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What is Paymill
Paymill was a European-based online payment service provider. It offered payment solutions for businesses, enabling them to accept credit and debit card payments on their websites and mobile applications.
Paymill provided a range of features and tools to facilitate payment processing, including a secure payment gateway, fraud prevention measures, and integrations with various e-commerce platforms.
Paymill was founded in 2012 by Mark Henkel and Kilian Thalhammer in Munich, Germany. The company aimed to provide a simple and streamlined online payment solution for businesses. It quickly gained attention and attracted investments from prominent venture capital firms, including Holtzbrinck Ventures, Rocket Internet, and Sunstone Capital.
In 2012, Paymill launched its payment platform, which offered businesses a way to integrate online payment processing into their websites and applications. The platform provided a user-friendly interface and supported multiple payment methods, including credit and debit cards.
Over the next few years, Paymill expanded its services and extended its reach across Europe. It formed partnerships with various acquiring banks, enabling it to offer payment processing services to businesses in multiple countries. Paymill focused on providing an easy-to-use and developer-friendly solution, with well-documented APIs and developer tools.
However, despite initial success and rapid growth, Paymill faced challenges in the highly competitive payment industry. In 2014, the company experienced financial difficulties and filed for insolvency. As a result, Paymill ceased operations in most countries and began the process of winding down its services.
While Paymill’s journey as an independent payment provider came to an end, some of its assets and technology were acquired by another payment company, Klik & Pay. Klik & Pay integrated some of Paymill’s features and capabilities into its own platform, allowing it to continue serving merchants.
How Paymill works
Paymill, as an online payment service provider, worked by facilitating the processing of online payments for businesses. Here’s a general overview of how Paymill worked:
- Integration: Businesses would integrate Paymill’s payment gateway into their websites or mobile applications. Paymill provided various integration options, including APIs, plugins, and software development kits (SDKs) for popular e-commerce platforms.
- Payment Setup: Once integrated, businesses would set up their Paymill accounts and configure their payment settings. This involved linking their bank accounts, specifying accepted payment methods (such as credit cards), and configuring other parameters.
- Payment Request: When a customer made a purchase on the business’s website or app, the payment details (such as the purchase amount and customer information) were sent securely to Paymill’s servers through the integration.
- Payment Processing: Paymill securely processed the payment information, including verifying the validity of the credit card and checking for any potential fraud. Paymill communicated with the acquiring bank associated with the business’s account to authorize and process the payment.
- Payment Confirmation: After the payment was processed, Paymill sent a response back to the business’s website or app to indicate the status of the transaction. This allowed the business to display a confirmation message to the customer and proceed with order fulfillment.
- Reporting and Management: Paymill provided businesses with a dashboard or portal where they could access transaction details, generate reports, and manage their payment settings. This allowed businesses to track their sales, view transaction history, and perform various administrative tasks related to payments.
Can Paymill be trusted
Paymill had gained a level of trust within the industry. It was a legitimate online payment service provider that operated for several years and served numerous businesses. Paymill’s platform was designed to be secure and offered fraud prevention measures to help protect businesses and their customers.
However, it’s important to note that Paymill faced financial difficulties and filed for insolvency in 2014, which resulted in the cessation of operations in many countries. This event raised concerns about its long-term viability and stability as a payment provider.
Therefore, it is recommended to conduct thorough research, review recent user experiences and reviews, and check the current status and reputation of Paymill before making any decisions or judgments about its trustworthiness.
Does Paymill charge a fee
Yes, Paymill charged fees for its payment processing services. The specific fee structure and rates could vary depending on factors such as the country of operation, transaction volume, and the types of payment methods accepted. These fees typically covered the costs associated with processing payments, maintaining the payment infrastructure, and providing related services.
