Trustly Review: Features, Pros & Cons, Alternatives for Merchants

Please note that the information about the companies in this article was sourced from their respective websites as of July 2025. This information may be subject to change.

Running a business across multiple countries often means dealing with slow payouts, high card fees, and unclear currency charges.  That’s where pay-by-bank providers like Trustly come in. Built on open banking, it offers a way to process payments directly from bank to bank, cutting out the middlemen. But does it actually deliver what growing businesses need?

In this Trustly review, we’ll explore how the provider works for merchants, what its users are saying, and where it stands out (or falls short). We’ll also take a look at alternatives like Noda to see how it compares in the open banking space.

Trustly: Pros and Cons

To save you time, here’s the bottom line from our detailed research on Trustly below.

Trustly Overview

What Is Trustly?

Trustly is a Swedish open banking payments company that enables pay-by-bank payments for both businesses and retail clients. Founded in 2008, Trustly uses open banking technology, which connects to traditional banks via APIs, and also offers data products.

Trustly’s Valuation, Profitability & Ownership

Trustly is a fast-growing and profitable business. In terms of Trustly’s revenue, in 2024, it processed between $85 and $100 billion in payments — a 54% increase from the year before. The company is still privately owned, with the majority of shares held by the private equity firm Nordic Capital since 2018, which is exploring an IPO. Trustly’s valuation is estimated to be worth around $10 billion as of late 2024.

Trustly Payments: Global Coverage

Trustly’s Supported Countries

Trustly’s open banking solution offers broad coverage, connecting to banks in over 30 markets, including most of Europe, the UK, the US, and Canada. In terms of Trustly’s bank coverage: it’s 12,000 banks.

• Austria
• Belgium
• Bulgaria
• Canada
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Greece
• Hungary
• Ireland
• Italy
• Latvia
• Lithuania
• Luxembourg
• Malta
• Netherlands
• Norway
• Poland
• Portugal
• Romania
• Slovakia
• Slovenia
• Spain
• Sweden
• United Kingdom
• United States

However, the bank coverage of Trustly is not equal. The regions most covered are the Nordics, Baltics, the UK, the US and Canada.

Trustly’s Language Support

You can set your preferred language for payment pages interface from the list of available languages, which isn’t publicly available. Trustly’s customer support is only offered in English.

Trustly’s Clients

Trustly says it provides pay-by-bank solutions to businesses in travel, e-commerce, subscriptions, the public sector, utilities, financial services, and gaming, backed by publicly available client case studies.

As with most payment providers, it doesn’t work with prohibited sectors. Merchants in industries like gambling, iGaming, travel, and ticketing go through stricter checks during onboarding.

Note that onboarding with Trustly directly is generally aimed at large companies. Smaller businesses are more likely to access it as a payment method through a third-party provider.

Trustly’s Business Payment Features

Trustly’s Payment Methods

Trustly doesn’t process traditional payment methods like card payments and digital wallets. It’s fully focused on bank payments. That said, it offers a wide range of account-to-account payment solutions: pay-ins, payouts, recurring payments, instant deposits, or embedded checkout tools like Azura.

Read: Top Online Payment Methods in the UK

Trustly’s Settlement

Trustly is known for fast settlements for pay-ins and pay-outs – over 95% of transactions in Europe are completed in under five minutes. That means both merchants and customers get access to funds almost instantly. This speed is thanks to Trustly’s use of open banking technology.

Trustly’s Security & Compliance

Trustly takes security seriously at every level. All data is protected with strong SSL/TLS encryption. This ensures that information stays secure both during transfer and when stored. Importantly, Trustly never stores user login details — each transaction is authenticated directly with the customer’s bank.

Access to sensitive data is tightly controlled and limited only to authorised staff and partners, following strict “need-to-know” principles. The company also undergoes regular external audits and penetration testing, and is certified under ISO 27001.

Trustly’s Licenses

Trustly’s Pricing & Fees

Trustly doesn’t share its pricing publicly on its website. Instead, businesses need to contact them directly to get a custom quote of Trustly fees based on their transaction volume, business model, and risk profile.

Most of the pricing details you’ll find online, like the often mentioned 1.5% per transaction with a €0.80 minimum, come from partners or third-party platforms, not from Trustly itself. Extra fees for things like currency conversion, refunds, or payouts are usually discussed during onboarding or through resellers.

Read: How to Reduce Card Processing Fees

Trustly’s Customer Reviews

Trustly has a relatively low rating on Trustpilot with 2.9 out of 5, based on just under 3,000 reviews. Many raised concerns about payments not going through properly or money going missing. These users often struggled to get the issues resolved, pointing to slow response times and unclear communication from customer support.

Some users also shared frustration with how hard it is to contact Trustly. They mentioned the lack of a phone number and delays in getting help through email or chat. This caused added stress for those trying to sort out payment problems.

There were also a number of positive reviews, which praised Trustly’s support team for being helpful and quick to resolve issues.

Trustly’s Customer Support

Here’s how Trustly’s support is currently structured:

• Live chat with a real person is available during business hours in Europe (09:00–17:00 CET on weekdays, 10:00–19:00 CET on weekends) and 24/7 in North America.
• Limited phone support: this is only offered in North America, and even there, it’s limited to callback requests – not direct dialing. EU users do not have access to phone support.
• Email and contact forms are available in all regions and serve as the main support method for most customers, yet many users report delays.

Trustly claims it replies to email and form submissions within 24 hours, but many users, especially in Europe, say they’ve waited much longer. As mentioned in the section above, many users report difficulty resolving issues through Trustly’s support channels, often citing slow response times and poor communication and lack of direct contact.

Verdict: Is Trustly Right for Your Business?

Trustly is a strong fit for businesses that want payments through open banking, especially in industries like e-commerce, travel, gaming, and financial services. If you want that and your business operates across Europe or North America, Trustly is worth considering.

That said, Trustly may not be the best choice for every business. If your customers expect to pay with cards, digital wallets, or PayPal, Trustly won’t support those methods. It’s also less suited to very small businesses or startups that need fast, hands-on customer support as reviews point to slow response times and limited access to live help, particularly in the EU.

Alternative to Trustly: Open Banking with Noda

If you’re not fond of long support wait times, hidden pricing, and rigid payment options, Noda may be a better open banking provider for you. We offer a smarter, more responsive pay-by-bank solution – designed with merchants in mind.

Why Choose Noda?

• Broad & transparent bank coverage: Noda supports 2,000+ banks in 28 countries with broad coverage of all regions. Check whether the banks and countries you need are supported here.
• Real support, dedicated manager: Forget ticket loops and generic replies. Noda gives you a dedicated account manager from day one – someone who understands your business and actually answers when you need help.
• Transparent, lower fees: Trustly doesn’t publish its pricing. Noda keeps it simple – no hidden fees, no card network costs, and fees starting from 0.1%.
• Offer both pay-by-bank & cards: Trustly only supports open banking. Noda gives you the best of both worlds – pay-by-bank and card payments, plus payment links, QR codes, and plug-and-play integrations.
• Easy to integrate, easy to grow: Whether you're running an e-commerce store or building from scratch, Noda fits your tech stack – with plugins for WooCommerce, Magento, OpenCart, PrestaShop, or full API support.