Swedish online marketplace Tradera works with circular consumption – making it easier for people to sell and buy second-hand goods, and shop in a more sustainable way. With over 5 million visits a week and 1000 new listings per hour, Tradera sees items swapping owners every 3 seconds.
Tradera has been offering an integrated payment solution for their customers since 2016. Now, they’re upgrading their setup to provide an even simpler and more user-friendly payment experience with help from Tink’s tech.
Removing the hurdle of manual entry
In order to sell their items, Tradera customers had to manually enter the bank account number for payouts. But bank account information is not always easy to access or memorise, and since it involves a lot of numbers, it’s easy for people to make mistakes and submit incorrect information.
Overall, it’s a discouraging step in the onboarding process, and something they wanted to improve. Tink removes this hurdle by fetching customers’ bank account numbers directly from their banks so they don’t have to do it manually. Instead, all they need to do is authenticate with their banks. As a bonus, everything is instantly verified, leaving no room for mistakes.
Improving the user experience
When a customer publishes an ad on Tradera, they can fill in their bank account details for payouts. Then, when they sell something on the platform, the buyer chooses their payment method and sends the money to Tradera. Once the deal is done, Tradera pays it out to the customer’s connected bank account.
This new setup – that allows Tradera to retrieve customers’ account details and fill it in for them – is possible thanks to Tink’s account aggregation. This makes the onboarding process a whole lot smoother, and paired with Tink’s account verification, is also an effective way to ensure that customers have correctly selected their intended account.
By removing friction and providing a seamless experience, Tradera is making it easier and more fun for customers to successfully step into the service and start selling second-hand items.
‘At Tradera, we always aim to make the user experience as simple and friction-free as possible for our customers. For that reason, our partnership with Tink was a perfect fit for us,’ says Stefan Öberg, CEO at Tradera.
Tradera is just one of many companies that are using new open banking capabilities to change the shopping experience for the better and bring benefits to businesses and consumers alike.