SEPA Mandate Creation The SEPA direct debit mandate authorizes a payee (creditor) to collect one or more direct debits from the account of a payer (debtor). However, a direct debit mandate is only valid if it has been created in accordance with the specifications of the European Payments Council (EPC). These define the form and […]

SEPA Countries (list of countries) The Single Euro Payments Area (SEPA) has created an area in which Europe’s payment transactions can be processed uniformly, securely and quickly. With the SEPA credit transfer and the SEPA direct debit, Europe’s economic players can carry out transactions that are all subject to the same conditions. This will make […]

SEPA Fees The changeover to SEPA payments is free of charge for consumers. In the course of the changeover, account numbers and bank codes will automatically be converted to BIC and IBAN. Stored standing orders will also be automatically adjusted. Only the basic account maintenance fees will continue to be due if the house bank […]

SEPA Core Direct Debit (SDD Core) Since February 01, 2014, the long prepared migration of credit transfers and direct debits to the Europe-wide uniform standard SEPA is valid. The changeover, which is still in progress, brought about some problems with payment transactions in the 33 European countries involved. Direct debits and credit transfers can still […]

SEPA Direct Debit Form In order to collect a SEPA core direct debit or a SEPA business-to-business direct debit, the payees (creditors) require a direct debit authorization from the debtor (debtor). Since the introduction of SEPA, only the SEPA direct debit mandate is considered a valid direct debit authorization. Simple, informal or verbal direct debit […]

Return Debit A return debit note or direct debit return occurs when a direct debit transaction cannot be executed. The direct debit is then reversed in a procedure defined by the direct debit agreement. In this process, the corresponding amount is credited back to the account of the party obligated to pay and the account […]

What are retail goods? Retail goods are goods that are defined by their physical properties. These goods can be touched – content goods (eg. intangible goods) are the opposite. The latter are digital goods and not physically available goods. The categorization into retail goods and content goods is important for commerce on the Internet. Retail […]

Reservation The term reservation stands for the reservation of a certain amount of money on a credit card. The term pre-authorization is also frequently used in this area. The reason for this is that the amount is reserved or secured so that it can be authorized later, i.e. debited. The purpose of the reservation is […]

Credit Card Company A credit card company is a company that owns or is licensed to use a credit card brand. The companies issue credit cards that can be used by cardholders for cashless payment transactions. Depending on the type of card and the individual financial situation, the customer may be granted a credit line […]

Direct Debit / Electronic Direct Debit Procedure The direct debit is a very common means of payment in Germany for cashless payment transactions and online commerce. In banking, it is called electronic direct debit, and describes a transaction initiated by the payee (“pull” payment), in which the account of the payer is debited with the […]

Billing System Anyone who is active in e-commerce must keep an eye on the current billing system. The option of cashless transactions is becoming increasingly important for customers. There are currently 40 common payment methods in Germany, many of which are actively used by online stores to sell products as quickly and transparently as possible. […]

Refund A refund is a credit granted directly by a merchant. If a purchase is made with a credit card and then reversed, the subsequent credit can be made directly by a refund from the merchant. The same applies to cases in which a debit has been made wrongly. In this case, the debited amount […]