Wednesday, 21 Jul, 2021
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The payment industry was not spared by the COVID-19 epidemic, which saw a drop in revenues due to a reduction in demand from important sectors. Retail, travel, and entertainment are examples of industries where this is true. Furthermore, once supply chains run dry and consumer demand is not met, analysts predict that e-Commerce will suffer. More than that, international systems, notably many payment gateway European Union, are notorious for levying fees, causing businesses to pay more than they should.
Payment gateway European
Europe is always a big market for e-commerce and international businesses who want to join the appealing market like Europe while still can manage the operation cost-effectively. But how can a business choose a payment gateway which is reaching the European Standard?
A payment gateway is a merchant service supplied by an e-commerce application service provider that allows e-businesses, online merchants, bricks and clicks, or traditional brick-and-mortar to process credit cards or direct payments. A bank may provide a payment gateway to its customers, but it can also be supplied as a separate service by a specialized financial service provider, such as a payment service provider.
The transfer of information between a payment portal (such as a website, mobile phone, or interactive voice response service) and the front-end processor or acquiring bank is facilitated by a payment gateway.
Moreover, European payment gateways must strictly comply with the privacy and security policies issued by the European Union. It is like a double standard that any fintech business must achieve to be able to participate in the European market.
Information about payments in Europe is covered by the Payment Services Directive (PSD2)
First, expand the scope of covered transactions: The scope of transactions covered by the Amendment Directive is extended to transactions in any currency and includes transactions where the recipient or recipient sends money outside the EU.
Second, stricter customer identity authentication: Payment Service Provider (PSP) is obligated to ensure stricter KYC every time a payer accesses a customer's identity. access your payment account online, make a remote electronic payment transaction, or perform any other action through remote channels.
Third, internal dispute resolution: Implement and apply adequate and effective complaint resolution processes; stipulate the maximum processing time for customer complaint settlement.
Fourth, payment initiation service: PSD2 regulates payment origination service providers (PISPs) and payment order creation; Accordingly, payment service providers registered in the EU are obliged to provide secure means of communication, notify PIPS of payment initiation and treat all payment orders equally. math is initialized.
Fifth, account information services: Access to payment service user accounts must be granted to a 3rd party provider that provides account information aggregation services. PSD2 regulates the responsibilities/obligations of the account information service providers, as well as the responsibilities of the payment service providers themselves.
From that point of view, a payment gateway European needs to have all compulsory functions and strong security. As PayCEC, one of the global payment companies in Europe, its payment gateway can connect worldwide and is suitable for all businesses that want to explore their scope. It also has security functions which adapt to EU standards.
You can explore PayCEC’s functions and features here.
The COVID-19 pandemic has forced European consumers who prefer to spend cash to accept significant changes in shopping behavior, amid a boom in online business and a trend towards fewer cash payments that will continue even in the post-pandemic era.
According to a survey by Ecommerce Europe, sales in the e-commerce sector will grow steadily in 2021, and the growth momentum in the service sector depends on measures to prevent the spread of the epidemic. COVID-19.
Before the pandemic broke out, most customers in Europe made in-store purchasing decisions, choosing products based on what they saw and often paying with cash.
A survey by the Deutsche Bundesbank shows that the COVID-19 epidemic has changed the shopping behavior of German consumers. The percentage of people changing their payment behavior increased from 25% to 43% within a month of the pandemic.
Europe's online retail market is extremely potential for businesses that want to participate in this market. The ECB's reports in 2019 showed that the European e-commerce market saw the total value of card payments reach 49% of the entire payment value for online shopping, approximately 396 billion euros.
Online purchases per payment instrument
These numbers prove that Europe is currently having a huge value of card payments on e-commerce platforms. Because of such a large market, the European Union sets very strict regulations and payment policies. The payment gateway European is always a trump card to help digital transformation businesses penetrate this market, especially multinational businesses that want to target Europe. The European payment processor is always given the highest priority.
After the covid-19 pandemic, people's buying and selling behavior has changed a lot around the world in general and Europe in particular. This old continent has suffered terrible epidemics. That has also led to social distancing and isolation, creating unusual buying behaviors. This has been demonstrated in a study by Samuli Laato et al.
Their buying propensity depends on buying through online channels and avoiding face-to-face contact. It is not an exaggeration to say that Europe at that time transformed traditional retail stores into e-commerce. To protect consumers, e-commerce platforms or online store websites always pay attention to the privacy of users in payment. The spike in card payments during this period also presents a challenge as well as an opportunity for the payment gateway in Europe. Not only for easy payment conversion, but the payment gateway in Europe also focuses on users' privacy issues and helps them in successful purchases and sales.
Thes best payment gateway in Europe
The Payment Card Industry Data Security Standard (PCI DSS) is a collection of standards that any organization must follow while processing, storing, or transmitting cardholder information. It is considered a best practice to build a secure environment for various types of information in E-commerce. To protect and handle the data of customers, online payment gateway providers, particularly e-commerce merchants, must ensure that they comply with PCI DSS compliance. PayCEC is a payment gateway which supports PCI DSS certification for merchants so merchants can integrate with PayCEC without PCI DSS certification.
3D secure in payment gateway European is very important. To verify customers who pay for their carts, every payment companies in Europe needs to have 3D security. Not only protect customers in card payments but also help merchants prevent payment risks.
The payment gateway connects to the merchant accounts. It gives them a number of alternatives for integrating online card processing with their merchant account. There are a number of distinguishing characteristics that explain transaction types and encourage retailers to implement payment gateways into their websites.
PayCEC payment gateway has an IT assistant team who can support online businesses in Europe when they integrate payment gateway into your website.
From the merchant's perspective, especially in light of the high expectations for security, they want their customers to have entire faith in them. Recognizing and appreciating these requirements, every payment gateway service focuses on establishing and improving reliability. This is thought to be the most important component in gaining shopper trust in payment gateway European.
Risk management is crucial for an e-commerce business, and it is one of the many needs for a payment gateway. Financial gateways not only protect consumers' payment information but also protect e-commerce platforms by alerting them to payment-related hazards.
Every merchant has its own issues, and payment gateway integration service providers are responsible for identifying and resolving those issues. If merchants have 24/7 access to a dashboard with full reporting, they will have a clear picture of fraud and chargeback data. Merchants' enterprises can make more precise judgments on possibly fraudulent transactions and modify their settings to adapt to the growing fraud trend using this important data.
To ensure consistency in the payment of customers and e-commerce users, e-commerce sites must agree on how to buy and how to pay. This will largely be within the payment gateway's custom capabilities. Customer experience is always very important to an online shopping site, so founders always try to build a website as complete as possible to reach more consumers and retain them longer.
PayCEC is one of the payment gateways in Europe that has the ability to customize the check-out page. E-commerce site founders can use the customization capabilities of this payment gateway in order to build the perfect website from purchase to checkout.
PayCEC was established in response to the growing need for businesses to accept online payments more quickly and easily. In the new digital era, our payment flow has evolved to work seamlessly and effectively across all platforms and devices. We pride ourselves on combining superior technology with first-class customer service.
PayCEC is a truly global payments platform that not only allows customers to get paid instantly and securely but also withdraws funds to their business accounts in various currencies.
We have created an opened and secured payments ecosystem that entrepreneurs and businesses choose to securely transact with each other online and on mobile devices. We proudly maintain the highest level of client advocacy in the industry.
We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.
Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.
PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.