PayCore.io Commerce: PSD2 compliance and more
The latest PayCore.io® comes with a new platform layer overhead the payment and payout gateways in which we centralised the common ecommerce functionality and services for both ecommerce and FinTech customers. This is a fundamental architectural restructuring which hugely simplifies and standardises the interaction and operation of your payment infrastructure in PayCore.io®. Major ecommerce services now all are taken care of within the Commerce layer, making integration and interaction a much easier and leaner process.
Now every Commerce Account has its own Commerce Private API that opens parts of backend data and application functionality within that commerce account. The Commerce Public API allows external services to access every Commerce Account. Those new APIs were introduced to satisfy the requirements for the Account Information Service (AIS) and Payment Initiation Service (PIS) elements of the EU’s revised Payment Services Directive (PSD2). If you’re among our FinTech customers, you don’t need to worry about compliance with those legislative requirements.
To support various projects or business entities you can create as many Commerce Accounts as you require within one PayCore.io account. When it comes to running multiple online businesses now you can manage them all in one place. For our FinTech and marketplace customers, this means an ability to create accounts for their merchants. This new functionality also allows online businesses to apply commission fee for all incoming and outgoing transactions separately for every Commerce Account. For example, Uber and Fiverr take 20% commission rate, while Freelancer charges 10% per transaction. Transaction fees are usually the main revenue stream of any payment processor. Presently, PayCore.io® also allows for quick processing of accounting information ‘behind the scenes’ due to the Ledger feature that supports all new Commerce functionality.