Is PSD2 mandatory?– Yes.
As per the revised Payment Service Directive by the European Union (EU), Payment Service Directive (PSD2) is now mandatory. If you are still wondering what this is, trust me you are not alone. 76 per cent online buyers have never heard of it! Hence, these statistics are worrisome.
But why does it matter to you? What is it even?
PSD2 is a fundamental piece of payments-related legislation in Europe, which entered into force in January 2016. Also, it is a requirement for strong customer authentication on majority of electronic payment system within European Economic Area (EEA).
Therefore, card payments have to be PSD2 incorporated. More importantly, you’re transactions are now independent from the tricks of bank. Mainly because, a third party will be managing your electronic payments.
Interestingly, EU itself is divided over implementation of PSD2. Nevertheless, we have to accept it today or tomorrow. Therefore, sometime may be allowed to merchants and online buyers. Then again, this time would only help merchant and buyers to know more and prepare for it.
Deadlines are shifting. Although, there is little to no scope to avoid the new technology. So, the best way out is to know about it more. Importantly, you need to know about it now! The late you get, the more you miss out. Also, being with PSD2 will be of your benefit mostly.
If you are a high-risk merchant settled in Europe, it is the ultimate blessing. Hence, it is the opportunity you were looking for to grow your business even bigger. Since no specific bank or payment system will be dominating the payment market, border barriers are no longer a constraint.
So, you can expand your business beyond border and grow. Hence, worrying about payment processing just got easier.
PurePay offers services for wide range of high-risk industries. For high risk merchant who are availing services of PurePay, life will become super easy. PSD2 will soon become an integral part of your life.
So, it will make your payments faster, easier, safer with wider option and PurePay will make your business easier through high risk merchant account. Come onboard with PurePay, who knows how much the future of PSD2 will drive us forward.