How will this impact your customers?
There are some exemptions in SCA and the onus will lay with your payment processor or bank in most cases. If your business handles payment directly online then you may need to make changes to your checkout process. However, either way, the new process will add an extra step, and time, to the payment process.
It is expected that this will have a knock-on effect on conversion rates, causing some drops while online consumers become accustomed to inputting that second piece of security information. The launch of a similar piece of legislation in India saw conversion rates drop by 25% overnight across impacted businesses.
Even if your suppliers are going to ensure your business is compliant, it is important to spend time thinking about how the customer journey will be impacted through your website’s checkout process as well as understand the regulatory requirements.
In the UK, around one-third of consumers have no knowledge of upcoming changes resulting from SCA. Informing those customers of these changes in advance of them coming into effect could ensure a smooth transition when changes take effect because sudden unexpected changes to their purchasing experience could result in a noticeable conversion rate drop off.
CentriVault has both the necessary compliance knowledge and customer insights through specialist CX partnerships to help ensure your business handles this change and not suffers the kind of conversion drops experienced in other roll-outs.