SEPA Direct Debit
SEPA Direct Debit
Consolidate your Euro payables and benefit from enhanced cash flow control
SEPA Direct Debit enables your company to pay suppliers in 36 Single Euro Payment Area (SEPA) countries using a single account held with Royal Bank of Scotland, signing up to the same debtor mandate for all the SEPA countries you pay to.
An integrated solution to pay Euro Direct Debits from your business account to the suppliers based in all the SEPA countries.
Consolidation of your Euro Account payables across the SEPA countries
Capability to accept Core and Business to Business mandates according to the need of your suppliers or local tax authorities*
Safe and secure way of paying bills and regular payments helping to build trust with your suppliers
Standardised mandates and refund terms across all 36 SEPA countries
Successful direct debits are integrated into the reporting available for download from Bankline
*European Payment Council scheme rule, Personal, Micro-Enterprise and Charity accounts cannot sign SEPA Direct Debit mandates for the SEPA Business to Business scheme
Is SEPA Direct Debit right for you?
- SEPA payments are in Euros only
- A SEPA Direct Debit mandate can be set up using non-Euro Currency accounts, for example, Sterling account transactions will be subject to Foreign Exchange conversion and fees will apply
- The Refund terms vary from scheme to scheme: 8 weeks on a “no questions asked” basis and 13 months if the mandate was not authorised for the Core scheme; no refund rights for the Business to Business scheme
€ Currency Business Accounts are also available, supporting your European payables and receivables, for more information on how to apply please visit Business Currency Current Account
How it works
Identify the need to pay your European suppliers by Direct Debit, our customer service teams, and Relationship Managers are available to provide additional detail you require.
Agree the payment terms and frequency with your supplier complete the mandate and return it directly to your supplier, the creditor (Core Scheme); ask for the application form and any specific terms. Business to Business mandates only, please return the completed mandate to your relationship manager, this will allow the bank to activate your mandate to enable the creditor to collect the monies due.
Creditor notify the Collection your supplier or tax authority will notify the incoming debit, contractually or by specific communication, in order to prepare funds in your business account.
The Direct Debit is collected, the creditor will instruct their bank to collect the funds and your business account will be debited one day later
Manage your rights, you have the right to allow specific creditors to debit your account as well as to request a refund within the period established by the scheme (Core scheme) or refuse specific claims. These rights are explained in the terms you will receive from us
Fees and charges apply, SEPA Direct Debits are charged the same as your automated debit fees within your service charge, please speak to your Relationship Manager for further details.