How to set up your company's SEPA Direct Debit as a payment method

Setting up a SEPA Direct Debit means that once you approve an invoice, funds are automatically pulled from your connected bank account. We only pull funds with your approval.

Prerequisites

• You pay invoices in EURO (€)
• Your bank account is in a supported country. For the full list, please check here
• Your bank account allows SEPA Direct Debit payments
  Note: Most of the banks do; however, there are some cases where the client (you) have to request your bank to enable it, and in other cases banks may have limits to the maximum amount to be paid by SEPA Direct Debit. We recommend you to check with your bank if you are unsure.

Steps

1. Click Payments and select Payment method. Then click the Connect payment method button.
   

   

2. Enter the following information:
   • Account holder name - account holder name
   • Email address - email address of the person at your company that will confirm the SEPA DD setup and that will get notified with the confirmation email from Oyster. 
   • IBAN - IBAN of your bank account.
   
   
3. Click Continue. Your payment method has been saved but it is not yet authorized.  
   
4. The next step is for you to authorize your account. You can do so by by clicking on Authorize payment method link in the banner, or by clicking on the three dots and then "Authorize payment method". 
   • Note: If you don’t authorize the account Oyster will not be able to charge you through direct debit.
5. Click Get started and make sure you've marked the checkbox agreeing to the Electronic records and signature agreement by Oyster HR. 
6. Enter the following information:
   • Name of account holder - account holder name
   • IBAN - IBAN of your bank account.
   • BIC - the bank identifier code of your bank account 
   • Your full postal address - address of the account holder
     
7. Click in the box to e-sign your name.
   • Note: the date is automatically set as today's date (the day you actively completing this process).
8. Click I agree.
   Congratulations!! Your payment method is ready!!
   
   

   In parallel, a confirmation email will be sent to the email address provided in step 2 with all relevant information about your SEPA setup.

   You can also access SEPA mandate information by clicking on the three dots within your bank details card or via the banner (see image above). 

Important note: By default, your bank will support and allow SEPA charges. However, we strongly recommend that you share the mandate information with your bank right away, so they are aware that charges through SEPA will start happening from now on. This information can be found in your confirmation email as well as by clicking on the three dots within your bank details card or via the banner (see image above).

Additional information

• US customers can set up ACH Debit
• UK customers can set up BACS