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Payments down 20% in my SaaS after EU introduced PSD2

globalbankingandfinance.com

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Re: Payments down 20% in my SaaS after EU introduced PSD2

#51

Post by thefounder »

pjmlp wrote: post #40
hocuspocus wrote: post #22

So, some VP at a fraud prevention company recommends merchants to avoid using 3DS and use a fraud detection platform, got it. I don't know if we can find better data somewhere else but I would assume that abandonment rates will decrease thanks to PSD2: - SMS tokens are finally on their way out; more and more people are installing their bank's mobile app, which is used as the second factor (you get a push notification…

The main issue to SMS tokens going away are all those people, specially elderly ones, that now are forced to buy a phone they cannot understand how to deal with. Just like the clever idea some cities have had to initially only offer covid vaccination appointments over their website.

Well...if they use the internet to shop online a mobile app should not be that hard to deal with given it's installed/configured by the bank clerk. All the mobile phones are "smart phones" now anyway.

Re: Payments down 20% in my SaaS after EU introduced PSD2

#52

Post by withinboredom »

judge2020 wrote: post #45
withinboredom wrote: post #42

Earlier quoted context omitted.

> which is used as the second factor (you get a push notification, you have to unlock and accept the transaction). This breaks more often than you'd think. I'm still locked out of Facebook on one device because I can't seem to receive the unlock notification and I'm terrified to reinstall Facebook on my phone and then be actually locked out. I'm not a fan of Facebook, but it's the only way to contact some of my frien…

Google, Duo, and Authy all seem to do fine even in low-data (1 bar non-lte 4g) scenarios, so that's probably a bank & facebook issue. They probably rely on the push notification to carry and push state to the user's device with no backup mechanism for when this fails.

Of those three, I've never had an issue -- and I pretty regularly wander around with 1 bar non-lte quality service.

Re: Payments down 20% in my SaaS after EU introduced PSD2

#53

Post by ballenf »

Kind of a side point, but I think it could be argued that some transaction friction is a good thing at a societal level. (So long as the friction is agnostic to demographic or income level.)

My spending, consumption and general wasteful consumerism is healthier when I don't have Amazon Prime. I'm more thoughtful about what I need and will batch up purchases, often removing a portion of the cart.

Re: Payments down 20% in my SaaS after EU introduced PSD2

#54

Post by pmontra »

hocuspocus wrote: post #22

So, some VP at a fraud prevention company recommends merchants to avoid using 3DS and use a fraud detection platform, got it. I don't know if we can find better data somewhere else but I would assume that abandonment rates will decrease thanks to PSD2: - SMS tokens are finally on their way out; more and more people are installing their bank's mobile app, which is used as the second factor (you get a push notification…

SMS are not much on their way out. I just got an OTP via SMS for an online credit card payment. Then I had to insert my secret PIN too. Friction friction friction.

Some banks authorize operations with their apps: it's either fingerprints, PINs or codes by SMS. Usually a combination of two of them. One bank also requires a kind of captcha. Of course I'm hating all of this. I wish they pay me for the extra work.

We were better off when things were worse /s

Re: Payments down 20% in my SaaS after EU introduced PSD2

#56

Post by WesolyKubeczek »

jeroenhd wrote: post #39
WesolyKubeczek wrote: post #8

Then make your service compelling enough for me to go through the motions of confirming the payment in my banking app. Or integrate with Android Pay/Apple Pay. Cry me a river, but I rather prefer to be in control about who gets to withdraw money from my card, and how much.

Seriously, if having to stand up and get whatever 2FA token thing your bank needs is too much effort for a purchase on your site, then I have strong doubts about how much your service is really worth. Another explanation would be that customers run into trouble because they don't know how to use secure online payments. In my opinion, those customers probably shouldn't be doing any online banking on their own with the…

Seriously, I'm used to a bit of contemplation before I hit that final "Buy" and proceed to the payment gateway. I like it. I like that I have to enter my billing/shipping addresses. Decide if I want an invoice for a business or an individual. Think again. Go-around hunting for a better option one last time.

Lately, I've had a harrowing experience of misclicking on Amazon. The bastards have put "Add to Cart" and "Buy with 1-Click" so close together that I clicked Buy thinking I was adding to the cart.

I promptly got emails about my order having been finalized. No confirmations, no whatnot. Like those annoying traffic lights on some streets that go straight from red to green, without amber in between. I felt a bit robbed. True, I wanted to buy the stuff, so I didn't cancel, but damn it, not like this.

Re: Payments down 20% in my SaaS after EU introduced PSD2

#57

Post by bjohnson225 »

codethief wrote: post #24

I absolutely hate 3DS, for two reasons: 1) I now have to do the 3DS procedure for amounts as small as 1,80€ 2) My bank's 3DS "website" requires me to enter my online banking PIN (the one for my entire account, not just my credit card PIN!) and since that website gets opened in an Android WebView I can't even be sure that the app invoking the WebView doesn't actually obtain my PIN through a key logger. Fantastic.

1 could be a bad implementation from the merchant. There is an exemption for low value (<€30) transactions and you can do five low value transactions before needing re-authentication.

Re: Payments down 20% in my SaaS after EU introduced PSD2

#58

Post by withinboredom »

thefounder wrote: post #51
pjmlp wrote: post #40

Earlier quoted context omitted.

The main issue to SMS tokens going away are all those people, specially elderly ones, that now are forced to buy a phone they cannot understand how to deal with. Just like the clever idea some cities have had to initially only offer covid vaccination appointments over their website.

Well...if they use the internet to shop online a mobile app should not be that hard to deal with given it's installed/configured by the bank clerk. All the mobile phones are "smart phones" now anyway.

> a mobile app should not be that hard to deal with

My grandma can't even use a smart phone to call people with. She only answers if you call because she is literally terrified of technology.

Re: Payments down 20% in my SaaS after EU introduced PSD2

#60

Post by robert_foss »

codethief wrote: post #24

I absolutely hate 3DS, for two reasons: 1) I now have to do the 3DS procedure for amounts as small as 1,80€ 2) My bank's 3DS "website" requires me to enter my online banking PIN (the one for my entire account, not just my credit card PIN!) and since that website gets opened in an Android WebView I can't even be sure that the app invoking the WebView doesn't actually obtain my PIN through a key logger. Fantastic.

Switch to a more modern bank. I've got both a crappy German one and a good one. The difference in friction is big.
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