Study finds 73% of Irish SMEs want to increase their online presence

Thousands of Irish small businesses risk losing sales by failing to prepare for SCA requirements

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31 August 2020 | 0

Over half of Irish consumers (53%) plan to continue shopping online where possible, according to new research commissioned by Visa.

Highlighting the growing importance of e-commerce amid Covid-19, the research found that restrictions on in-store trading during lockdown spurred 24% of Irish small businesses to begin selling online for the first time. Further, 73% of Irish small businesses want to increase their online presence.

Despite the increased appeal of e-commerce, Visa said thousands of Irish SMEs risk being unable to trade online successfully due to not having new security features enabled as part of the EU Payment Service Directive (PSD2).

 

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From January 2021, online transactions in Europe will be subject to Strong Customer Authentication (SCA) measures – requiring banks to request additional information from consumers, such as a fingerprint or four-digit one-time passcode, to verify a purchase. Those businesses that have not prepared for the regulation, and therefore cannot always deliver compliant transactions, may find that banks have to decline customer payments.

“We understand that small businesses have other priorities in the current environment, but the deadline set by the European Banking Authority is approaching quickly,” said Philip Konopik, Ireland country manager, Visa. “We are urging any Irish small businesses selling online to contact the company that hosts their online checkout service as soon as possible to switch on the most up-to-date 3D Secure technology and ensure that customers’ transactions are not declined come the New Year.”

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