Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.

Finland has a modern banking sector. Where banks have devised services drawing on new technologies, customers have welcomed the new ways of banking and innovative solutions. Finnish banking is different from banking elsewhere in Europe. For example, in Finland, 92 percent of all adults primarily make payments electronically. Payment transmission between businesses is almost entirely electronic.

Finland is experiencing accelerated growth in non-cash transactions. In 2016, Finland’s residents made an average of 460 non-cash transactions per capita. Payments by card, direct debit, and credit transfer are booming as people turn to mobile banking, contactless cards, and other innovations rather than cash.

Finland is part of the Single Euro Payments Area (SEPA), created by European banks, the European Central Bank, and the European Commission. SEPA is a long-term project aimed at harmonizing mechanisms for euro payments in 32 countries. Once SEPA has been completed there will no longer be any distinction between national and cross-border Euro payments. To achieve this, a common set of payment instruments was developed, together with common standards, and a legal basis for making payments across Europe fast, efficient and safe.

Finland is one of the forerunners in terms of easy and secure card payment. Payment cards issued by banks are mostly debit cards linked to accounts. All cards issued by banks are international SEPA-compliant cards – most commonly MasterCards or Visa cards – and have an embedded chip to improve security. A company willing to accept card payments must first make a contract with either a bank or another acquiring service provider. Instructions for accepting card payments are given by service providers.
 

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