Juuso Paulasuo

Client Executive, Payments
Collector Bank

Quick Key Points

• COVID-19 pandemic has hastened the move to eCommerce.
• Finland is, according to Paulasuo Paulasuo, Client Executive at Collector Bank, “the odd bird of the Nordic flock” because the most-trusted online payment methods aren’t the safest, and the safest aren’t the most trusted.
• Finns prefer direct bank payments because of trust.
• Digital solutions company Qvik developed a certification program (Safe Pay) for invoices that involves checking the security of processes, systems, and data processing.
• Collector Bank was chosen to be the first company to undergo the process, and it became certified in January 2021.
• There are three strategies to keep in mind when developing your online sales presence.

The COVID-19 pandemic has hastened the move to eCommerce and, in the process, opened up new business opportunities across retail, service, digital, and many more sectors. The future is happening now, so we sat down with Juuso Paulasuo, Client Executive at Amcham Finland member Collector Bank, to talk about strategy for your business’ online presence.

Consumer trust is at the heart of eCommerce. Trust means overcoming consumers’ fears, which aren’t always rational.

Finland is, according to Paulasuo, “the odd bird of the Nordic flock” because the most-trusted online payment methods aren’t the safest, and the safest aren’t the most trusted.

“Every year a survey of Finns shows that the most-trusted organizations in Finland are the police, the fire department, and banks,” says Paulasuo.

He goes on to explain that Finns prefer direct bank payments because of trust; when doing so, however, your money not only leaves your account right away but, for example, if the business you’ve bought from goes bankrupt, you won’t be reimbursed, as you would be with credit cards, invoices, or installment programs.

Each of these online transaction processes claims to be safe, of course. But are they?

Digital solutions company Qvik developed a certification program (Safe Pay) for invoices that involves checking the security of processes, systems, and data processing. Collector Bank was chosen to be the first company to undergo the process, and it became certified in January 2021. Certification process can help secure your payment methods and boost your customers’ confidence.

Think of trust from the consumer’s point of view. With this perspective, it must be earned and can easily be lost. Here are three strategies to keep in mind when developing your online sales presence, as outlined by Paulasuo.

First, from a business perspective, it feels intuitive to make purchasing something online as easy and seamless as possible. Your conversion rate goes up and business prospers. However, easy online purchasing invites fraud and, perhaps just as importantly, degrades customers’ trust. Sending money into the internet shouldn’t be too easy.

Second, trust is built through a network of good partners. Choose whom you work with carefully and make them visible.

Third, details matter. When localizing an online store for a foreign market, take the time to make sure the language on the website is pristine. The customer will intuitively be building a picture of the ‘person’ behind the language. If that person guides them with articulate and concise language devoid of grammatical mistakes, trust is enhanced.

Customers’ trust cannot be assumed; it must be worked for through secure processes and a customer experience that instils confidence. Attention to every detail can help make this happen.