The revised Payment Services Directive (PSD2) will soon come into effect across the European Economic Area (EEA), bringing with it a long list of changes to how online transactions are handled.
If you run an online marketplace, now you have two options to choose from. Either you apply to operate as a licensed payment institution or streamline control of your funds to one. So, what do these options look like?
Take a look at the infographic below:
Overall, PSD2 is an opportunity for merchants, banks and acquirers to really embrace the idea of a truly open marketplace, with transparency for all. Instead of drowning in paperwork and legal processes, you can opt to work with a payment service provider (PSP) and streamline your compliance with the new legislation – it’s that easy.
With a PSP, you can enjoy access to innovative products that are already PSD2-compliant. Take SlicePay, for example, which can automate your split payouts, quickly onboard new sellers and make payouts in a recipient’s preferred bank account and currency. The best part? Now you’ve got all that extra time to focus on your business strategy in the evolving landscape of multichannel commerce.