baltic region and Sweden.
There is a range of financial services for companies, corporations, and institutional clients. Partnering with the most advanced European financial institutions, the bank tries to alleviate Nordic and global transactions of their clients. With instruments offered by the bank, the connectivity of businesses in different areas improves, enabling better cash management and reconciliation thus contributing to larger sales of merchants.
Benefits of using SEB
The products developed by the team are secure and mitigate the risks of users. They are also known for their efficient integration into merchants’ resources. The bank’s instruments help to optimize the working capital of businesses across the international website network thus supporting the global ambitions of clients.
An e-commerce payment solution is offered by the bank for free. The team developed the products for different platforms including WooCommerce, Magento2, OpenCart, Shoproller, PrestaShop, and Voog. It is also possible to integrate the custom payment solution via API and SDK for iOS and Android mobile applications. The integration is fast and smooth.
It is also worth mentioning a unique service developed by this financial institution called Business Arena. A flexible financial platform was created to unite different services of the company in a single place giving entrepreneurs a good overview and better insights into their businesses. It also delivers a personalized digital experience, helps to integrate third-party services, delivers one point of entry for all corporate services, etc.
Functionality and fees
The admin area is rather convenient for merchants who can view, search, filter, and even export their payment transactions. The bank tries to make everything possible to present payments in the list close to real-time. Rich functionality was developed for the analysis of transactions, creation of reports, and their export into XLSX/CSV files.
The developers added filters that can sort out the data by currency, card type, processing account, and payment status depending on the task of a merchant. The advanced search enables more filtering options.
The company offers detailed instructions on all aspects of work for merchants. Merchants can create subscription plans, determine the cycle unit and the billing day of the period. The functionality also enables a trial period for customers on a recurring billing plan.
As for fees, the online card payment service fee per transaction starts from 1.35%, which was established for cards issued within the EEA (European Economic Area), and from 2.55% for cards issued outside the EEA. The fee of 50 EUR is charged when the agreement is concluded. The businesses with a turnover of more than 5000 EUR get a personal offer.
How to connect to the service
Merchants should contact the managers of the bank to connect to the service. Merchants first get access to demo accounts provided by support. The support delivers access to the live environment only after the integration and successful payment in the test environment.