Set up SEPA Direct Debit
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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.
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.
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).
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.
After approving contractor invoices, you will receive an email notification about the scheduled payment based on their selected preference.
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.
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.
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:
‘Upcoming Auto Debit’
‘Employee Invoices’ and ‘Approved Contractor Payments’
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.
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.