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Are you ready for the new rules on payments?

Nick Corrigan
President and managing director of UK & Ireland for Global Payments, Bira’s payments partner.

The biggest challenge facing independent retailers is the rise of online businesses. Customers now enjoy the convenience of shopping online and have access to a greater range of suppliers and providers, so it’s vital that independents adapt.

By tapping into new and existing technologies, they can offer the same hassle-free shop-ping experience as online retailers. Nowadays, customers demand a tailored shopping experience. Analysing customer spending behaviours – whether that’s the average value of the shopping basket or postal code heat maps – is a great way for independent retailers to tailor their approach based on ever-changing customer habits and expectations.

Another significant change is the introduction of Strong Customer Authentication (SCA). This requires a cardholder to authenticate themselves before a transaction is completed – whether face to face, online or over the phone – using at least two independent factors. These factors can be something the customer knows (i.e. a unique passphrase), something the customer has (i.e. a fingerprint scan) or something the customer possesses (i.e. a mobile phone). A chip and PIN transaction in-store already adheres to SCA and a contactless transaction is exempt from the regulation, but has increased security on the frequency of use, so independent retailers need to understand this change and ensure they are compliant ahead of the 14 September deadline.

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