If your ecommerce business operates within the European market, then you’re probably familiar with the ‘Payment Services Directive’, or more specifically it’s second iteration: PSD2, a component of which is Strong Customer Authentication (SCA). SCA requires merchants to add an additional layer of authentication to online transactions in the European Economic Area (EEA), to prevent fraud and improve customer security.
Adapting your business to comply with SCA regulations, while protecting your customers’ positive check out experience, can be fraught with confusion. If you’re looking to streamline the process of ensuring that your company is compliant, or if you’re simply interested in providing a more secure online experience for your clientele outside of the European Market, SCA Optimization may be for you.
Read on for some benefits of utilizing an SCA Optimization service.
1. Ensuring Regulatory Compliance
This may seem obvious, but with the SCA requirement of the PSD2 being enforced as of January 1st, 2021, ensuring that your business is SCA-compliant has never been more important. Keeping up to date with regulatory change is critical for your customer payments to proceed without delay. You may consider utilising a third party SCA optimization service such as Accertify, who can make sure that your business is compliant with all regulations now and in the future; this will allow you to focus on your business, without the stress of navigating the regulatory minefield.
2. Simple Solutions
Customers have many options when it comes to online transactions. There are an estimated 2.8 billion credit cards in-use worldwide; can your business cater for all of them with one SCA system? A reputable SCA Optimization service may provide a simple solution, helping you to process credit cards from all major banks worldwide with just one certification. If you want to save yourself the hassle of implementing multiple SCA systems to accommodate different cards, an SCA Optimization service is perfect for the task.
3. Personalised Authentication Options
There are many options available for companies choosing to adopt secure authentication practices, from document verification processes to simple passwords, and the all-too-familiar ‘captcha’ puzzles. When utilising SCA Optimization, you can take the guesswork out of choosing the best solution for your company; you’ll have a team of experts to advise you on which path to take, based on how you like to do business and what could benefit you the most.
SCA Optimization can even put you in the driver’s seat, by providing all the reporting you may require, making sure that you get the full picture of how your check-out experience is operating with increased authentication.
4. Maximise Exemption Identification
Not all transactions require SCA. Some low-value transactions, recurring subscription transactions and inter-regional transactions are among the SCA exemptions. An SCA Optimization service can screen all transactions for exemptions, and ensure that exempt transactions are processed seamlessly.
5. Smart Fraud Detection
It seems as if a new scam warning appears every day, and it would be impossible for the average person or business to keep up with every iteration of fraud dreamt up by the scammers. Luckily, an SCA Optimization service can help. SCA Optimization services deploy automatic fraud screening for all transactions, ensuring that your business stops any fraudulent activity in its tracks; this allows you to provide an additional layer of comfort for your customers, so they can rest assured that only legitimate activity is taking place on their account.
6. Consistent Customer Confidence
When implemented correctly, a good SCA Optimization strategy will allow your customers to enjoy the benefits and peace of mind of increased security in their purchases. It will also take away the frustration of a system suffering from perfectly preventable issues. By using an SCA Optimization service, you can feel confident that your customers are experiencing a simple, well-functioning SCA process, meaning that they in turn will feel confident that your business is looking out for them.
7. Future Proof Your Business
PSD2 with SCA is currently required for businesses operating online in the European market; however, with an increased worldwide focus on online safety and security, it’s not unlikely that this requirement will be expanded to other regions in some form or another. By engaging an SCA Optimization strategy early, you can trust that your business will be ready for the future, and your customers will enjoy the benefits of additional authentication and online security measures today.
Today’s online customers are increasingly tech-savvy, and demand more from businesses operating online; they want to know that their personal details and transactions are safe and secure. You know what’s best for your business. SCA Optimization is an effective option to ensure that you remain compliant with local regulations, and to provide your customers with a seamless and safe check-out experience.