Set up SEPA Direct Debit

SEPA stands for Single Euro Payments Area. SEPA Direct Debit is a payment method on Multiplier. SEPA Direct Debit allows Multiplier to automatically withdraw funds from your authorized bank account on a pre-agreed date upon your approval.

Prerequisites

Before you begin setting up SEPA Direct Debit, follow these conditions:

• Set your billing currency to EURO (€).

• Ensure your bank account is in a supported country. List of countries supported by SEPA.

• Ensure that your bank supports SEPA B2B Direct Debit. List of banks that support SEPA B2B Direct Debit.

• Ensure that you have authorized Multiplier to debit from your account in the form of a Mandate.

SEPA Direct Debit Setup

To begin set up, follow the steps:

1. Login to Multiplier using your credentials.

2. From the left sidebar, select Settings > Company settings.

1. Scroll down and click on the Payment settings.

1. Under Payment methods, select Setup next to SEPA Direct Debit.

1. Enter the IBAN and select Check IBAN.

Note: If you get an error message saying “Incorrect input. Re-enter IBAN without spaces and hyphens, simply make those changes, and select Check IBAN again for validation.

If you get an error message saying “Invalid IBAN. Does not support SEPA Direct Debit”, it means your bank does not support SEPA B2B Direct Debit, and hence, this payment method cannot be enabled for you.

1. Once your IBAN is validated, fill in the necessary information like Company name, Signatory contact name, and email address.

2. Once that’s done, you must upload the documents for verification.

• A copy of the latest bank statement (at least 1 month in the last 3 months)

• A valid government-issued ID of the person signing the Direct Debit Authorization agreement.

1. Select Confirm from the lower right to proceed.

2. A confirmation pop-up with potential next steps will appear on your screen. Read all the points carefully, and once you understand the steps, select Yes, confirm.

1. Once you confirm, the agreement will be sent for signature, and the status of the Direct Debit setup will change to Awaiting company signatory.

1. Log in to the email you added while setting up SEPA Direct Debit. Search for an email whose subject line reads as SEPA Direct Debit Agreement.

2. Select Open the Document.

1. Select Start from the upper right.

1. Add your signature and date. Select Next and then sign in the required places.

1. Select Finish from the upper right.

1. Once you have completed the signature, the agreement will be sent to Multiplier, and the status of the setup will change to Awaiting Multiplier signature.

1. Once Multiplier signs the mandate, you will receive an email confirmation, and the setup status will change to Ongoing bank registration.

Mandatory steps for completing the setup

The following steps must be mandatorily completed on your end to finalise the setup process:

1. Contact your bank to register your SEPA B2B Direct Debit using the signed mandate agreement

2. Once registration is successful, inform the Multiplier team, and they will initiate the SEPA activation process

3. At every step, you can track the progress of your SEPA activation by clicking on “Track progress”.

1. Our team will verify the documents and the information you have provided.

The team will validate whether the bank registration is successful by initiating a transaction of a micro amount of 0.01EURO.

Once the micro-amount verification is successful, the status on your platform will change to Available for payments.

Enable or disable SEPA auto debit

Auto debit initiates invoice payments automatically 2 days before the due date. Multiplier alerts you about the upcoming automatic debit 5 days prior to the due date.

Enable SEPA auto debit

1. Login to Multiplier using your credentials.

2. Go to Settings > Company Settings > Payment Settings.

3. Under Additional settings, enable the toggle next to Automatic debit.

1. Select Yes, enable.

SEPA auto debit is enabled.

Disable SEPA auto debit

To disable SEPA auto debit

1. Login to Multiplier using your credentials.

2. Go to Settings > Company Settings > Payment Settings.

3. Under Additional settings, enable the toggle next to Automatic debit.

1. Select Yes, disable.

SEPA auto debit is disabled.

Note: Once disabled, you will be required to manually make payments.

SEPA Direct Debit Payments

Automatic Debit

Once SEPA B2B Direct Debit is set up for your company and automatic debit is enabled you will receive an email intimation from Multiplier for your upcoming automatic debit 5 days prior to the invoice due date. In the email, you can find the total amount, bundle ID, and auto-debit date. For more details, visit the ‘Invoice Payments’ module on the platform.

The payment will be initiated on the specified auto-debit date, i.e, 2 days before the invoice due date. Settlement between banks takes 1 business day after auto debit is initiated.

In other words, if 7th April is the invoice due date, watch out for the following:

3rd April	Email notification about upcoming payment
3rd April -5th April	Period to review invoices
6th April	Auto debit will be initiated
7th April	Payment will be settled within 1 business day. Note: If the auto debit had been initiated on April 4th (Friday), the payment would have still been settled on April 7th (1 business day).

Update on Contractor Invoice Payments (Effective from 27th November 2024)

Effective 27th November 2024, you'll have the option to set a preference for initiating auto-debit for contractor invoices between 1 to 5 days from the approval date.

Example: If you set a preference of 3 days, the auto-debit will be initiated 3 days after you approve the contractor invoice. Once the payment is received, the contractor will be paid immediately. If no preference is set, the default schedule will be 2 days post-approval.

Step 1: On the payments section, select the execution day of auto-debit from the drop-down list.

Step 2.1: Read the details and click on "Yes, update"

Step 2.2: The execution date is now updated.

1. After approving contractor invoices, you will receive an email notification about the scheduled payment based on their selected preference.

2. On the execution date, the auto-debit process will be initiated automatically.

Note: The auto-debit email notification will be sent only once by the end of the approval date, consolidating all payments approved during the day.

Invoice Review Process

To review the invoices before the auto-debit date you can follow the below steps:

Step 1: Click on ‘Invoice Payments’ under 'Payments' on the left sidebar

1.1) You can review auto-debit invoices under ‘Upcoming auto-debit’.

Step 2: Click on the view icon to review a particular invoice as shown below.

Step 3: You can check the details & download the invoice if needed.

3.1) If you have any concerns about a particular invoice, click on ‘Raise a Query' from the drop-down menu as shown below.

If you have enabled automatic debit but want to pay the invoice before the auto-debit date then head over to the ‘Invoice Payments’ module and follow the steps mentioned below.

Manual Payment Process

Step 1: Go to ‘Invoice Payments’ and select the invoice(s) you’d like to initiate payments for. You can select and initiate payments for invoices under the following categories:

1. ‘Upcoming Auto Debit’

2. ‘Employee Invoices’ and ‘Approved Contractor Payments’

A) Upcoming Auto-Debit

1.1) For invoices under ‘Upcoming Auto Debit’ you can pay the bundle amount before the due date by clicking on ‘Pay bundle now’ from the drop-down menu

1.2) To view the invoices in a bundle, select ‘View all invoices’ as shown below.

1.3) You can view all invoices and pay the bundle amount by clicking on ‘Pay Now’ as shown below.

1.4) If you wish to download the invoice, click on the download icon.

Next steps in the manual payment process cont'd from Step 2 onwards.

B) Employee Invoices and Approved Contractor Payments

1.1) Select the relevant invoices and click on ‘Pay Now’.

Step 2: On the checkout page, select the payment method as ‘SEPA direct debit’.

Step 3: Click on ‘Proceed to Checkout’.

Step 4: Review the items and click on ‘Continue’.

Step 5: Click on ‘Confirm and pay’ to initiate direct debit from the provided bank account.

Step 6: The invoice status will change to ‘Processing’ & you can view the invoices under the ‘Processing’ tab.