SEPA direct debit as a payee

SEPA represents an initiative of the European Union with the aim of establishing a single payment system in which legal entities, having the same rights and obligations, can make and receive payments under equal terms.

SEPA direct debit as a payee is a service where the payee receives national payments from payers that are natural persons or legal entities, based on previously given mandate.

Requirements for using the service:

An open transaction account at OTP banka
The payee has to be registered and active in the Register of SEPA Payee identifiers kept by FINA
The payee is able to avail of the service, in accordance with standard rules and in view of the format of the files available at www.sepa.hr
The payee has been given mandate by the payer (a natural person or a legal entity)

Advantages:

Faster and more efficient collection
Collection of funds from payers using a single payment service
More effective liquidity management,
Simpler fundraising
The possibility of initiating SEPA direct debit order via a single commercial bank
Lower operating costs (elimination of printing and delivery costs of payment slips, dun letters...)
Automation of the receivables collection process, handling reversed, rejected or cancelled transactions