German startup Paylobby compares payment providers

Paylobby, a young startup founded in Munich last year, offers an online comparison portal of payment service providers and consultations. With this tool, it wants to help ecommerce businesses optimize their payment systems for their customers’ needs, while reducing their online payment costs.

According to Roxane Légaré, international business development manager at Paylobby, over a thousand ecommerce businesses have profited from their services since Paylobby was launched in 2016. These online retailers have entered their requirements in the comparison tool and received a list of suitable payment service providers and their quotes.

The online tool features more than 450 different payment service providers. Online retailers receive a selection of suitable one after choosing their desired payment method, industry, country and ecommerce software. According to CEO Julia Houben, questions concerning country focus, risk and fraud management, reporting options and other services such as claim management are answered.

‘Review your payment system every year’

The company stresses the importance of having the right payment methods in your online store. “If you are missing a payment method that your customers wants to pay through, or if the check-out process is too complicated, many customers won’t go through with their order”, it says. “Online merchants should therefore review and update their payment system for optimization at least once per year.”