Transactpro is a Latvian financial institution that offers payment processing for companies and organizations. The facility has a European license. It is also a Principal Member of MasterCard, Visa, SEPA, and SWIFT.
The company tries to make its services available for all customers. Along with accessibility, the developers focus also on such things as convenience and technological innovation. The platform continues to grow and faces numerous challenges in the conditions of the quickly changing industry landscape. For instance, it needs to streamline its compliance processes. Compliance checks are conducted manually with the Accuity Online Compliance, so the automation of these processes is one of the tasks that should be implemented in the nearest future. Optimization is required in other questions as well.
Transactpro highlights
The platform helps e-commerce companies to accept online card payments. The service is provided with PCI Level 1 compliance. At this, the functionality includes analytics instruments, risk management system, and flexibility of settings. Payments are accepted throughout the world.
One of the platform’s products is TransactFleet, which is a Turnkey POS solution developed for the transportation industry. The product unites software and hardware solutions. In this way, one device can be used as a fiscal cash register, for ticketing and payment as well.
All clients should register in the Transact Online system that gives access to the information related to their cards and registered accounts. Users need data from the PIN envelope issued to them in order to register in the system. This is an account number that contains 8 digits. It should be entered in the user ID field. Transact Online allows you to select the menu and required operations. The platform guarantees the security of Transact Online. It also tries to develop the system and always monitors its electronic channels.
The company also offers white label solutions for companies that develop their brand identity. Other services include API payment gateway and chargeback management.
Benefits of the system
- Wide geography
- Top professional security (PCI Level1 compliance)
- Round-the-clock support
- Easy integration
- Optimization of payment gateway
- White label solution
- Fixed pricing
- Chargeback management
Transactpro fees
The platform values transparency, and the full list of fees is published on the official website of the facility. Fees for purchases are not charged within the EU. The fee is 0.3% outside EU with the minimum fee 0.50 EUR. So the pricing starts from 0.5%. The fees for residents and non-residents of Latvia differ. If it takes 25 EUR to open an account for a Latvian user, the fee is 50 EUR for foreigners. The account maintenance and closure is free for Latvian residents, while others have to pay 5 EUR and 100 EUR, respectively.
It costs 20 euros to issue a card. The same fee is charged as an annual fee. The cash withdrawal fee is 1% with the minimal fee 1.50 for those who withdraw funds in ATMs of Swedbank in Latvia. When using ATMs of other banks, the fee is 2% and the fee is at least 5 EUR. Also, 2% fee is charged in the branches of banks, where the minimal fee is 8 EUR.
How to connect to the service
The platform has a range of requirements for applicants and their websites, in particular. For instance, they should have working websites without malicious software and domain redirections (though there are several exceptions specified on the official website). Prospective clients should submit the application first. They should fill out the form and specify the information about the company, industry, planned turnover, and contact data to start discussing the terms with the support team. The official website says about the individual approach to clients.
