New UK Rules: Additional Consumer Authentication
The UK’s financial regulatory body, the Financial Conduct Authority (FCA), proposed the Strong Customer Authentication (SCA) measures back in 2019. This article will tell you more about stricter know your customer (KYC) eCommerce rules and how Best Payment Providers UK can help you with reliable, secure, and cheap merchant-processing services.
Strong Customer Authentication (SCA) Measures
According to the new UK rules, eCommerce retailers and payment-service providers (PSPs) must verify customers before processing payment transactions. So, eCommerce shoppers must pass identity verification and be prepared to face more credit-card transaction declines, according to the FCA.
Strong Customer Authentication is the new regulation for the transactions completed over the internet. It’s under the EU’s Payment Services Directive (PSD2). UK shoppers should update their contact details with their banks, otherwise, their transactions will get declined.
Additional Customer Authentication: Best Payment Providers UK
Most low-value retail purchases will continue as previously. The purchase of more expensive items online will require shoppers to submit a password, a pin, or a one-time passcode. Shoppers will receive them via a text or landline or use their banking app to approve the purchase.
This refers to debit/credit-card purchases. Those making high-risk purchases will be affected most. These new rules don’t apply to purchases over the phone. According to UK Finance, SCA will be applied to almost all online purchases above £25. Several low-value payments could also require verification.
Given all the developments and changes in the financial industry, it’s more critical than ever to work with a reputable payment specialist like Best Payment Providers UK. This is how you can be sure to get the fastest access to the most secure and advanced fraud prevention and chargeback mitigation services in the space.
Make sure to work with a payments expert that’s dedicated to providing the most honest snapshot of the merchant-services providers at the time of writing.
New UK Rules: Strong Customer Authentication
To make online purchases in the UK, buyers must pass verification due to the new rules in the country. Such identity checks will result in more card-declined messages. To use the best payment-processing services for your eCommerce company, work with a reputable merchant-services comparison company.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the best payment providers UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.