How do companies set up SEPA Direct Debit as a payment method?

Streamline how your company pays invoices in €

If you have your bank account in the SEPA area and you pay invoices in EURO (€), this article will help you connect your EURO bank account to Oyster to streamline payments. Once you approve an invoice, funds will be automatically pulled from your connected bank account. We will only pull funds with your approval.

 

First, go to payments in the menu and the payment information tab and select “Add payment method”:

 

 

 

 

 

You will need to provide the account holder name, email address that will be notified when Oyster pulls money from your account, and the IBAN of the bank account you want Oyster to pull money from:

 

 

 

 

This will complete the verification step. Now you will see your bank account registered, with a badge stating that it’s verified, however it’s missing the autorization step:

 

 

 

 

 

 

 

Click “Authorize account” to be directed to a page where you will give your consent for Oyster to pull funds from your bank account. If you don’t authorize the account Oyster will not be able to charge you through direct debit:

 

 

 

 

 

Insert your bank details, including the postal address of the account holder:

 

 

 

The date will be set as the day that you are doing this process, and finally you can easily sign digitally the document:

 

 

 

 

 

Now you can see in under “Payment information” the two green badges confirming that your bank account has been both verified and authorized, hence it is ready for direct debit.

 

This is only for companies invoiced in EURO with a bank account in SEPA.

For our US customers you can check how to set ACH Debit here, and for BACS for the UK here.

 

Note that your bank must allow SEPA Direct Debit payments. Most of the banks do, however there are some cases where their client (you) have to enable it, and in other cases banks may have limits to the maximum amount to be paid by SEPA Direct Debit. Please check with your bank if you are unsure about it.

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