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

Hyun Cho
Hyun Cho
  • Updated

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 allows SEPA Direct Debit payments
    Note: Most of the banks do; however, there are some cases where the 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.

Steps

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

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  2. Enter the following information:
    • Name - account holder name
    • Email address - to be notified when Oyster pulls money from your account
    • IBAN - IBAN of the bank account from which Oyster will pull money

  3. Click Add bank account. Your bank account is registered, with a badge stating that it’s verified.
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  4. Now you must authorize your account. Click Authorize account.
  5. Click Get started to allow Oyster to pull funds from your bank account.
    • Note: If you don’t authorize the account Oyster will not be able to charge you through direct debit.
  6. Enter the following information:
    • Name - account holder name
    • IBAN - IBAN of the bank account from which Oyster will pull money
    • BIC - the bank identifier code of the 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. Your bank account is authorized, with a badge stating that it’s authorized and is ready for direct debit.
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Additional information