SEPA mandate / Direct debits

What is a SEPA mandate?

A SEPA mandate is the consent of a payer (for example, a customer) that allows a payee (for example, a company) to collect recurring or one-off payments from their bank account via direct debit. SEPA stands for "Single Euro Payments Area" and comprises 36 European countries that have introduced uniform standards for cashless payments.

Advantages of the SEPA direct debit scheme

1. A unified standard : The SEPA standard enables businesses to process cross-border payments within participating countries in the same way as domestic payments. This simplifies payment transactions and reduces complexity.
2. Convenient payment : For customers, SEPA direct debit offers a convenient way to automatically settle recurring invoices without having to worry about manual transfers.
3. Reliability and security : SEPA direct debit schemes are secure and offer a clear legal basis through the SEPA mandate. Customers can reverse unauthorized direct debits within eight weeks.