24 February 2021
Depending on your platform’s business model, it may be interesting to offer your customers bank transfers or Direct Debit (SDD). B2C or B2B marketplaces, in which cases are these payment methods relevant? And how to implement them on your platform? Follow the guide.
The SEPA Credit Transfer (SCT) has the advantage of being universal and usable for any transaction type. It is one of the most widely used payment methods globally and is acclaimed for its flexible and secure aspect. Bank transfer is beneficial for marketplaces where transaction amounts are high, such as financial marketplaces or marketplaces selling luxury goods or works of art. It’s also a widely used payment method for B2B transactions and must therefore be made available on marketplaces that promote business-to-business purchases, especially B2B marketplaces.
By choosing Lemonway as your PSP, you will receive a common IBAN when a bank transfer is enabled along with a unique reconciliation code. Once communicated on your site, these elements allow transfers to be credited to the correct payment accounts. For even more simplicity, Lemonway offers the option of a dedicated virtual IBAN. A highly recommended feature!
Direct Debit, also known as SDD for “SEPA Direct Debit”, allows you to collect payments in euros in the 34 countries of the SEPA (Single Euro Payments Area). Whether B2B or B2C, it doesn’t matter what type of marketplace you are in: if you are dealing with recurring payments, such as subscriptions, for example, SDD is a must-have. If the direct debits concern private individuals, we will talk about SEPA Core while discussing SEPA B2B for professionals.
Offering SDD sampling on its marketplace allows :
If you wish to offer this means of payment, make sure that the selected Payment Service Provider (PSP) can quickly generate a direct debit mandate, which can be signed online. With Lemonway, the implementation of SEPA Direct Debit (Core or B2B) is straightforward, thanks in particular to the API system that allows the online generation and signature of the direct debit mandate and the instruction of your immediate debit orders and the management of outstanding payments.
To help you maximise your conversion rates, Lemonway covers all primary international and alternative payment methods, including wire transfer and SDD. As an established payment processor in 30 countries, Lemonway offers you dedicated and personalised support to identify and implement the most suitable payment methods for your B2B marketplace project. A project, a question? Talk to us about your needs!
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