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Merchants must not only work with their financial institutions (FIs) to enable two-factor authentication (2FA), but also ensure that their relationships with customers remain unscathed, according to Peter Robinson, paymentsadvisor for European retail association EuroCommerce. Good News and Bad News.
Peter Robinson, paymentsadvisor for European retail, wholesale and international trade association EuroCommerce , noted that these concerns are putting more pressure on card acquirers — the main party responsible for making sure merchants are ready for and informed about SCA and its incoming authentication and online transaction restrictions.
Merchants that do not provide their PSPs with necessary information regarding subscription accounts, or those whose PSPs are unprepared for the regulations, may still see payments ensnared in the SCA net. He says more than one-third of merchants’ online payments could fail due to lack of compliance. What the Extension Means.
But, amid this shakeup, there are uncertainties — including how regulators will respond, Mills added. “I I think this is one of the as-yet-untold stories of FinTech,” she stated. adding there is a “spaghetti soup” of financial authorities like the Federal Reserve, the U.S.
Carefully follow card network regulations and monitor for shady processors invoking fees without actual non-compliance. Trusted paymentadvisors provide open pricing and honest counsel tailored to each merchant’s requirements – not boilerplate pitches pushing proprietary products.
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