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SEPA help
ManMountain
Posts: 1 Newbie
Hi
I understand that this probably isn't the perfect forum for this question... however reading through I see a number of people who are using SEPA, so hopefully one of you can help me out. I am hoping to get a little sense (more sense than I've been getting from my banks) from someone who has a little mileage using SEPA (in the short while it has been available).
We run various online stores, are we are toying with the idea of pushing our European customers towards using SEPA for payments instead of credit cards. Primarily because a. it is more secure and b. doesn't have the operational headaches associated with cc merchant accounts.
However there is some contradiction in the various SEPA operating manuals we have. One states along the lines of:
"SEPA offers confidence in payment receipt as users cannot simply refund their own payments back to their own accounts unauthorised".
The other states:
"Customers making payments via SEPA can cancel and retrieve payments no questions asked for up to 13 months following the transaction".
Anyone familiar with credit card payment facilities will also be familiar with the extremely annoying chargeback phenomena. However, following the introduction of 3D secure we'd hoped to see the flow of fraudsters robbing us legally stemmed to some degree.
However, depending on which of the 2 statements in the SEPA manuals is correct, one offers a usable commercial system. The other is not unlike running a shop and asking customers to drop their payment into a tin that sits outside the shop on the pavement. Ergo, not very practicable.
If there's anyone here who can enlighten me on this matter - I've spoken to (both) of our banks, and all they seem to be able to do is incessantly direct me back to the documentation that contains the contradiction. So yes, if anyone is familiar with this process I would be extremely grateful for your insight.
In summary since I have a tendency to waffle, when person A pays to person B, can person A simply recall their money as and when they feel like it for over a year following payment?
Thanks for your assistance.
Ted.
I understand that this probably isn't the perfect forum for this question... however reading through I see a number of people who are using SEPA, so hopefully one of you can help me out. I am hoping to get a little sense (more sense than I've been getting from my banks) from someone who has a little mileage using SEPA (in the short while it has been available).
We run various online stores, are we are toying with the idea of pushing our European customers towards using SEPA for payments instead of credit cards. Primarily because a. it is more secure and b. doesn't have the operational headaches associated with cc merchant accounts.
However there is some contradiction in the various SEPA operating manuals we have. One states along the lines of:
"SEPA offers confidence in payment receipt as users cannot simply refund their own payments back to their own accounts unauthorised".
The other states:
"Customers making payments via SEPA can cancel and retrieve payments no questions asked for up to 13 months following the transaction".
Anyone familiar with credit card payment facilities will also be familiar with the extremely annoying chargeback phenomena. However, following the introduction of 3D secure we'd hoped to see the flow of fraudsters robbing us legally stemmed to some degree.
However, depending on which of the 2 statements in the SEPA manuals is correct, one offers a usable commercial system. The other is not unlike running a shop and asking customers to drop their payment into a tin that sits outside the shop on the pavement. Ergo, not very practicable.
If there's anyone here who can enlighten me on this matter - I've spoken to (both) of our banks, and all they seem to be able to do is incessantly direct me back to the documentation that contains the contradiction. So yes, if anyone is familiar with this process I would be extremely grateful for your insight.
In summary since I have a tendency to waffle, when person A pays to person B, can person A simply recall their money as and when they feel like it for over a year following payment?
Thanks for your assistance.
Ted.
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