New order in presenting payment methods
Vendor instructions
The new amendments to the Finnish Consumer Protection Act will bring changes to all web store operations. The amendments affect the order in which payment methods are presented, and they will also introduce an obligation to identify the purchaser. In addition a new interest rate cap will enter into force on 1 Oct 2023.
New order in presenting payment methods
From 1 Oct 2023 onwards an online store must present its payment methods to consumers in the following order:
- Payment methods that do not include the possibility of applying for or using credit or deferred payment, eg. online bank transfers or debit cards
- Payment methods, which may include the possibility to apply for or use credit or deferred payment, eg. credit cards or combination cards
- Payment methods that mean applying for credit, using it or have possibility for deferred payment, eg. invoice or part payment
Verification of the purchaser’s identity
Starting from 1 Oct 2023 online stores must verify the consumer’s identity using strong identification whenever invoice or part payment is chosen as a payment method.
Changes in the interest rate cap
The interest rate cap for consumer loans will be decreased to 15 percent from 1 Oct 2023 onwards. However, in the future creditors may charge reference interest on top of the credit interest. Starting from 1 Oct 2023 we will be adding 3 month’s Euribor to the credit interest. If you have interest rates or calculation examples visible for consumers, they should be updated from 1 Oct 2023 onwards.
Are you in need of help
or do you have any questions?
Contact our customer service:
info.payments@svea.fi
09 4241 7040
Magento 2
If your web store utilizes our Magento 2 payment module and the payment method is chosen at checkout, it is up to you as the vendor to ensure that the payment methods are presented in the order required by the Consumer Protection Act. The order of the payment methods can easily be changed in the admin interface of the payment module under Sales / Payment Methods. See further instructions.
For example when the popular Svea Payments Collated grouping is in use the payment method subgroups and payment method filters may be renamed and rearranged into the order required by law. The image below portrays the new default order when the Svea Payments Collated grouping is in use. The order of other payment method subgroups may easily be rearranged with the help of the value in the Sort Order field.
We have also launched a new version of the Magento 2 module in which the default order of payment methods has been changed. By updating the module to the latest version, the order of payment methods at checkout will change without you having to make the changes yourself in the module settings. Download the latest version here.
Please note that if the payment method is chosen directly on the payment method selection page, you do not need to carry out changes in the module – we will update the order and it will automatically change within the time limit.
If you update the module, please check from the module description the general updating instructions and the compatibility of the web store software as well as the PHP platform.
WooCommerce
In the WooCommerce payment module the order of payment methods can easily be changed in the admin interface of the payment module. The order should be changed only in the case that the payment method is chosen directly at checkout without a transition to our payment form. See further instructions.
For example in the widely used Collated payment method view, the order of the payment methods can be easily changed by changing the headers of the payment method groups and then the payment methods below them.
In a newer version of the WooCommerce module the order of the payment methods has already been changed. By updating the module, the order of the payment methods will automatically be changed at checkout. You can find the latest version here.
If you update the module, please check from the module description the general updating instructions and the compatibility of the web store software as well as the PHP platform.
Shopify
If individual payment method applications are installed to the checkout, the ability to change the order of payment methods depends on the Shopify licence in use. For example Shopify Plus users are able to modify the checkout view and change the order of individual payment method apps at checkout. See further instructions on Shopify's website. Not all licences include the possibility for modifications. In these cases Shopify advises you to search for apps in the Shopify App Store. If you consider these you should check with your web store provider that the app is compatible with other apps in your store.
If a single payment application from which the buyer proceeds to our payment method selection page to choose the payment method, is installed to checkout we will implement the change in the order of the payment methods, and the order will be automatically updated within the time limit.
Direct integrations, Svea Checkout, payment method selection page, and other solutions
If your web store retrieves payment methods via an API or utilizes Svea Checkout or our payment method selection page, the new order of payment methods is implemented by us and is automatically updated to the users. However, if your web store utilizes the Webpay EU Webservice integration, the order of the payment methods is not updated automatically, and it must be changed by yourself.
For other solutions, you should primarily contact your web store provider to find out how to change the order of payment methods.
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