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SEPA Payments

SEPA (Single European Payments Area) is the solution to safer and faster payments in Europe. It grants access to potential sales in markets where cards are not the preferred payment method, and where many country-specific payments are used.

The Single Euro Payments Area (SEPA) streamlines cross-border payments in Euro adopted countries across Europe. Goods and services can be paid in the region with the same ease as a domestic purchase.

The SEPA initiative was the largest of its kind ever introduced in Europe affecting the 28 EU Member States, as well as Iceland, Norway and Liechtenstein, Switzerland, San Marino and Monaco.

SEPA creates an integrated and single European market, by ensuring the ease of both cross-border and domestic payments. It provides an environment simplifying the free flow of goods and services throughout the region.

SEPA introduces a standardized set of terms and conditions for the European market, whether payments are cross-border or domestic. This allows companies and consumers to make and receive non-cash Euro payments with ease.

Along with the system, SEPA provides several secure and efficient payment instruments and methods for Europe.

SEPA Direct Debit

SEPA Direct Debit (SEPA DD) allows businesses and consumers to execute cross-border direct debit payments in Euro. Consumer and business accounts may be of any SEPA currency, and the transfer of funds between them will always be conducted in Euro.   The core of money collection is a signed authorization (mandate) dispensed by the debtor to the creditor.   During the process of making a purchase, the customer needs to provide and submit their bank account information (name of the account, BIC, and IBAN) and consent to be charged. When all these are in place, the merchant will initiate the transaction.  
SEPA Direct Debit
SEPA Credit Transfer

SEPA Credit Transfer

SEPA Credit Transfer (SCT) was introduced by the European Payment Council (EPC) in 2008. EPC represents payment service providers (PSPs) and sets the standards for the integration and development for European payments. SCT allows PSPs to administer international payment processing and to offer it as a credit transfer service to its merchants within the 34 Single European Payments Area participant countries. A PSP needs to be a formal participant in the SEPA scheme to be able to offer this service. The payments are conducted in the Euro currency. By using SCT, customers are enabled to transfer funds to any beneficiary account in SEPA in the form of a non-urgent one-time bank transfer.

SEPA Instant Credit Transfer

SEPA Instant Credit Transfer (SCT Inst) is the EPC’s latest scheme; it heralds a new era in payments. Payments are no exception to an increasingly digital and immediate society. SCT Inst grants its users the ability to conduct SEPA payments anytime, any day and within a few seconds. It is the closest substitute for cash, allowing immediate transfer of money available 24/7/365. The SCT Inst scheme will be available across the 34 SEPA countries.
SEPA Instant Credit Transfer
 

The Benefits of SEPA

SEPA implements consistent procedures and standards across all cashless transactions.

Benefits include:

  •  Clear and standardized payment cycles
  •  Low transaction fees
  •  Reduced costs in debtor management
  •  A streamlined, fast and simplified payment process, delivering cost reductions
  •  Businesses can reduce the number of bank accounts necessary for their European operations simplifying liquidity management
With SEPA, the opportunity for payment innovation and competition is greatly increased. Learn more about the Benefits of SEPA  

Find Out More About SEPA from Transact24

If you are selling into or within the Euro-zone, SEPA payments are an opportunity for your business. The positive impact on cash flow and cash management arrangements is significant.

Transact24 offers extensive SEPA expertise and can help your business to:

  •  Implement SEPA payment types
  •  Streamline payments
  •  Improve your liquidity management
Getting started with SEPA payments is simple. Just drop us a line using our contact form and we’ll be in touch to get the ball rolling.