Two-Factor Authentication Now Required for most online payments in the EU
What is PSD2?
The second Payment Services Directive, or PSD2, refers to the new regulation that requires Strong Customer Authentication (SCA) to increase security and reduce payment fraud. SCA will need to be verified before a payment can be processed, and is a directive from the European Economic Area.
If you’ve ever had to use a card reader to verify an online transaction, or had a secret code texted to you to prove who you were, that’s exactly what PSD2 is now requiring businesses like WooRank to implement. This is also known as the 3D Secure payment system.
Why is SCA being implemented?
Requiring two-factor authentication for online payments is designed to reduce payment fraud. This will mean your payment process is much more secure!
Who will this impact?
Any business with a merchant account in the Euopean Union that processes payments from customers holding an EU-bank issued card will need to verify their payment method. Although some countries within the EU have delayed the deadline requiring SCA, most businesses will have complied with the new regulations by September 14, 2019.
What will happen with my WooRank account?
For existing customers whose banks require SCA, you will need to re-verfify your payment method at the time of your next subscription renewal. This will only need to happen once.
For new customers, you will need to verify your payment information when signing up for a trial. Don’t worry - you aren’t being charged. You can still cancel your account at any time before your 14-day free trial period ends.
When will this begin?
Businesses in the EU are required to comply starting September 14, 2019.
Questions? Email firstname.lastname@example.org.