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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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 do not understand why Credit Cards exist or are a popular payment option.
Also pretty crazy that per-transaction list price of most PSPs for a SEPA transaction is about €0.15-€0.30. The profit they make!
This is also true of ACH transfers too
maybe not quite as cheap but still like 0.02% of revenue in your example
It’s just that people in the US are even more scared of direct debits. I would be surprised if it’s being used for more than 10% of monthly charity donations for example and definitely not for a magazine subscription or SaaS product
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