If you own or manage a business in Ireland that makes or receives payments by Direct Debit or Credit Transfer, SEPA is something you should be aware of.
So what is SEPA I hear you ask?
SEPA (Single Euro Payments Area) is an initiative driven by the EU to standardise domestic and international electronic payments in order to remove legal, competitive and cross border barriers making it easier and more efficient to trade and receive euro payments.
From 1st February 2014 all national Direct Debit and Credit Transfer processes must be replaced by SEPA-compliant equivalents.
So how does this affect me?
Dependant on your circumstance you might be affected by SEPA in a few different ways. So we’ve made some changes to Sage One to ensure you’re equipped for SEPA:
Your Sage One Direct Debit – If you already have a Direct Debit set up to pay for your Sage One service you don’t have to worry. It will continue to be valid so you can continue using Sage One as usual.
However, if at any point in the future you set up a new Direct Debit you’ll see Sage One’s new SEPA-compliant Direct Debit pages. For more information about how to enter your direct debit details, please see our Billing settings article.
BIC and IBAN – If you receive payments via Direct Debit or Credit Transfer or make payments to recipients in a country that uses Euro as the primary currency, as of 1st Feb 2014 you’ll need to begin using SEPA-related bank details to do so. Two key pieces of information for SEPA are the BIC and IBAN:
- BIC – Bank Identifier Code effectively replaces the traditional Sort Code
- IBAN – International Bank Account Number takes the place of the traditional Bank Account Number
Sage One Accounts and Cashbook – If you use Sage One Accounts or Sage One Cashbook we’ve added BIC and IBAN fields to the detailed view for each bank account so you can now store these details for each of your accounts.
Sage One Accounts Extra – For those customers using Sage One Accounts Extra, the BIC and IBAN fields have been present for a while on the detailed view for Bank Accounts and Contacts, but we’ve also switched the Bank Account and Sort Code fields for BIC and IBAN on the banking page so you will be able to see these details for each account without having to look at the detailed view.
Sage One Payroll – If you’re using Sage One to run your payroll, we’ve added IBAN and BIC fields in to employee records so that when you export payment files this information will be included and your employees will continue to be paid as normal.
If you have any questions about these changes, please don’t hesitate to contact our Customer Service team. We’re here 24/7 so you can call us on 1890 812 811 or email firstname.lastname@example.org whenever is best for you.
You can also find out more from our online help centre.