Features & benefits
Automated switchover to the SEPA direct debit scheme
If you already use our Wirecard Checkout Page or Wirecard Checkout Seamless solutions, you will benefit from an automatic switchover to the SEPA direct debit scheme, including a one-off mandate creation. If you are a customer with your own payment page, we also offer the option of using the currently valid account details comprising bank account number and sort code for Germany for a transitional period after 1 February 2014.
Efficient and secure solution for 33 countries
In line with the prescribed EU guidelines, SEPA transactions will be uniformly processed. This cuts both costs and time for retailers as well as reducing the complexity of cross-border trade. Wirecard is working in collaboration with all SEPA-based banks, and this allows us to offer our customers maximum security in 33 countries: the 28 EU countries and Iceland, Liechtenstein, Monaco, Norway and Switzerland.
Cost-optimised euro payment process
With regard to charges, SEPA payments will be treated as national transactions, making them less expensive than many other payment options for retailers operating across Europe. In addition, the currency for all transactions is the euro, which means transactions can be processed via a single Wirecard Bank account with no extra costs incurred. The benefits of this are major savings in account and debtor management as well the far simpler processing.
Improved liquidity management
The SEPA direct debit configures payment collection for retailers in a particularly flexible way. The introduction of setting a payment date, for both one-off and periodic payments, enables targeted management of payment flow and easier monitoring. Customers also benefit because they know in advance when the payment will be taken from their account.
Easy and reduced charges for refunds
Wirecard also offers SEPA credit transfer, which allows an easy and cost-effective processing of refunds by retailers for product returns to other SEPA countries. In addition, cross-border returned direct debits are free of charge for retailers under the SEPA scheme, while national returned direct debits will continue to incur charges.
Greater customer reach
As a result of the reduced SEPA charges, in future, direct debit customer purchases from different countries are likely to increase. By having the SEPA direct debit scheme on their own payment page, online retailers are best-placed to attract new customers, expand their online business and gain market shares.
BIC/IBAN Data conversion in compliance with SEPA
Customers of Wirecard can keep their existing national direct debit schemes (ELV: elektronisches Lastschriftverfahren) for Germany and Austria for the time being (probably until the beginning of 2016). Our conversion solution automatically converts bank sort code and account number into BIC (Bank Identifier Code) and IBAN (International Bank Account Number) and completes them by further SEPA-specific parameters necessary for the payment processing. Consequently, there is no time pressure on our customers to convert their systems and undergo any processes involved such as invoicing, payment and reconciliation.