Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Is ConnectPay the all-in-one payment service provider for your business?

ConnectPay is an Electronic Money Institution (EMI) offering businesses and institutional clients the following services: Euro & Cross-border payments, multicurrency accounts, corporate cards, merchant accounts, BaaS. The company is authorized and licensed by the Bank of Lithuania and operates under the regulations of the European Central Bank. In this AskWallet review, you will find out whether or not ConnectPay is the right service provider for you, be sure to read our comprehensive guide. We'll cover everything from the company story, services, whether it's a secure payment platform and more.

5 min read 10.11.2021

What is ConnectPay?

Being only three years old, ConnectPay is already one of Lithuania's fastest-growing Electronic Money Institutions (EMI), the leading fintech hub in continental Europe. The company holds a secure #2 position among 80 Lithuanian EMIs by the volume of operations and #3 by the customer funds held in the account. 

ConnectPay's main activity and focus are banking payment services for business and institutional clients. The most popular services include SEPA & SWIFT payments, multicurrency accounts, corporate cards, merchant accounts.

Apart from the website with the user-friendly UX, since 2020, ConnectPay has also launched a mobile application that offers multi-factor authentication at the convenience of mobile client devices for iOS and Android.

Is ConnectPay secure?

ConnectPay is safeguarded by the Lithuanian Central Bank and adheres to the European Central Bank regulatory framework. So, it is a secure payment platform, which is 100% safe for managing customer funds.

ConnectPay UAB, the company under which the fintech company operates, is permitted to provide its services in the United Kingdom within the Temporary Permission Regime.

*Note: The fees are only applicable if the account is closed after less than 6 months since the signing of the Account opening agreement. The fee is determined by the category in the price list and the amount ranges from 250 to 750 euros.

ConnectPay Services

Multicurrency Accounts

Businesses can open an international account regardless of if they are based in the EEA or not. With a multi currency account, business owners can receive and send funds in 8 different currencies, make SWIFT and SEPA transfers – all from a single account. The platform also offers a currency exchange service, as well as 24/7 access to all the funds. 

Segregated Accounts

ConnectPay also offers Segregated accounts that are required for businesses that hold not only their own but also customer funds. This type of account ensures client fund safety, as nobody can touch these funds even if the business is facing financial difficulties. 

Corporate cards

ConnectPay offers a prepaid Mastercard to be used as a business card. With this prepaid MasterCard, cardholders can pay for goods, services and withdraw funds worldwide. There is no limit on the number of prepaid cards linked to a single IBAN account.

The cardholder has full access to their card and can manage, or if any issue occurs, can instantly block the card online. However, prepaid MasterCard has several fees, including one fee of € 50 for card issuance & delivery and a € 25 monthly service charge.

Accept Payments

Accepting payments online is one of the most critical aspects of successful business management for any business. With ConnectPay's Merchant API, customers will have a much safer, simpler, and faster payment processing.

When it comes to e-commerce businesses, ConnectPay offers a merchant service in Germany, Finland, and the Netherlands, constantly widening the list of supported countries. Overall product offering allows both: to accept and send payments.

Pros & Cons

  • SWIFT and SEPA Transfers are available
  • Physical prepaid Mastercard
  • Multicurrency business and segregated accounts
  • Custom API for seamless integration
  • Customer support is available 24/7 via email and phone
  • Clients' funds are safe and ready for transfers and withdrawals 24/7/365
  • Fee for closing an account*

Final Thoughts

After taking a rigorous look at ConnectPay and the services it has to offer, we can confidently say that the target audiences are merchants and internet-based companies. The fintech company has pulled out all the stops to make their services one of the best out there.

There is a lot to like about ConnectPay, from its multi currency accounts to APIs. It seems to be a perfect payment ecosystem for merchants and businesses. However, we would be wrong if we do not point out that several fees come with using its services. ConnectPay applies the fee for closing the account, which their clients may dislike.

To conclude, ConnectPay is a solution for digital businesses or merchants looking for an all-in-one payment service solution. If you are looking for this, you should consider the services offered by ConnectPay.

FAQ

How to open an account with ConnectPay?

5 Simple steps to open an account:

  • Simply go to ConnectPay's website by clicking here
  • Start a new application
  • Fill out an online application about your business
  • You will receive a verification email with an application ID
  • Follow the link to submit all the requested info

Note: It usually takes two business days for your application to be reviewed.

How to order a Card?

To obtain a prepaid Mastercard, simply follow the instructions below:

  • The card can be ordered on the ConnectPay website simply by clicking here
  • Fill out the card ordering form
  • Enter your shipping address
  • You should receive the card within seven days
  • Activate the card by calling customer support
  • The pin code will be sent via SMS to activate the card

Note: to order a ConnectPay card, you will need first to open an account with the company.

 

If your card did not arrive

Suppose you do not receive your card within seven days. Be sure to file a complaint with support at support@connectpay.com or by calling +370 666 44600 | +356 279 22875

 

What are the card fees and limits?

Card fees and limits can be found in the Fees Section of the ConnectPay website under 'Cards' or click here.

 

How to open an account with ConnectPay?

5 Simple steps to open an account:

  • Simply go to ConnectPay's website by clicking here
  • Start a new application
  • Fill out an online application about your business
  • You will receive a verification email with an application ID
  • Follow the link to submit all the requested info

Note: It usually takes two business days for your application to be reviewed.

If your card did not arrive

Suppose you do not receive your card within seven days. Be sure to file a complaint with support at support@connectpay.com or by calling +370 666 44600 | +356 279 22875

 

How to order a Card?

To obtain a prepaid Mastercard, simply follow the instructions below:

  • The card can be ordered on the ConnectPay website simply by clicking here
  • Fill out the card ordering form
  • Enter your shipping address
  • You should receive the card within seven days
  • Activate the card by calling customer support
  • The pin code will be sent via SMS to activate the card

Note: to order a ConnectPay card, you will need first to open an account with the company.

 

What are the card fees and limits?

Card fees and limits can be found in the Fees Section of the ConnectPay website under 'Cards' or click here.

 

Questions & answers

Ibrahim Busari

What is ConnectPay's target audience?

Viltė Sabalienė, Head Of Marketing at ConnectPay

ConnectPay is an Electronic Money Institution (EMI) working with digital businesses and institutional clients of various sizes.

 

Ibrahim Busari

What makes ConnectPay a preferred payment solution for users? What is your unique selling proposition?

Viltė Sabalienė, Head Of Marketing at ConnectPay

The most admired feature of the company is its boutique customer service approach. All clients are a part of the Easy Bankers family, provided with personal attention, timely solutions, prompt answers and constant dialogue regarding business needs and expectations.

The ConnectPay team is also willing to go the extra mile to help every company comply.

 

Ibrahim Busari

What is the idea behind ConnectPay?

Viltė Sabalienė, Head Of Marketing at ConnectPay

ConnectPay stands for "Banking made easy", and the top priority is to simplify banking processes, user experience and make it truly easy. An integral part of the "Easy Banking" approach is the companies' aim to build a "One Stop Shop" introducing all banking services under one roof.

 

Ibrahim Busari

Are there any upcoming features or updates?

Viltė Sabalienė, Head Of Marketing at ConnectPay

By the end of Q3 2021, ConnectPay aims to launch SEPA Instant payments to allow clients to send transfers within the Eurozone in seconds. Merchant Services are to be rolled out simultaneously, enabling banking and card payment acceptance. Fully refurbished ConnectPay business cards are coming in Q4.

When it comes to multi currency accounts, ConnectPay will expand payout offering to 80 currencies until the end of Q1 2022. Finally, ConnectPay has built its Banking as a Service (BaaS) product that allows digital banking services to be directly integrated into the products of other non-bank businesses, and it's already in soft launch mode.

The company is constantly expanding its business by broadening its product portfolio and licenses, analyzing options to acquire companies while building a one-stop-shop of banking services for the clients. 

 

Ibrahim Busari

Name the top 3 killer features of ConnectPay.

Viltė Sabalienė, Head Of Marketing at ConnectPay

High security & 24/7 access to the funds

Unlike many payment platforms, ConnectPay doesn't reinvest the client funds and keeps them 24/7 at the Central Bank of Lithuania. This means that all of the client funds are safe and available for transfers and withdrawals at any time.

ConnectPay is safeguarded by the Lithuanian Central Bank and adheres to the European Central Bank regulatory framework. So, it is a secure payment platform, which is 100% safe for managing customer funds.

Customer-centric and responsive 

One of the most admired features of the company is its boutique customer service approach. All clients are a part of the Easy Bankers family, provided with personal attention, timely solutions, prompt answers, and constant dialogue regarding business needs and expectations. 

User-friendly API integration 

To facilitate the integration of the payment platform, ConnectPay offers business APIs. This integration is easy to connect to and allows to initiate payments and receive transparent updates on the client's balance info and transactions. 

 
4.33 How do we count the overall star...
Visit ConnectPay
Ibrahim Busari
Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He has been working in the financial and iGaming industry since 2016.