Regulators are working on addressing merchant concerns over the new reality concerning payments. If you’re interested in contactless payment limits and the best merchant services UK, this article is right for you.
New Payment Reality: Best Merchant Services UK
The EU’s and UK’s financial institutions (FIs) consider open banking a good thing. Regulators are trying to find solutions to existing problems. E.g., they consider making the contactless payment limit under SCA (strong customer authentication) 50 euros ($54). However, such changes could make open banking more complicated.
Merchants are interested in settling payments quickly. For this, it’s important to figure out what risks are associated with quick transactions. The UK’s Information Commissioner’s Office (ICO) is also working on reassuring business owners and financial institutions worried about how they can be in compliance with data protection rules like GDPR.
Given the situation created, it’s extremely important to work only with an experienced and reliable merchant processor in the UK. To find one, you just need to turn to a reputable comparison specialist in the country that’s concentrated on terms, complaints, and integration requirements of processors. This is how you can be sure to enjoy the most unbiased snapshot of credit-card processors at the time of writing.
Make sure to work with a comparison expert that reviews contracts, rates, and fees so you can come up with the best deal for your company. Also, look for a comparison specialist that checks every single detail so you can avoid overpaying because of unclear terminology, unnecessary costs, and dishonest sales tactics.
Besides, make sure the comparison company pays special attention to processors’ integration requirements so you can end up with smooth transition and onboarding.
Contactless Payment Limit
Contactless limits enable processing payments via near-field communication technology (NFC) without using PIN number authorization.
Several countries not included in the EU are working on raising the contactless payment limits without a PIN. E.g., in the UK, the limit is now 45 GBP (approx. 49 EUR) from the previous 30 GBP.
So, both businesses and customers are looking for quick and easy transaction processing. Banks and their financial authorities are taking measures to enable this by developing open banking networks.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can help you with the best merchant services the UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.