E-commerce

• Open a Coop Pank account for your company.
• Enter into the merchant bonus agreement. If you run into problems, e-mail makselahendused@cooppank.ee.
• Sign up to Montonio:
  • Create a Montonio account for yourself.
  • Montonio will confirm that your account has been set up and give you access to Live API keys.
  • Integrate Montonio into your website.
  • Authorise Montonio to forward your monthly payment data summaries to Coop Pank. (This is needed for the calculation of the bonus.)
  • More information can be obtained from Montonio’s customer support.

Coop Pank pays the bonus to your company’s current account once a quarter. It works like this:

• You pay your Montonio invoices.
• Montonio submits a report to Coop Pank on clients who have entered into the merchant bonus agreement.
• Coop Pank checks whether you’ve met the conditions needed for you to earn the bonus and transfers the amount to your company’s account in Coop Pank.

It means that whenever an invoice is generated by your accounting software, a payment link or button is automatically appended to it. If the client clicks on said link or button, a page opens up in their browser on which they can choose their payment method (e.g. a transfer from their home bank). This then opens up their bank’s payment page, where they can log in to their account and confirm the transfer.

This makes paying invoices quicker and easier, because the payer no longer has to copy and paste any of the invoice details. Your company’s IT specialist or partner will have no trouble integrating the system – all they need to do is look at the documentation for both Montonio and your own accounting software. Montonio’s payment link documentation can be found here.

In order to calculate the bonus, we need accurate input on your company’s actual turnover. The Estonian Tax and Customs Board publishes such data for the previous quarter at the end of each quarter. We calculate the bonus on that basis. As a result, we introduced the requirement that you have to be liable to VAT to qualify for the bonus.