PRODUCTS AND SERVICES
Description of Svea Payments Services
Svea Payments is a Payment Service Provider (PSP) for webstores. Integrating Svea Payments' services enables webstores to provide online bank payments, card payments, mobile payments, invoice for consumers and companies and part payment for consumers as payment methods available for their buyers to choose from. Svea Payments is responsible for charging the funds from the buyer, settling the funds to the webstore and creating settlement reports for accounting purposes.
In addition to payment methods, Svea Payments offers different value-added services such as escrow payment services that include return/refund tools and optionally also the Buyer’s Assistant which is an online service for buyers for order management. Svea Payments also offers several different settlement models that fit even the most demanding needs; for example different multivendor settlements and balance settlements.
Direct Payment Services
In its simplest form, Svea Payments payment service handles direct payments where buyers' payments are settled to the webstore as soon as possible, usually on daily basis. Bank payments are normally settled to the webstore in one or two banking days. In case of direct payments, the following technical interfaces are available for the webstore: Retrieve Available Payment Methods, Payment, Payment Status Query and Retrieve Settlement Reports.
Escrow Payment Services
When Escrow Payment Services is used, an inspection period (at least 14 days recommended, but can be defined by the webstore) is specified. In case of these escrow payments, Svea Payments keeps the buyer's payment funds on specific Customer Assets bank accounts and offers powerful tools for making changes to the order (e.g. product returns) and the resulting refunds to the buyer.
A refund is always made to the payment method that the buyer originally used when making the order. The inspection period starts when the buyer has received the order, either according to our delivery tracking or according to the webstore's notification to Svea Payments. When the inspection period has ended, the order is settled to the webstore.
Escrow payment services can be used in two different ways:
Only using the return/refund tools where the webstore can initiate and make changes to orders.
Also using the Buyer's Assistant service, which is an online platform where the buyer can make changes to their order, track the delivery etc. This way the buyer is also able to initiate changes to the order.
The webstore can make changes to orders and approve change requests from buyers in the Svea Payments Extranet online service.
In case of escrow payments, the following technical interfaces are available for the webstore: Retrieve Available Payment Methods, Payment, Payment Status Query, Delivery Information Management, Payment refunds and cancellations and Retrieve Settlement Reports.