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Impact of the PSD on Small Business Payment ServicesPublished by: TowerGroup Published: Apr. 13, 2009 - 8 Pages Table of Contents
AbstractMicro-enterprises and small and medium-sized enterprises (SMEs) represent 99% of all European Union (EU) enterprises, employ 67% of the workforce, and generate almost 20% of revenue from exports.The Payment Services Directive (PSD) gives EU member states national discretion to apply some of the mandatory consumer provisions to micro-enterprises, a segment comprising about 92% of EU enterprises. At the discretion of each EU member state, consumer payment provisions extended to micro-enterprises include free monthly reporting, extended notification period for unauthorized payments, and limited liability for unauthorized transactions. The PSD defines micro-enterprises by number of employees, annual turnover, and/or annual balance sheet totals, which are measures that financial institutions do not capture in their payment processing systems. Applying unique provisions to micro-enterprise payments further complicates an already daunting task as banks upgrade their processes and systems for PSD compliance. Get Full Details About This Report >> |
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