Understanding the Implications of Payment Services Directive (PSD3) for Entrepreneurs
The Payment Services Directive (PSD) 3 has played a crucial role in shaping the payment services landscape within the European Union (EU). As we look towards the future, it is essential to explore the potential impact of this payment regulation framework on the ever-evolving world of entrepreneurship and business in general.
Open Banking
The concept of open banking, facilitated by PSD3, encourages data sharing and competition in the financial industry. Entrepreneurs can access customer data (with consent) to create more personalized and value-added financial services, such as budgeting apps, investment platforms, and lending services.
Enhanced Customer Authentication (SCA)
One of the key provisions of PSD3 is the introduction of Strong Customer Authentication (SCA). SCA requires two or more of the following factors for verifying a customer’s identity, such as mobile device, password, or biometrics. This brings operational implications to entrepreneurs developing payment solutions, as they need to ensure their systems comply with SCA to prevent fraud and enhance security.
Regulatory Compliance
Entrepreneurs need to be well-versed with the regulatory requirements imposed by PSD3, including data security, privacy, and liability issues. Non-compliance can lead to legal consequences and reputational damage.
Two Reasons Why Your Small Business Needs An Intranet
From quiet firing and quiet quitting to over-employment, the working environment is getting weirder. Remote working is also becoming popular, especially after Covid-19 showed us that this is possible. Now, most employees expect flexible working conditions. That’s where a business intranet comes in and helps to get the job done better. So, let’s dig into this and find out how an intranet can benefit your small business.
What is an Intranet for a Small Business?
An intranet is a private network any business uses to share information internally. The best platforms incorporate video, voice, instant messaging, and email to empower internal business communication.
However, this’s only helpful if staff know what information to share, when, and how. Otherwise, information might get misinterpreted or lost. Here are other reasons why small business needs an intranet.
Boosts Productivity
Usually, small businesses aim to be highly productive. But, if your staff are over-reliant on paper-based systems and processes, this can lower their productivity. The intranet has task management features that automate your business’s repetitive tasks like timesheet submissions, calendar management, vacation requests, purchase orders, administrative duties, and approval forms. This streamlines your business’s activities and enhances your employees’ productivity.
Employee Engagement
The major benefit of intranet for a small business is that it can help you manage sensitive business information in one secure place for easy access whenever needed. They can also communicate without manually sending emails or typing every character. This way, your workers can pitch it when required.
Wrapping Up
Undoubtedly, an intranet should be an investment in your small business. It’s a wager on your employees, which are your most valuable asset. Investing in such a platform shows your workers are valued and that your business is committed to their success.
Real World Education
Guide to Selling Sofa Covers Online
Like any fabric business online, setting up a sofa covers business is no different. But today’s DIY ethic should be sufficient to give you some hope that setting up an online store is easier than you might have imagined.
Of course, there is more than a one-size-fits-all approach to selling Ikea couch covers online. As such, you can always explore other opportunities or practices, usually shared at online business seminars and podcasts, presented by the online landscape, such as social selling and affiliate marketing, and pick what works for you.
Getting started with selling Ikea couch covers online is undoubtedly the biggest hurdle you will encounter. And here is a rundown of tips for setting up a sofa cover retail venture online.
- Have a business plan
- Know your sources
- Take details photos of your products and include detailed descriptions
- Think about the domain name and make it inspiring to potential customers
- Set up your shopping cart system, preferably one integrated with an automated shipping system.
Real World Education
Books
Books are an essential part of every entrepreneur or business person’s life and many of the most successful people in this field are regular readers. They provide a source of inspiration, better strategies, and more knowledge about the triumphs and failures of other people dealing with similar issues.
Did you know prominent entrepreneurs and business owners read widely and frequently? Warren Buffet, Mark Zuckerberg, and Elon Musk are all regular readers. However, why should others do the same? It is simple. Reading prevents lazy habits and makes the reader think about better ways of doing things instead of doing the same things over and over again. Entrepreneurs and business people know that not being able to change with the times will be the end of their careers.
Books insp
ire better ways to do things by getting an insight into what other people in the same profession are doing. For example, a person who works in a tech-related industry can see how similar people deal with the same challenges. It is possible to learn new strategies suggested by other professionals about how to deal with current problems.
What about inspiration? Sometimes every possible option has been tried and there is still no way of overcoming a challenge. inspiration is required to prevent negative thinking and an inspirational story may be enough to get a new insight or way of thinking about a problem.
Learning about inspiration, new strategies, and ways of thinking leads to more reading about personal development. This is another reason why books are so important in the overall life of a business person or entrepreneur. As more knowledge is gathered it can result in a better individual and business.
Other Written Resources
Magazines, newspapers, journals, and any other written resources provide all kinds of information which can help solve business or technical problems. They also provide inspiration and ideas about better ways to do things.
A simple walk into a bookshop or library is a way to learn more about a current problem or way to achieve a new goal. Looking through magazines and newspapers will also give people all kinds of ideas and inspiration which help to look at problems from a different perspective.
Academic libraries are another great place to get more information but are only available to paying students. Journa
ls and academic thesis provide some of the most innovative and contemporary solutions to problems. However, they are only one piece in the puzzle because their ideas need to be put into practice.
All kinds of other written resources can help individuals in business. Perhaps an individual lacks motivation or is looking at a problem from a negative perspective and what is needed goes beyond business. Some entrepreneurs rely on the inspiration provided through poetry, jokes, riddles, and philosophy. This may not be from a book but any written resource.