SmartDebit responds to ISME survey on preparations for SEPA
(PRWEB UK) 13 May 2013
The February 14 mandatory deadline for migration to SEPA is fast approaching and many businesses are still unaware of the scheme. This pan-European initiative aims to create a single market for euro payments, where cross-border payments can be made easily and efficiently as they are within nations. Estimations reveal that SEPA could save up to €123 billion within six years of migration, benefitting clients, banks and businesses.
The survey conducted by ISME, which involved a sample of 5,000 SMEs, revealed that just one in four SMEs in Ireland are aware of the potential impact of SEPA on their business, and 64 percent have not received any information on the scheme. Of the 36 percent who received information, half was from their bank, 31 percent from a business group, 8 percent from a Government department and 6 percent from their software provider.
Worryingly, 63 percent were unaware of the mandatory deadline for SEPA compliance of 1 February 2014. With the deadline just 9 months away, only one in ten businesses have discussed implementation with their bank, and only 7 percent with their software provider. In terms of implementation and readiness, 71 percent had not started, 28 percent were in the early stages of planning or implementation, and just 1 percent said they were already SEPA compliant.
This research particularly interests Surrey-based Direct Debit bureau SmartDebit, as the SEPA Direct Debit Scheme will enable Direct Debit originators to collect euro payments from any of the SEPA countries, including their own, using a single Direct Debit service rather than having to use country specific facilities. A spokesperson commented:
"The research is concerning due to the risk of delay or even failure of payments to and from customers and suppliers. Awareness levels and guidance on what needs to be done to become SEPA compliant is critical to stakeholders.
SEPA Direct Debit replaces the existing domestic direct debiting schemes and presents the opportunity for financial institutions to offer a pan-European Direct Debit product in euro. This represents a significant innovation as, for the first time, allowing organisations, to conveniently collect payments in euro from their customers whether domestically or from other SEPA countries."
About SmartDebit
SmartDebit is the UK's leading Direct Debit bureau, specialising in payment processing on behalf of businesses, not-for-profits and public sector authorities since 1998. A Bacs approved bureau scoring 'Excellent' ratings in all five categories of the Bacs audit, and is ISO 27001 certified.
Offering paper and paperless Direct Debit options, the SmartDebit service encompasses the SmartDebit Admin® cloud-based portal to administer payments, SmartDebit Online® to sign payers up via a website, SmartDebit API® for the full integrated solution and SmartDebit Contingency® for disaster recovery.
For more information on Direct Debit collections, please vist http://www.smartdebit.co.uk
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