SEPA Direct Debit As of August 1, 2014, the SEPA Direct Debit completely replaces the previous direct debit authorization for banks and companies. The SEPA Direct Debit enables comprehensive accessibility of the entire SEPA zone, it covers multiple and one-off euro payments and establishes IBAN and BIC as features for account identification. Until now, collections […]

SEPA Account Statement Information Until now, the information on a bank statement has been provided to the account holder by the banks in the SWIFT formats MT 940 and MT 942. In the course of SEPA migration, however, additional account statement information is required that can only be displayed in a roundabout way or to […]

SEPA Credit Transfer The abbreviation SEPA stands for Single Euro Payments Area and thus for a uniform euro payment traffic area. A unified European payment traffic has been the declared goal of politicians and banks in Europe for many years, but it was not until 2008 that the first Europe-wide standardized payment instruments were created. […]

Definition of the term online merchant / online trader Online merchants, also Internet merchants, are operators of web stores and Internet platforms through which goods or services can be ordered. This can be a “pure” online business that sells and markets the goods, digital goods or services exclusively via an Internet portal; the best-known examples […]

Online Payment The rapid development of online commerce has made it necessary to find new ways of paying for goods and services that are both easy to use and secure for sellers and buyers. In addition to the classic bank transfer or direct debit, there are various ways to pay for goods or services online. […]

Mobile Payment Mobile payment describes a cashless form of payment that is being used more and more frequently. At least one of the parties involved in the payment process uses mobile technology to initiate, authorize or execute the payment. Today, smartphones and tablets are the main devices used for mobile payments. But even in the […]

Minimum Disagio Micropayment refers to payment transactions in which only small amounts are transferred from the buyer to the merchant in exchange for goods. As a rule, payment amounts of up to five euros fall under the term micropayment; payment amounts above this are called macro payments. Thus, the purchase of a bread roll or […]

Micropayment refers to payment transactions with small prices Micropayment refers to payment transactions in which only small amounts are transferred from the buyer to the merchant in exchange for goods. As a rule, payment amounts of up to five euros fall under the term micropayment; payment amounts above this are called macro payments. Thus, the […]

Settlement period One speaks of a settlement period when any transactions fall within a certain period of time. In this case, these submitted bookings can only be paid out much later, but they are assigned to this settlement period. In most cases, the settlements are posted weekly, fortnightly or monthly. The accounting periods with credit […]

Validity of the SEPA mandate The SEPA direct debit mandate is required to authorize the direct debit procedure between the payee (creditor) and the payer (debtor). The debtor can provide the mandate to the creditor in writing or electronically using an electronic document with a secure signature. A direct debit mandate is only valid if […]

Payment systems for online purchases Internet commerce is booming and growth rates are still expected to rise. However, merchants who only offer the payment option prepayment come away empty-handed in nine out of ten purchase transactions – customers usually abandon their purchase. On average, larger retailers therefore offer at least five different payment systems. A […]

Electronic Mandate The SEPA Direct Debit Mandate is an indispensable instrument for the SEPA Direct Debit Scheme. With the help of the mandate, a credit institution is instructed to collect payment orders from the account of the debtor (debtor) and it authorizes payees (creditors) to honor direct debit orders at the debtor’s bank. The SEPA […]