A Single Euro Payments Area (SEPA) payment is based on IBAN, the international account number. As euro countries migrate to SEPA, they will start using IBAN for domestic payments. This means that you will have to use IBAN also when making a domestic payment from an account held in a euro country inside SEPA. SEPA means common rules for payments in euro within the EU, Norway, Iceland, Liechtenstein, Switzerland, Monaco and San Marino, Andorra and the Vatican City State.
6Storage and Stripe SEPA
In order to debit an account, businesses must collect their customer’s name and bank account number in IBAN format. During the payment flow, customers must accept a mandate that gives the business an authorization to debit the account. The stripe is able to generate this mandate for businesses to present to their customers.
SEPA Direct Debit is a reusable, delayed notification payment method. This means that it can take up to 14 business days to receive notification of the success or failure of a payment after you initiate a debit from the customer’s account, though the average is five business days.
Countries Supported by Stripe SEPA:
Note: Reach out to 6Storage Support to configure Stripe SEPA on your 6Storage account.
Step1: During the move-in process if the payment is to be done using SEPA then choose Direct Debit.
Step2: Fill in the direct debit details like Name, Email Address, IBAN. Then click on Proceed to Pay.
Step3: This payment can be seen in the PMS system.
If the payment is processed the amount would be settled in your stripe account.
The details added during the move in process will be used for recurring payments.
Step 4: Auto Billing Preference in the Tenant's page: The details added during the move in process will be shown under the auto billing preference.
Note: At any point of time you can add other IBAN details or switch to a credit / debit card for auto billing.