Frequently asked questions
What is a SEPA bank transfer?
SEPA stands for Single Euro Payments Area. SEPA was introduced by the European Council to streamline the European payments structure. With SEPA, bank transfers can be done from any European checking account to any other European checking account. Paying by bank transfer is a very familiar and safe way for customers to pay online. They use their own trusted online banking environment to transfer money. SEPA bank transfers are supported in 34 countries. The Netherlands, Belgium, France, Germany and Poland all know high percentages of shoppers using SEPA bank transfers to pay for their online purchases.
The European Union developed the SEPA standards to allow for streamlined bank transfers denominated in euro, through the adoption of consistent and uniform bank account numbers called IBAN. Advantages of Europe-wide standardized account numbers include quick processing time of transfers and equal costs for bank transfers across borders, allowing merchants to receive payments from customers all over Europe. Customers receive the benefit of wide availability, quick payment processing and low transaction costs.
How does a SEPA bank transfer work?
When customers choose to pay through SEPA bank transfer, they receive the payment details directly on their screen or through an e-mail. Customers then log in to their own online banking environment and transfer the payment from there, when it’s convenient for them. Instead of filling out the details by hand, we offer QR-codes that fill out all the required bank details to make paying even easier for your customers and eliminate the chance of errors.
Should a customer fill out the wrong bank details. We offer automatic refunds.
Processing a SEPA bank transfer generally takes a couple of workdays, but we have instant status updates for the payment status, so you can ship your order immediately when it’s confirmed.
Benefits of SEPA bank transfers through Mollie
Using Mollie to receive payments through SEPA bank transfers allows you to offer all major payment methods through a single integration. Mollie has dedicated bank accounts for Belgium, France, Germany, and the Netherlands, which means consumers from these countries transfer funds to a familiar, localised IBAN. We offer instant updates when a payment gets through, so you don’t need to check your bank account. The QR codes that we generate, minimize flaws and allow for quick payments. Our clever yet simple API makes the integration incredibly robust and built for volume. Our API and Dashboard allow for direct refunds and can export all your data to several different formats for your bookkeeper. And our pricing is very competitive, with no hidden fees at all.
Implementing SEPA bank transfers through Mollie is easy, there’s no lengthy signup process and we have free, open-source packages and plugins available for most coding languages and e-commerce platforms, which allows for easy integration into any project. Our prices are transparent; you only pay a low fee for successful transactions. And your personal dashboard gives you crucial insights into all your transactions and statistics. Mollie is the quickest and easiest way to implement SEPA bank transfers.