PSD2 – What do you notice?

Ban on surcharges

Although there are several measures in the PSD2, the ban on surcharges for online entrepreneurs is the most relevant at this time. The idea behind this from the European Union is that it should be easier for consumers to make an equal choice between different payment methods. For example, a consumer would be able to choose a credit card as a payment method more quickly if he did not have to pay a surcharge of 2%.

It therefore concerns surcharges, also known as surcharging. The following conditions apply for this:

– Surcharging is no longer allowed for payments by consumers from the European Union. This applies in any case to Visa and Mastercard. It does not apply to commercial/business cards. In addition, surcharging is not allowed with standard transfers and direct debits.

– In cases where surcharging is permitted, the amount that is passed on to the consumer may never exceed the actual costs. Unfortunately, the legislation does not specify which payment methods this specifically applies to. We expect that this will become clearer in the coming years. Examples of payment methods where this is currently clear are American Express and Klarna.

Third-party payment account access and security

Another important guideline is access to customer payment accounts by third parties. In this case, banks must give third parties access to the customer’s payment account, provided that the customer gives permission for this. This makes it possible to develop new business models using financial data, which until now was exclusively in the hands of banks. In addition, you can also think of reading transaction data in order to be able to make a better offer for a telephone subscription based on this, or to determine the creditworthiness of the consumer.

Finally, the new regulations should also improve the security of payments. In practice, you as an entrepreneur will not notice this much, but your customers will notice all the more. In a number of cases, your customers will have to deal with two-step verification. The payment can only be completed if it is confirmed by means of a code that is linked to your mobile number. For example, credit card issuer ICS already uses this.

Interpretation varies by country

Although the regulations are laid down at European level, the interpretation of the legislation can differ per country. For example, PSD2 stipulates that surcharging is no longer allowed on almost all debit and credit cards. However, it is not clear for every payment method whether it is based on a debit or credit card. For these cases, the individual countries can decide for themselves what is allowed and what is not. For you as an entrepreneur, this means that the regulations may differ depending on the country in which the card in question was issued.

*NB! Passing on costs by means of surcharging is your own choice. Whether and how you do this is up to you. In addition, it differs per webshop system whether this is possible. You are responsible for compliance with (local) laws and regulations at all times.*