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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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
Is there a European consumer bank which lets you generate a virtual bank account number for direct debit mandates? https://www.accenture.com/t00010101T000000__w__/au-en/_acnmedia/PDF-29/Accenture-Payments-Virtual-Accounts.pdf …
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
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!
Yes and no. This is definitely value-pricing, not cost-pricing. On the other hand, there are loads of costs a bank makes for which they don’t charge their customers directly so they have to make it up somewhere.
Ah wait, you didn't refer to bank fees but payment providers. Similar reasoning applies (something needs to pay for support tickets and the lawyers), but definitely still high margin.
If you have a couple of hundred direct debit transactions, there is definitely a case for running your own through the bank vs using a payment service provider. Especially if practically all your transactions are direct debit.
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