First and foremost, the increased competition and innovation between the banks should result in more varied and more favourable banking services for small business owners. More functionality that makes the most of easy integrations will occur, alongside more competitive pricing for business banking.
The foremost purpose of the PSD2 regulations is security. You no longer need to give your accounting software your banking login, for example, as with consent, your bank can send the data directly to the app. You can revoke consent at any time and view a list of connected apps via your banking portal.
Not only will your data be more secure, but your integrations will also be more stable and lag times removed.
The PSD2 regulations are targeted at EU banks and payment providers so if your e-commerce business has operations or offices in the EU, it is important that you are compliant. If you are not sure what the new regulations mean for your business, or not sure what the impact is on you, feel free to get in touch.
E-commerce accounting and the Payment Services Directive
While you may have seen the upside of the PSD2 regulations hit already with open banking, you may also have been caught on the hop. The API technology required to create the connection is costly and as such, some apps are not introducing it.
As an e-commerce business owner, the most likely one you could run into is Wave, who has chosen to remove the transaction feed facility to remain legal. If this has affected you, we can move you to Xero without you lifting a finger. Xero is fully PSD2 compliant, so you can make the most of the new functionality straight away.
As e-commerce specialists, we offer guidance to help scale your business and make the most of the technology available. If you want to discuss how your business to maximise the impact of its technology, get in touch today.
The best time to start is now.
Get A Free Quote
Breakout E-commerce accountants and Xero specialists to supercharge your UK online business growth.