New iDEAL payment reference on bank statement for more clarity

New iDEAL payment reference on bank statement for more clarity

At Mollie, we often get questions from consumers who are surprised to find our name on their bank statement. These questions are mostly about iDEAL payments; the general practice is that these payments are mentioned on the bank statement under the name of the payment service provider. To give consumers some much needed clarity, we have a page where they can find their transaction. However, we want to make sure our services are easy and transparent for everyone. That’s why we decided to change the reference people see on their bank statement after paying with iDEAL through Mollie.

Clear naming

Before, consumers would see Stichting Mollie Payments on their bank statement after completing a transaction with iDEAL through Mollie. This was confusing for a lot of consumers who are usually not familiar with payment structures and expected to see the name of the webshop on their statement. To create clarity for these consumers we are changing the reference on the bank statement to the trade name of the webshop followed by Mollie.

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Political attention

Lately, there has been an increasing attention for unclear references on bank statements. This has led to the founding of a Disclosure office for unclear references on bank statements and the passing of a motion in the Second Chamber. A lot of consumers find it confusing when payments are not listed under the name of the webshop, making it hard for them to track their expenses.

Recently, Rabobank launched an initiative to clarify the reference on bank statements. We decided to collaborate with the Rabobank and follow their example to increase transparency.

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Transparency first

One of Mollie’s core values is transparency. This makes changing the reference of our iDEAL payments a natural step for us, in line with the values Mollie adheres to as a company. By clarifying the reference of iDEAL payments on bank statements we want to facilitate a clearer overview for consumers of their expenses, and at the same time reduce the workload of help centers of both webshops and payment service providers.