New SCA timetable highlights scale of challenges for merchants
New report lists the key questions merchants should ask their payments partner
In May 2019, Stripe commissioned 451 Research to survey EU merchants’ SCA readiness. Their analysis found that SCA would cause a €57 billion drop in online purchase volumes in 12 months. Moreover, many merchants faced being non-compliant on the original 14 September deadline, and even more risked losing customers to sub-optimal implementations.
Now, after the European Banking Authority extended the enforcement deadline to 31 December 2020, they have updated this report with a new foreword highlighting the need for urgent action. The extra time is an acknowledgement of the challenges merchants face in achieving compliance while safeguarding their sales and customer relationships. It is not a cause for complacency.
451 Research have included a checklist for merchants to audit their payment processor, and ensure their current partner can protect their business from non-compliance and lost sales.
Payment processor audit checklist & update highlights