What is SEPA?
SEPA – or The Single Euro Payments Area is the new way companies across the EU must manage Direct Debit payments. This is EU regulation, full details of which can be accessed here.
How will it affect me?
If you already have a Direct Debit set-up, you won’t need to change anything.
In future Meteor Direct Debits will initially show up as ‘SEPA DD’. As soon as your bank refreshes their systems a few hours later, Meteor will then appear at the front of the transaction.
Customers setting up a Direct Debit for the first time must provide their BIC and IBAN instead of bank account number and sort code.