The debit system is still an extremely popular method of payment. Find out what you have to take into consideration when offering this payment method.
The Single Euro Payments Area (SEPA) conversion replaced national direct debits with direct debits in SEPA format. It has allowed for the introduction of cross-border direct debits in the euro zone. The payment method is divided in two schemes, Core SDD and B2B SDD. The basic direct debit, or Core SDD, is used between companies and their customers. Banks offering SEPA payments are obligated to participate in Core SDD. The B2B SDD scheme, or company direct debit, is intended for payment transactions amongst businesses.
On some points, the SEPA direct debit differs from the previous direct debit methods. The SEPA direct debit gives consumers a better protection. For example, banks need to enable their customers to reduce the redemption of direct debits to specific payees. In addition, consumers can set maximum amounts for direct debit orders. If the account is to be completely protected against unlawful access, it is also possible to block it completely for direct debits.
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