Recurring Payment in Europe: Why SEPA Direct Debit is Now a Great Fit for All Stakeholders
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SEPA stands for Single Euro Payment Area, and is a European Union payments initiative which has simplified EUR-denominated bank transfers. With subscriptions estimated to account for more than one-fifth of eCommerce, SEPA direct debit is ideal for merchants offering purchase options which use recurring payments, as merchants do not need to concern themselves with account creation restrictions or expiration dates which can impact their ability to collect funds. The evolution of SEPA regulation is discussed, along with key lessons learned from merchants already operating on SEPA direct debit and, for those merchants who have not yet migrated, information on how to set up a pilot.