Direct debit mandates really are the ugly stepchild of @EPC_SEPA payments. No digital authorization standard, no mandate tokens, no standardized creditor registry.pic.twitter.com/4ZWWFCoD6z
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Funny how Fraunhofer identified the weaknesses of SEPA direct debit 7 years ago and nothing has improved: - Most of Europe uses the two-corner model (bad) - Netherlands is on three-corner (good) - Fraunhofer recommends four-corner (bad) http://publica.fraunhofer.de/eprints/urn_nbn_de_0011-n-2752628.pdf …pic.twitter.com/2FWbF2SUeH
The three-corner model (through the debtor bank) is the best option here, because it guarantees validity of the direct debit mandate and does not rely on the debtor bank to initiate the validation process (step 4). The four-corner model adds too much friction.pic.twitter.com/TrDVIpPKjf
Never quite realized how cheap SEPA direct debit transactions are: €2 per batch https://www.ing.nl/zakelijk/betalen/geld-ontvangen/incasso/ … If you have 2,000 subscribers for €15 per month, collection would cost you 0.007% of your revenue vs 3% for credit cards on a standard Stripe contract That’s 460x cheaper!pic.twitter.com/BSQTVZSeo3
The obvious weakness of the three-corner model for direct debit transactions is that it relies on the debtor bank to provide a good user experience. Is it even possible to provide incentives for that in a system of federated monopolists?pic.twitter.com/MSV72nQSxl
I recently implemented the three corner e-mandate solution for a Dutch client, works pretty neat, except that it can't be handled through your bank app: you *have* to use an identifier, which most users don't have on them all the time, 50% conversion loss :/
Ugh, yes, Dutch banks are still too strict. ING remains the winner. I thought many had eased the requirements for low-value transactions though and I assume you are doing €0,01?
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