We will soon be making a significant change in how payments are managed on CDandLP. Our daily commitment is to provide you with clear information about our technologies. Therefore, to meet legal requirements for greater transparency in transactions, we are implementing a new secure payment system in collaboration with a Payment Service Provider (PSP).
Why this change?
The European PSD2 regulation (Payment Services Directive 2) requires all online platforms to enhance payment security. This involves integrating a PSP to manage transactions and ensure compliance with strict standards.
PSPs are responsible for verifying the identity of users (sellers, buyers) in accordance with KYC rules (Know Your Customer), which are essential for combating money laundering and fraud. They protect platforms by ensuring that funds are transferred in compliance with local and international regulations.
Which partner have we chosen?
We have chosen the PSP partner STRIPE for the following reasons:
- Stripe supports more than 135 currencies and various local payment methods.
- The solution is specifically designed to split buyers' payments between the platform and multiple sellers while complying with regulations.
- Its security features are highly advanced.
What does this mean for your purchases?
PSPs ensure the proper distribution of funds between the various parties (seller, platform, etc.). They provide tools for payments, cancellations, refunds, and more. Our operations will remain unchanged. The payment process will remain just as fast and simple, managed by an external provider.
You are a seller, what changes are coming?
This change will not affect the disbursement of your sales earnings. We will continue to securely manage payments. You will receive your payments through our PSP, which will also handle the verification and compliance process. A message in your account lists the details we need from you to continue selling as usual.
You will need to provide us with a bank account for transfers, as it will no longer be possible to deposit sales earnings into a PayPal account.
We will keep you informed at every step to ensure a smooth and seamless transition. The change will take place before the end of the year.
In the next article, we will provide details about the buyer protection that we will introduce to accompany this change.
As always, we are available for your feedback and questions at contact@cdandlp.com.
