A SEPA authorisation is a written permission you give to a company or organisation to debit money from your account. SEPA stands for Single Euro Payments Area and ensures that payments within Europe can be made easily and quickly. The authorisation allows companies to withdraw payments automatically, such as paying monthly subscriptions or invoices.
You as a consumer have control over these payments because you always have to give your authorisation before a payment is made. A SEPA authorisation is a secure and standardised way to process euro payments within the SEPA area, which covers almost all European countries.
How does a SEPA mandate work?
When you issue a SEPA mandate, you authorise one-off or periodic automatic payments. You usually receive a form from the organisation you want to pay to, where you fill in your bank details and signature. This gives them permission to debit amounts from your account on the agreed date.
The payment can be made both nationally and internationally, as long as the payment is in euros. After signing the form, the organisation can make the payments without you having to manually log into your bank each time. This process ensures that payments are arranged easily and quickly, saving a lot of time and effort.
Advantages of a SEPA mandate
A SEPA mandate offers numerous advantages for both consumers and businesses. For you as a consumer, it is the simplicity of automatic payments that ensures convenience. You no longer have to take care of payments yourself every month, which is especially convenient for subscriptions or recurring charges. For businesses, it provides a streamlined payment experience, reducing administrative burdens and minimising the risk of forgotten payments.
SEPA mandates also make it easier to make payments across national borders, as long as both parties are within the SEPA area. This makes SEPA not only convenient, but also cost-effective for both customers and businesses.
How to process a SEPA mandate
Processing a SEPA mandate is simple and can be done by both consumers and businesses. As a consumer, you usually give the authorisation via a form, either online or on paper, to the organisation with which you have a payment relationship. This form contains your bank account number and personal details, as well as your signature confirming the authorisation.
Companies can process these authorisations through their own payment system. Once you have given authorisation, the organisation can make payments automatically, as long as they are within the agreed conditions, such as the amount and frequency of payments.
For companies, the process is slightly more complex. As they need to ensure the proper technical implementation of the SEPA authorisation. They need to store and process the authorisation data in their payment system. This can be done manually or through SEPA-compliant software. They can then make the payments through their bank.
It is important to ensure reliable administration of all authorisations so that payments are made correctly and there are no misunderstandings. Both consumers and businesses benefit from the speed and efficiency offered by SEPA authorisation.
TriFact365’s role in SEPA mandates
TriFact365 can play an important role in efficiently processing and managing SEPA mandates for businesses. This platform offers automated solutions for administrative processes. This means they can easily book invoices with payment method (SEPA) direct debit in their invoicing and accounting systems.
With TriFact365’s support, companies can more easily process invoices with (SEPA) direct debit, ensuring a smooth and efficient payment process. This allows them to improve their administration and payment processes and optimise their cash flow.
