Contributed by Unity Online
21/08/2019 - Unity Online
The approval of the European Union’s (EU) Payment Services Directive (PSD2) in January 2018 means that the landscape for online transactions in the UK is set to change forever. Here, Unity Online explains what the deadline means for you and how you can prepare for it.
From 14th September 2019, businesses that accept online payments from customers will be required to comply with PSD2, which builds on the original Payment Services Directive (PSD) established in 2007 to foster safer, more secure payment services.
PSD2 is designed to enhance PSD in three key areas:
Who does PSD2 affect?
All businesses that accept online payments via an online gateway (e.g. Sage Pay and Worldpay) will be required to comply with PSD2 from 14th September 2019.
Achieving PSD2 compliance is an important starting point for online merchants. PSD2 plans to usher in a new era for payment technology and data insights that can help online businesses to create slicker, more personalised customer experiences.
At Unity Online, our digital experts are committed to working closely with online businesses to assist with achieving PSD2 compliance. We’ve already been undertaking several compliance-based tasks on behalf of our clients. Our team have been busy updating terms and conditions to ensure clients better comply with the new regulations and updating necessary plugins. We’ve also been reviewing payment integrations and creating custom contact forms for prospective payment complaints to speed up the returns and refund process. We’re equally happy to offer guidance and support for other online retailers unsure about the new PSD2 landscape too.
If you’d like to arrange a free initial discussion on your PSD2 obligations as an online business, please don’t hesitate to contact our team and start taking a different digital path with Unity Online.
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