The deadline for the new European Payments law, known as the second Payment Services Directive (PSD2) is quickly approaching. Do you know if your business will be impacted by PSD2 and do you feel confident you are prepared? Clubspeed has answered some of the most common questions below.
Q. What is PSD2?
PSD2 is a set of changes established to facilitate innovation, reinforce consumer protection and improve the security of internet payments and account access within the European Union (EU) and European Economic Area (EEA).
Q. Who does PSD2 affect?
PSD2 impacts virtually everyone living or working in EU countries. If you are involved in the buying and selling of goods and services, or make or receive payments in the EU, PSD2 effects you.
Q. Is a regulation like PSD2 expected in the United States?
While there currently isn't a U.S. equivalent to PSD2, industry experts believe a similar regulation is imminent and it's only a matter of time before U.S. based businesses can expect a comparable law. As a proactive measure to address the rapid rise of credit card fraud globally, Clubspeed is implementing 3D Secure for all of its customers.
Q. When does PSD2 take affect?
On the 13th of January, 2019, a majority of the PSD2 regulations took effect. On the 14th of September, 2019 the Strong Customer Authentication (SCA) regulations go into effect.
Q. How can I prepare my business?
Consult with your payment processor to ensure that they will be compliant with PSD2 by the 14th of September to avoid any disruption in processing your customer's E-Commerce and on premise / card present payments. Doing so immediately will ensure your business experiences a smooth transition prior to the deadline.
Q. How can Clubspeed help?
If you are a karting business or Family Entertainment Center (FEC) and your business will be impacted by PSD2, Clubspeed can help. Clubspeed has partnered with a leading payment processor to deliver its customers secure and PSD2 compliant integrated payment processing as a feature of its complete venue management software.
Q. Where can I find more information about PSD2?
To read the directive, visit The European Commission or read this article from European Central Bank.
Have questions about Clubspeed and how our integrated payment processing solution can help your karting of FEC business, contact Clubspeed today.