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Published: 13 august 2019 14:09

Estonian e-commerce payment processing start-up goes to Lithuania

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E-commerce

Make Commerce, a payment processing start-up, owned by Omniva group and Estonian bank Inbank and, in Estonia operating under trademark Maksekeskus starts operating in Lithuania. By data published by the company, In Estonia, with more than 2500 e-business customers, in Lithuania the focus will be on small-and medium-sized online business.

In the use of Make Commerce, e-commerce companies will be able to collect payments for sold goods or services in Lithuania, Latvia, Estonia and Finland.

According to Eugenijus Toleikis, Country Manager for Maksekeskus in Lithuania, who started to operate in the Baltic States – in January Latvia, August – Lithuania, the long-held ambition of the company's shareholders to expand the activities to all three Baltic countries was the aim of the development. It is planned that the company branch established in Lithuania will operate through the company established in Estonia, and employee search will be launched shortly. Some IT support team is considered as well in Lithuania.

"Knowing that our shareholders in Lithuania own Omniva network, and Mokilizingas, and in Estonia we carry out payment processing activities in six years, the decision go in Lithuanian payment processing market came naturally. We have seen that in Lithuania there is practically only one big player in the market, not counting banks, and with many years of experience we have a great knowledge of the needs of electronic businesses, and we will strive to implement them here in Lithuania," the Lithuanian country manager spoke.

Make Commerce collaborates with all banks operating in the Baltic States and credit card processing operators. The company is registered with the Bank of Lithuania as a financial market participant and is authorized to carry out all transactions related to payments in Lithuania. Payment processing plugins for e-commerce businesses are suitable for a wide range of online store platforms and are particularly easy integration process – the E-business owner can also install the plugin itself and already after 30 minutes, you can start collecting payments.

The new start-up will most closely engage the small and medium-sized electronic businesses, who lack the resources to collaborate directly with banks, and banks are often reluctant to work with small e-business companies. According to the company, an e-commerce entrepreneur will not need to search for IT professionals to start collecting online payments, since the company itself has a large IT department and creates the modules needed for integration, which mean entrepreneur without IT education can install himself it in his e-shop.

"By looking for ways to maximize the simplification and automation of payment processing processes, entrepreneurs often encounter two alternatives – either to enter into a contract with a country-wide bank, or to choose a broker. In a frequent case, the choice broker speeds up the process, especially for medium and small business owners who do not want to invest further in costly, complex and long-time-intensive technologies, and also can have a full package of all banks and credit card operators in the country," E. Toleikis said.

Since 2013, the company controlling holdings in Estonia is 56% owned by Estonian Post, 20% of the company is owned by the Estonian bank Inbank. The Estonian post also own 100% of the parcel delivery service Omniva shares in Lithuania, and Inbank in Lithuania owns the Mokilizingas.

In the data published by the Estonian company Maksekeskus AS, its sales revenues amounted to EUR 1.9 million in 2018. That is 58% more than 2017. In Estonia, the company has over 2500 electronic business customers using Bank Link services from the Baltic banks and collects Visa/Mastercard payments. In Lithuania, the company will carry out its activities with the brand Make Commerce.

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