What is SEPA?
Momence uses Stripe to allow your customers to pay online securely. SEPA is a form of direct debit that Stripe offers.
Does Stripe accept SEPA?
When Stripe presents payment methods to your customers at checkout, it automatically determines the most relevant payment methods to display, including SEPA if you've enabled direct debit.
How do I enable this?
To enable direct debit in Momence, follow these directions. Using SEPA Direct Debit requires you to complete additional identity verification steps.
Stripe will prompt you to complete these steps after you request access from the Payment methods settings. If you require further assistance, please contact support.
To learn more from Stripe about how Momence uses Stripe to enable your customers to use direct debit, click here.
Payouts: Whats the timeline in Stripe?
SEPA Direct Debit payments are subject to a 5 business day payout timing if your current payout timing is less than 5 business days or 7 calendar days. When you reach 35,000 USD of SEPA Direct Debit processing volume, payout timing for SEPA Direct Debit payments returns to normal.
Refunds: How do SEPA refunds work in Stripe?
Customers can dispute a payment with their bank even after it has been refunded, resulting in two credits for the same payment. To prevent fraud, refunds may be disabled upon first refund attempt until your account has been reviewed. The review can take up to 2 business days. If you need assistance processing a refund, contact Support for further information.
For accounts with refunds enabled, Stripe recommends issuing refunds on SEPA Direct Debit payments only when:
It is a trusted and verified customer
You have confirmed with the customer that you’re refunding the payment
7 business days have passed since you initiated the payment
Refunds for payments made with SEPA Direct Debit must be submitted within 180 days from the date of the original payment. Refunds require additional time to process (typically three to four business days). If you accidentally debit your customer, contact them immediately to avoid a payment dispute.
SEPA doesn’t explicitly label refunds when the funds are deposited back to a customer’s bank account. Instead, refunds are processed as a credit and include a visible reference to the original payment’s statement descriptor.
When issuing a refund, you should inform your customer immediately that the refund can take up to 5 business days to arrive in their bank account.